For Immediate Release
Media Contact: Bob Cooper
(208) 334-4112
Date: October 2, 2012
Attorney General's Office Plans Outreach on Foreclosure Prevention & the National Mortgage Settlement
(Boise) – The Attorney General's Consumer Protection Division will make informational presentations on foreclosure issues in communities around the state, Attorney General Lawrence Wasden said today. Housing Specialist Ramon Hobdey-Sanchez will discuss foreclosure prevention, Idaho's foreclosure process, and how the national mortgage settlement will affect Idaho homeowners.
"There are many resources, tools and tips that can assist individuals through the foreclosure process or, better yet, provide them with the necessary knowledge to avoid foreclosure altogether," Attorney General Wasden said. "I hope that these presentations will be helpful to the many Idahoans who have been through or are currently facing foreclosure."
Initially, the Attorney General's Office will make presentations in central and north Idaho. Presentations are being planned for other areas of the state. The one-hour presentations are free and open to the public.
City |
When |
Location |
Salmon |
Monday 10/15 (6pm) |
Salmon Valley Business & Innovation Center |
Hailey |
Tuesday 10/16 (6pm) |
Blaine County School District |
Ketchum |
Wednesday 10/17 (6pm) |
City Hall – Meeting Room |
Bonners Ferry |
Monday 10/22 (6pm) |
International Gateway Visitors Center |
Sandpoint |
Tuesday 10/23 (5:30pm) |
East Bonner County Library |
Post Falls |
Wednesday 10/24 (5:45pm) |
Post Falls Library |
St. Maries |
Thursday 10/25 (6:30pm) |
St. Maries Fire Protection District – Conference Room
|
Coeur d'Alene |
Friday 10/26 (5:30pm) |
Coeur d'Alene Public Library |
Earlier this year, Wasden joined a state-federal settlement with the nation's five largest mortgage servicers: Bank of America, Citi, J.P. Morgan Chase, Ally, and Wells Fargo.
The agreement provides nearly $100 million in direct relief to Idaho homeowners whose mortgages are owned and serviced by any of the five settling banks and to individuals whose mortgages were serviced by one of the settling banks and who lost their homes in foreclosures.
From that total:
- Eligible Idaho borrowers will receive an estimated $75 million in benefits from loan modifications and other direct relief.
- Approximately 12,000 Idaho borrowers who lost their home to foreclosure between January 1, 2008 and December 31, 2011, because of substandard servicing practices, will receive nearly $10 million in cash payments averaging at least $840. These borrowers have been identified by their servicers and are currently being contacted by the settlement administrator.
- The settling servicers will pay more than $15 million to fund a program that allows underwater borrowers to refinance their loans.
The settlement preserves the rights of individual borrowers and investors to pursue lawsuits against the banks and the ability of governments to pursue civil or criminal legal remedies on other issues related to the financial and housing crises.
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