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Relief for Kentucky Homeowners Tops $61 Million

Kentucky Attorney General Jack Conway has announced that the nation’s five largest mortgage servicers continue to provide direct relief to homeowners in Kentucky and across the country as part of the historic national mortgage foreclosure settlement. According to the fourth post-settlement report released today by the independent settlement monitor, 1,757 Kentucky homeowners received more than $61.1 million in settlement-related relief from Ally/GMAC, Bank of America, Citi, Chase and Wells Fargo through March 31, 2013. Borrowers received an average of $34,806 in assistance.

The report also shows that as of March 31, 2013, mortgage servicers were processing additional relief claims for Kentucky borrowers totaling more than $2.1 million, bringing Kentucky’s total consumer relief to $63.2 million. The report compiles information provided by the servicers and has yet to be verified by the compliance monitor.

The various forms of relief provided to Kentucky borrowers included 170 completed first lien modifications, 547 completed second lien terminations, 424 short sales and 296 completed refinances.

“I am pleased that struggling Kentucky homeowners continue to receive assistance as a result of this landmark settlement,” General Conway said. “However, there have been complaints from consumers that servicers are not meeting their obligations under the settlement. We are aware of the concerns and are collaborating with other Attorneys General about the best way to resolve these complaints to ensure that consumers receive the relief entitled to them.”

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