Millions to Ohio as Settlement for Foreclosure Abuses

Ohio is to receive $335 million as part of a settlement with the nation's biggest mortgage lenders for foreclosure abuses that followed the collapse of the housing market. Nationwide, there is a total of $25 billion that is to be divided up. Here's the breakdown Nationally and for Ohio.

National - $25 Billion

$1.5B – direct payout of $2,000 (750,000 Americans) unfairly or improperly foreclosed on.

$3.5B – goes directly to the states.

$10B approximately – to reduce mortgage amounts.

$3B approximately – to refinance loans of homeowners upside but are current on payments.

Ohio - $335 Million

$103M – borrowers in danger of foreclosure, to be applied as loan modifications ex. Principle reductions or lower interest rates.

$44M – borrowers who have lost their homes to foreclosures due to mortgage service abuse from Jan 1, 2008 to Dec 11, 2011. The amounts will depend on how many apply. These borrowers will be notified by a 3^rd party administrator and given 30-60 days to file a claim.

$90M – homeowners who are upside down but current on their mortgages. This will be in the form of a loan modification that will allow them to refinance at current market rates or be forgiven negative equity.

$97M – for addressing housing problems such as demolition of vacant homes, assist homeowners on the brink of foreclosure and investigate mortgage rescue scam artists.

If you are affected and want to learn more about the mortgage and foreclosure settlement with the 5 major mortgage servicers, go to www.nationalmortgagesettlement.com. Or you can contact them directly:

Bank of America – 877-488-7814

Citibank – 866-272-4749

GMAC/Ally – 800-766-4622

JPMorgan Chase – 866-372-6901

Wells Fargo – 800-288-3212

For those in danger of foreclosure but not with these 5 companies, call 888-404-4674 or go to this website www.savethedream.ohio.gov for assistance.

If you need help selling your home in the Dayton and surrounding areas, contact Jennifer Core at jennifer@exitdayton.com