Kentucky Attorney General Jack Conway has announced that the nation's five largest mortgage servicers continue to provide direct relief to homeowners in Kentucky as part of the historic national mortgage foreclosure settlement. According to the fifth and final post-settlement report released by the independent settlement monitor, 1,833 Kentucky homeowners received more than $63.7 million in settlement-related relief from Ally/GMAC, Bank of America, Citi, Chase and Wells Fargo through June 30, 2013. Borrowers each received an average of $34,771 in assistance. 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 178 completed first lien modifications, 576 completed second lien terminations, 436 short sales and 296 completed refinances.
"This settlement provided real relief to hundreds of Kentucky families, who otherwise may have lost their homes," AG Conway said. "I am proud that the total settlement relief provided to Kentuckians has exceeded our original estimate. The Office of the Attorney General has received some complaints from consumers that servicers are not meeting their obligations under the settlement. There are currently ongoing discussions with other Attorneys General about the best way to resolve these complaints to ensure that consumers receive assistance and that banks are upholding the servicing terms outlined in the settlement."
Nationally, the report found that more than 642,000 borrowers received some type of consumer relief during the same period totaling $51.18 billion. On average, each borrower received $79,704 in relief.
