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Residents who lost homes to foreclosure to get $1,480

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Nearly 300 Wisconsin residents who lost their homes to foreclosure will receive a piece of a $440,000 payout from the National Mortgage Settlement.

According to a news release from the Wisconsin Department of Justice, 297 homeowners who filed a valid claim due to a foreclosure between 2008-2011 will be getting about $1,480 each.

The National Mortgage Settlement was agreed to by attorneys general in 49 states, the District of Columbia, the federal government and the country’s five largest mortgage servicers: Bank of America, Citibank, J.P. Morgan Chase, Wells Fargo, and Ally Bank, formerly GMAC, according to the release.

Under the settlement, Wisconsin claimants have already received $21.85 million in payments, according to the release. The state in December also joined a $2.1 billion settlement with another mortgage servicer, Ocwen.

About Molly Willms

Molly Willms covers Milwaukee County for The Daily Reporter. She can be reached at molly.willms@dailyreporter.com or 414-225-1842.

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