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Real Estate

10,000 with Foreclosed Homes in Maryland To Receive $1,480

Payments are to be mailed beginning Monday.

More than 10,000 Marylanders who lost homes to foreclosure will receive $1,480 in compensation from the National Mortgage Settlement, Maryland Attorney General Douglas F. Gansler announced.

The National Mortgage Settlement is a joint state-federal settlement with the nation’s five largest mortgage servicers:Ally/GMAC, Bank of America, Citi, JPMorganChase and Wells Fargo.

State and federal investigators found that the companies “routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct.”

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Maryland borrowers have already received $1.3 billion in relief from the settlement, according to the release. The checks are being mailed Monday through June 17 to 10,470 Maryland residents who submitted a valid foreclosure claim.

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“Although this payment won’t fully compensate borrowers for the loss of their home due to mortgage servicing abuses, it does provide some relief and is much higher than the minimum $840 check amount initially announced, ” Gansler (D) said in the release.

To learn more about the settlement and what it means to Maryland borrowers, visit the Maryland Attorney General’s website.

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