Home loans
11:15 am
Thu February 9, 2012

Washington's share of mortgage settlement: $648 million

Washington's share of a $25 billion national settlement with the nation's biggest mortgage lenders will be about $648 million.

Attorney General Rob McKenna says the state will get $455 million to help borrowers with loan modification, relocation help and other assistance for those who can't afford their payments.

Another $70 million will help Washington borrowers who are current on their mortgage payments but owe more than their homes are worth.

People who lost their homes through foreclosures may be eligible for a $2,000 payment that is also part of the settlement. And the state will get another $45 million for foreclosure prevention hotlines, free legal help for borrowers and other assistance.

McKenna says thousands of Washington residents will benefit from the settlement over foreclosure abuses.