Thursday, May 24, 2012
The Associated Press
AUGUSTA — Maine officials say the state will get $21 million under a settlement between 49 states and the five largest mortgage lenders over foreclosure abuses.
TO LEARN MORE . . .
To find out if you are eligible for any of the benefits of the settlement contact your mortgage servicer:
Attorney General William Schneider said today the settlement is "the best first step to get relief directly to eligible Maine borrowers who were harmed." Nationally, the settlement adds up to $25 billion. The mortgage lenders will have three years to fulfill the terms.
Of Maine's share, Schneider says $7 million will go to borrowers in default, and $1.9 million is set aside for those who lost their homes. Another $4.5 million represents refinancing costs for borrowers who are "underwater," meaning they owe more than their house is worth.
The remainder, $8.2 million, goes to foreclosure prevention programs, legal assistance to homeowners and the Maine general fund.
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