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Some Utahns with home loans may be eligible for payments

The Salt Lake Tribune

First published Aug 21 2014 03:12PM
Updated Aug 22, 2014 10:02AM

Utah homeowners who had home loans through Bank of America or Countrywide Financial may be eligible for compensation as part of a settlement announced Thursday by federal agencies.

Utahns with loans that were not part of a 2012 settlement and who had federally backed loans may be eligible for balance reductions or new loans for the low-income, said Wade Farraway, an assistant Utah attorney general.

For Utahns with loans backed by the Federal Housing Administration, Fannie Mae or Freddie Mac, "there may be some relief," he said.

Utah was part of the 2012 deal in which the five largest U.S. banks paid the state $23 million, and homeowners with loans from the previous four years were eligible for payments of about $2,000.

Consumer advocates told the Associated Press that only a small number of homeowners would be eligible for refinancing under the settlement announced on Thursday, and those who have already lost homes to a foreclosure or a short sale wouldn’t likely benefit at all.

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