SLO County residents aided by settlement
September 24, 2013
Nearly 700 San Luis Obispo County homeowners have benefited since Jan. 2012 from an $18 billion boost, part of a national mortgage settlement with major lenders, according to the state’s appointed monitor of the settlement program.
That settlement totaled $25 billion.
California Monitor Katherine Porter, a professor at UC Irvine School of Law, released her county-by-county findings in a report issued this week. (See the report, p. 54)
Bank of America, JP Morgan Chase and Wells Fargo either forgave second mortgages or delivered some form of mortgage relief to 84,102 California residents.
This state’s share of the settlement addressed both principal reductions and short sales.
Mortgage holders in San Luis Obispo County received $83,027,866 in relief, said Porter.
Most of that went to short sales ($46,025,211) and the remainder to first- and second-mortgage principal reductions.
“Robo-signing” — the practice of having fraudulent signatures attached to foreclosure documents — was a primary target of the settlement.