Over $86 million in relief to Wisconsin borrowers reported, and more than $32 million expected in the next months as trial modifications are completed.
MADISON – November 20, 2012 – (RealEstateRama) — Attorney General J.B. Van Hollen announced that Wisconsin residents have begun taking advantage of relief offered under the National Mortgage Settlement, according to a report released by the Settlement Monitor today. The five settling banks reported that, through the end of September, 2012, 1,873 Wisconsin borrowers have benefited from some type of consumer relief totaling $86,204,414 – an average of $46,025 per borrower. Additionally, over 500 Wisconsin borrowers have been approved for trial modifications which is expected to provide over $32 million in additional relief over the next months, an average of $64,869 per borrower.
“I am encouraged by these numbers. The settling banks appear to be honoring the settlement agreement by offering a range of relief to people across Wisconsin,” remarked Van Hollen. “That said, Wisconsin residents need to continue to come forward and claim the modification and refinancing offers that the banks are extending to residents under the settlement.”
Under the National Mortgage Settlement, Ally/GMAC, Bank of America, Citi, J.P. Morgan Chase, and Wells Fargo, must identify homeowners who are eligible for relief, such as first and second mortgage principal write-down modifications, short sale relief and refinancing options. To learn if you are eligible for relief under the settlement, you may contact your bank directly:
- Ally/GMAC: 800-766-4622
- Bank of America: 877-488-7814
- Citi: 866-272-4749
- JPMorgan Chase: 866-372-6901
- Wells Fargo: 800-288-3212
Attorney General Van Hollen also advises people who may be eligible for relief under the settlement, and others, to be wary of possible scams. He stated, “While offers under the settlement are legitimate, scam artists may be preying on borrowers. People entitled to relief under the settlement should never have to pay an upfront fee to submit a claim or secure a loan modification,” warned Van Hollen. Borrowers with questions about the settlement or about a possible scam should contact the Wisconsin Department of Justice:
Wisconsin DOJ Office of Consumer Protection:
www.doj.state.wi.us
(800) 998-0700 or (608) 266-1852
consumerprotection (at) doj.state.wi (dot) us
On a national scale, Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, disclosed that banks have extended more than $26.11 billion in gross relief to more than 300,000 borrowers, or roughly $84,385 per homeowner. However, it is important to note the figures released represent gross dollar amounts and, because in many cases relief under the Settlement is not credited dollar-for-dollar, those numbers cannot be used to evaluate progress toward the banks $20 billion settlement obligation.
News Contact
DOJ Communications Officer
(608)266-1221
