A series of informational presentations on foreclosure issues will be presented in North Central Idaho.
Idaho Attorney General Lawrence Wasden’s Consumer Protection Division and Housing Specialist Ramon Hobdey-Sanchez will discuss foreclosure prevention, Idaho’s foreclosure process, and how the National Mortgage Settlement will affect Idaho homeowners. The one-hour presentations are free and open to the public.
Earlier this year, 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 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.
“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 – November 5 – 6:00 p.m.
Idaho Fish and Game – Clearwater Conference Room
3316 16th Street
Tuesday – November 6 – 5:00 p.m.
Nez Perce Tribal Housing Authority
111 Veterans Avenue
(Please call 208-843-2229 to reserve your seat)
Wednesday – November 7 – 6:00 p.m.
Orofino School District
1051 Michigan Avenue
Thursday – November 8 – 6:30 p.m.
Moscow City Hall – Council Chambers, 2nd Floor
206 E. Third Street
Friday – November 9 – 6:00 p.m.
Benewah Medical Center & Wellness Center
1115 B Street
Additional presentations are being planned for other areas of the state.