Chief Deputy Attorney General Fran Hughes said West Virginia residents who were affected by the recent multistate mortgage settlement might see more than $2,000.State attorneys general, federal officials and the country’s five largest mortgage servicers reached a $25 billion settlement. West Virginia is set to receive about $33 million of that money.
Of that, an immediate estimated payment of $2,000 will go to each state homeowner who lost his or her home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011.Also, more than $18 million will go to loan modifications and benefits to state homeowners currently in default or foreclosure. And more than $5 million will go to free refinancing for “underwater” homeowners — that is, those who are still current on their payments but are struggling. Another $6 million will go to foreclosure and mortgage assistance and prevention programs in the state.