"Today's data released by the settlement monitor shows that Ohioans continue to take advantage of the significant relief opportunities provided in the National Mortgage Settlement," said Attorney General DeWine.
The monitor's report summarizes self-reported data provided by the five mortgage servicers who are parties to the settlement: Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo. Between March 1, 2012, and March 31, 2013, 9,593 Ohioans received $ 366,275,061 in consumer relief from the five servicers, an average of $38,181 per participating Ohioan. In the first quarter of 2013, 2,128 Ohioans received relief totaling $86,192,988.
Nationwide, the five servicers reported providing $48.66 billion in consumer relief through March 31, 2013. The report lists consumer relief as including:
Forgiveness of forbearance,
Lien modification forgiveness,
Forgiveness to complete short sales,
Forgiveness to complete deeds in lieu of foreclosure,
Deficiency waivers, and
Estimated consumer relief from completed refinances.
According to the monitor's report, 2,721 Ohioans were able to complete mortgage refinances with the five servicers. The average rate reduction was 2.95%, which is significantly higher than the national average of a 2.25% reduction. In total, the five servicers sent refinancing solicitations to 4,810 Ohioans.
The settlement monitor is expected to release a report in June on compliance with servicing standards specified in the National Mortgage Settlement. Ohioans who have continued to encounter difficulty with loan modifications or in working with mortgage servicers may contact the Attorney General's Office by calling 800-282-0515.
Friday, 07 March 2014