Nearly 10,000 Georgians who lost their homes to foreclosure between 2008 and 2010 may be eligible for part of a SunTrust settlement that offers pained borrowers cash and loan relief.
State and federal officials announced a $968 million national settlement with SunTrust earlier this week to address the bank’s problems with mortgage origination, servicing, and foreclosure. Georgia’s portion of the settlement is $63 million.
It is unclear how much of the money will go to those who lost their homes. But in Georgia, 9,864 people will be eligible for checks to make up for some foreclosure abuses, said Nels Peterson, the state’s solicitor general.
The bulk of the local money will be available for loan modifications or other aid for homeowners who are currently in default, are in imminent danger of defaulting or are underwater on their loans (meaning they owe more than their homes are worth), Peterson said.
The state will release more information about how homeowners can apply for relief as the details become available.
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