12,207 Idahoans who lost their homes to foreclosure to receive payments
12,207 Idaho borrowers who lost their homes to foreclosure between 2008 and 2011 are eligible for payments under the National Mortgage Settlement, Attorney General Lawrence Wasden said. In February, Wasden joined in a $25 billion nationwide settlement with five national banks. At that time, it was estimated that 5,000 Idaho borrowers would be eligible for payments.
Postcards were mailed last week to more than two million borrowers nationwide informing them that an information packet will be arriving soon. The Idaho packet will include a letter from Attorney General Wasden, a claim form, and instructions about how to apply for payment from the administrator. Packets were mailed to 2,687 Idaho borrowers Monday, Sept. 24. The rest of the eligible Idaho borrowers will receive their packets over the next few weeks.
“This payment is not intended to compensate Idahoans for the loss of their homes,” Attorney General Wasden said. “Rather, it is a step toward accountability for unfair business practices that harmed Idaho homeowners. I remain committed to improving the mortgage servicing industry for the benefit of Idaho’s current and future homeowners.”
The minimum amount borrowers will receive is $840. The actual amount will be determined based on the number of borrowers who return their claim forms.