Approximately 4,000 New Hampshire borrowers who were foreclosed upon will receive a check this month for nearly $1,500.
To get the money, those who were eligible had to submit a valid foreclosure payment claim through the National Mortgage Settlement.
They had to have their mortgage serviced through one of the five major lenders involved in the settlement, and have been foreclosed upon between 2008 and 2011.
New Hampshire’s Consumer Protection and Antitrust Bureau Chief James Boffetti said 4,067 Granite State residents are receiving the checks.
“This money is meant in a small way to compensate for the loss that they suffered. This doesn’t prevent them from seeking other remedies. If they wanted to file other legal actions against the banks, the taking of this money does not prevent them from doing that.”
The money comes from $1.5 billion of the $25 billion settlement set aside for direct payments.
The checks will be mailed between June 10 and June 17.
One question that remains unclear – whether this money is tax deductible.
Boffetti encouraged recipients to contact the IRS directly.
