West Virginia AG McGraw Begins Foreclosure Relief Workshops With Servicer Settlement Funds
West Virginia Attorney General Darrell McGraw has announced the launch of “Project: Save Our Homes.” This project will coordinate efforts for the state’s homeowners to receive relief from last week's decision where 49 state attorneys general reached a $25 billion agreement with the nation’s five largest mortgage servicers (Bank of America, Citibank, JPMorgan Chase, Wells Fargo and GMAC/ Ally Financial) to address mortgage loan servicing and foreclosure abuses. Under terms of the agreement, the state of West Virginia will receive at least $33.8 million in assistance to the state’s consumers, offering many a “second chance” to stay in their homes.
Attorney General McGraw has planned a series of “Project: Save Our Homes” workshops to be held in all regions of the state.
“Helping West Virginians weather difficult financial times and stay in their homes has always been a priority at the Attorney General’s Office,” Attorney General McGraw said. “With these Save Our Homes workshops, we have the opportunity to assist homeowners as we work toward a return to a stable housing and lending environment with rising homeownership.”
At the workshops, representatives from the Attorney General’s Consumer Protection Division will discuss the types of homeowner relief called for by the settlement including principal reduction, free refinancing for underwater but current homeowners, direct payments to those whose homes already have been foreclosed on, enhanced safeguards for military personnel, and other foreclosure and mortgage assistance and prevention programs.
The workshop will also shed light on the major reforms required in the banks’ mortgage servicing practices, including the implementation of new verification standards and restrictions on questionable fees.
“The agreement, a response to abusive foreclosures and mortgage-servicing practices, does not grant immunity from criminal offenses and will not affect criminal prosecution," said Attorney General McGraw. "The door has been left open for our office and others to pursue further tough legal remedies for mortgage-related misconduct.”
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