The New Hampshire Attorney General announced the details of a settlement between the nation’s five biggest banks and forty-nine states. The deal means that borrowers who are struggling could start seeing relief within a few months.
According to Attorney General Michael Delaney, the $25 billion settlement is the biggest of its kind ever, and it will bring more than $43 million to the state. Two-thirds of that will go toward measures helping homeowners stay in their homes, by reducing the principal on the loans of homeowners in or at risk of default and by refinancing loans for homes that are underwater.
"Our New Hampshire citizens are struggling to stay in their homes, and are trying to restructure the terms of their loans," Delaney says , "they need our help now."
The remainder of the money will go to payments of up to $2,000 to people who lost their homes to foreclosure between 2008 and 2011.
Delaney says most New Hampshire borrowers are served by the banks in question.
Borrowers who think they may be eligible for this program can call the AG's Office 1-888-468-4454 for more information or visit the National Settlement's webpage