More than 1,400 Hawaii borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480.
The eligible borrowers lost homes to foreclosure between January 1, 2008, and Dec. 31, 2011, and were required to submit a valid foreclosure payment claim.
“These checks come from a $1.5 billion payment pool we negotiated and set aside as part of the National Mortgage Settlement,” Attorney General David Louie said. “These payments help compensate borrowers for the mortgage servicing abuse that they likely endured.”
Hawaii was one of 49 states that participated with the federal government in the settlement with Ally.
The IFR payments began in mid-April of 2013, and the Office of the Comptroller of the Currency announced that final payments will be mailed in mid-July.
For more information on the OCC Independent Foreclosure Review settlement, click here and click on Independent Foreclosure Review.