Some people who lost their homes to foreclosure by a big bank in Massachusetts may be eligible for payments. WAMC’s Paul Tuthill reports.
Massachusetts borrowers are eligible for a total of $14.6 million in cash payments, according to the office of Attorney General Martha Coakley. The office is sending claim forms to people it has identified who can directly benefit from the $25 billion national settlement. $1.5 billion is to be divided up among approximately 2 million people nationwide who lost their homes to foreclosure. Money is also being used for programs to help people currently facing foreclosure. The settlement, which was reached last April with five large banks, halted lawsuits in Massachusetts and other states over the handling of foreclosures including the widespread practice of robo signing documents.