About 21,000 North Carolinians who claimed they were foreclosed on improperly during the mortgage bust will be sent checks next week, the N.C. attorney general’s office announced Tuesday.
The $30.6 million to be distributed in the state is part of a sweeping state and federal mortgage settlement with Bank of America, Wells Fargo and three other major banks announced last year.
Homeowners who were foreclosed on between 2008 and 2011 were eligible to submit a claim form. Each will receive $1,480. The checks will be mailed between Monday and June 17.
These cash payments come on top of the direct mortgage relief the banks have been required to provide, including principal reduction and short sale assistance. Still, they will reach many more people.
About $410 million has been provided in North Carolina so far, to about 9,000 homeowners, according to the latest figures provided by settlement monitor Joseph Smith. Smith is the former North Carolina banking commissioner.
Bank of America and several other participants in the settlement have indicated that they are near the end of their responsibilities it imposed. Smith’s office is now reviewing the numbers the banks have provided and is expected to give a status update in the coming weeks.
The monitor is also slated to submit a report this month examining how the banks are complying with the more than 300 new servicing rules imposed as part of the settlement.
Dunn: 704-358-5235;Twitter: @andrew_dunn
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