Homeowners To Get $790M In Mortgage Settlement; 46,000 Borrowers Will Benefit

Last Updated on Friday, 10 February 2012 12:27 Written by Marc Decambre/NY Post Friday, 10 February 2012 12:21

Hard-charging New York Attorney General Eric Schneiderman scored roughly $790 million in payments for hobbled homeowners in the Empire State.

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About 6,400 homeowners in the state may be eligible for payments of as much as $2,000, resulting from the $25 billion nationwide mortgage accord announced yesterday.

The biggest slice of the $790 million pie is the $635 million earmarked for homeowners struggling with mortgage payments.

Of that, $140 million will go to refinancing underwater borrowers whose home value is less than their mortgage,. These homeowners will get a new mortgage.

Approximately 118,000 New York residents are underwater, representing 6 percent of all borrowers.

The remaining $495 million of this slice will be set aside to help modify mortgages of homeowners struggling to keep up with their monthly payments.

In addition, $13 million will be paid to distressed borrowers who were improperly punted from their homes over the past three years.

About 141,900 are seriously delinquent — which is classified as being 60 days or more late on a payment.

One of the most vocal AGs, Schneiderman fought to hold banks accountable for their role in the crisis.

In the days leading up to the mortgage pact, he fought to snare a so-called carve-out deal, under which he could continue to sue banks Wells Fargo, JPMorgan Chase and Bank of America over their abuse of electronic mortgage database MERS.