The Attorney General’s Consumer Protection Division will hold a series of informational presentations in the Treasure Valley 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 these presentations will help Idahoans who have been through or are facing foreclosure.”
Presentations are set for the following locations and dates.
Mountain Home – Wednesday – January 30 – 6:00 p.m. at the Mountain Home Senior Citizens Center, 1000 North 3rd East.
Nampa – Tuesday – February 5 – 6:00 p.m., at Nampa City Hall – City Council Chambers, 411 3rd Street South
Meridian – Thursday – February 7 – 6:00 p.m., Meridian City Hall – Conference Room, 33 East Broadway Avenue,
Caldwell – Wednesday – February 13 – 6:00 p.m., Caldwell Public Library, 1010 Dearborn Street, Boise – Wednesday – February 20 – 6:00 p.m., Hillside Jr. High, 3536 West Hill Road
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.