For Immediate Release
Media Contact: Bob Cooper
(208) 334-4112

Date: January 3, 2013

Attorney General's Foreclosure Workshops Set For Magic Valley

(Boise) – The Attorney General's Consumer Protection Division will be in the Magic Valley the week of January 14 for a series of informational presentations on foreclosure issues, 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 affects Idaho homeowners.  The presentations are free and open to the public.

"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."

Presentations are set for the following locations and dates:

Monday – January 14 – 6:00 p.m.

Gooding High School – Multi Purpose Room
1050 7th Avenue West

Twin Falls
Tuesday – January 15 – 6:00 p.m.

Twin Falls City Hall – City Council Chambers
305 3rd Avenue East

Wednesday – January 16 – 6:00 p.m.

Minidoka County Fairgrounds – McGregor Building
85 East Baseline Road

Thursday – January 17 – 6:00 p.m.

Burley City Hall – City Council Chambers
1401 Overland Avenue

Friday – January 18 – 6:00 p.m.

City Council Chambers
100 East Avenue A

Attorney General 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 more than $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 $90 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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