Oklahomans who faced foreclosure/mortgage issues should apply
OKLAHOMA CITY – December 16, 2013 – (RealEstateRama) — Oklahoma Attorney General Scott Pruitt on Friday encouraged Oklahomans who experienced foreclosure or mortgage issues due to mortgage company actions to apply for a second round of assistance from the Oklahoma Mortgage Settlement Fund.
The deadline to apply is Dec. 31. The second round of payments is open to those who did not apply for Phase I.
The Oklahoma Mortgage Settlement Fund is the result of Oklahoma’s settlement with five of the nation’s largest mortgage servicers following a multistate investigation into practices that wrongly led to foreclosure and other mortgage issues for homeowners.
The Fund provides $5,000 to $20,000 to homeowners who qualify.
“Fortunately for Oklahoma, we are the only state in a position to help our homeowners with direct meaningful relief,” General Pruitt said. “With Phase II, we can help those families who may have missed the deadline last year or who were not aware of the opportunity. I encourage anyone who thinks they may qualify to contact the AG’s Office or complete the short application.”
For a copy of the application, go online to www.oag.ok.gov, e-mail PublicProtection (at) oag.ok (dot) gov or call (405) 521-2029 or (918) 581-2885.
In May, General Pruitt re-opened the settlement fund for those Oklahomans who missed the original deadline. The new phase also extends the time frame for when harm occurred to include 2012.
Oklahoma was the only state to craft its own agreement with Bank of America, Citigroup, JP Morgan Chase, GMAC and Wells Fargo, which allowed the Attorney General to provide direct compensation. In many states, the funds from the federal settlement were used for general appropriations and not for housing-related issues.
Nearly 500 Oklahomans received relief from the Oklahoma Mortgage Settlement Fund, with an average payment of more than $11,000.
Along with direct payments, Oklahomans also may qualify for portions of a federal settlement. The settlement requires banks to work with homeowners on short sales, principle write-downs and mortgage modifications.
To access the main federal settlement, contact your mortgage servicer at one of the following numbers:
Bank of America: (877) 488-7814
Citigroup: (866) 272-4749
GMAC: (800) 766-4622
JPMorgan Chase: (866) 372-6901
Wells Fargo: (800) 288-3212
Homeowners who need help to avoid foreclosure or to negotiate a loan modification can apply for a voucher for up to $5,000 worth of legal assistance from a private attorney through the AG’s Resolution Oklahoma program.
The voucher application must be completed by homeowners and their attorneys of choice and submitted to the AG’s Public Protection Unit for approval. Once approved, the attorneys will provide the services needed and submit the invoices to the AG’s Office for payment. All homeowners can apply for assistance through Resolution Oklahoma, no matter their mortgage company.
Voucher applications are available online at www.oag.ok.gov, by e-mail at PublicProtection (at) oag.ok (dot) gov or by calling (405) 521-2029.
Resolution Oklahoma also provides free legal assistance for lower income Oklahomans and seniors through a partnership with Legal Aid Services of Oklahoma. The program is provided by a grant from the Oklahoma Mortgage Settlement Fund.
To contact Legal Aid Services of Oklahoma, call (888) 534-5243 or go online to www.oklaw.org.