Kentuckians receive notice of mortgage settlement

Tools

Associated Press

Story Created: Thu Sep 20, 2012 5:21 AM

Story Updated: Thu Sep 20, 2012 5:22 AM

FRANKFORT, Ky. (AP) - Kentuckians are being urged to watch their mailboxes for postcards alerting them to a financial settlement.
   
Notices were mailed Monday to more than 5,000 Kentuckians who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, and are now eligible for a share of $10.7 million.
   
Conway said the payments will be up to $2,000 for people who had loans through Ally/GMAC, Bank of America, Citi Bank, JP Morgan Chase or Wells Fargo.
   
The funds come from a $25 billion settlement between 49 states and the five banks. The settlement will provide relief nationally to thousands of homeowners who were foreclosed upon after the housing bubble burst.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)