Colorado now gets $205 million, but what will Highlands Ranch homeowners receive? A minimum of $453.
Colorado and some distressed homeowners in the stae who suffered because of past banking practices, will receive $204,600,000 out of the full $25 Billion multi state settlement. This comes out to .818% of the total settlement, and now lets see what the breakdown comes to.
See our previous blog at Highlands Ranch homeowners to receive up to $2000.
$73,300,000 will be available to grant principal reductions on loans to make modification possible. 40% of these funds will also be available to ease the effects of foreclosure, waiving deficency balances and blight prevention. This only reduces your balance, not money you can physically spend today.
$52,500,000 in cash goes to Colorado, yes, cash up front, like attorneys in a class action lawsuit, cash first.
$46,300,000 worth of refinancing benefits to underwater borrowers. The key word is “BENEFITS”.
$32,490,000 in payments to homeowners who lost their homes to foreclosure between Jan 1, 2008 and December 31, 2011. 4 years of foreclosures. According to one report on homes that went thru foreclosure in 17 colorado counties, there were 71,725 homes that went to county court house sale. Quick math and this comes to about 17,931 per year, and if we assume all were with the 5 lenders, the minimum would be just $453, out of 25 Billion in a settlement.
The independent 3rd party administrator of the settlement will contact the affected victims by September of 2012. You can contact the banks directly to determine eligibility.
- Chase 1-866-372-6901
- Citigroup 1-866-272-4749
- GMAC 1-800-766-4622
- Bank of America 1-877-488-7814
- Wells Fargo 1-800-288-3212
Good luck in the pursuit of any money due. Call me at 303-888-2488 or email at mcgmhg@earthlink.net, to discuss your situation.
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