Foreclosed Nevadans could receive settlement check
Some welcome news for the thousands of Nevadans who lost their homes over the last four years; they may soon be eligible to receive a check under the national mortgage foreclosure settlement. Video by ktnv.comvideo
Las Vegas, NV (KTNV) -- Some welcome news for the thousands of Nevadans who lost their homes over the last four years; they may soon be eligible to receive a check under the national mortgage foreclosure settlement.
"One of the ways that we're going to do that is the $25 billion mortgage service settlement we reached earlier this year," said U.S. Housing and Development Secretary Shaun Donovan.
Nearly 67,000 Nevadans lost their home to foreclosure between 2008 and 2011.
The national settlement of $25 billion was reached after the government accused the nation's five largest mortgage providers of routinely committing widespread errors and abuses during the foreclosure process.
Of the $25 billion, $57 million has been made available to Nevadans who were foreclosed upon during the last four years.
"That's the largest state/federal settlement in the history of the country, and we just got a report a few week ago about the help it's providing Nevada homeowners," Donovan said.
During the next few days, those who qualify will receive a packet from the state attorney general's office, telling them how they're eligible for compensation.
The attorney general is already warning about settlement-related scams, and reminds borrowers that they do not need to pay anyone to file their claim.