More than 22,000 Virginians will soon get a check in the mail as part of a national mortgage foreclosure abuse settlement.
The checks are intended to compensate Virginia borrowers who suffered foreclosure abuse from 2007 to 2011 as their loans were serviced by Ally/GMAC, Bank of America, Citi, J.P. Morgan Chase, and Wells Fargo.
Attorney General Ken Cuccinelli said Monday that each recipient will receive $1,480. Cuccinelli says more than 13,000 Virginia households also have received about $933 million in loan modifications and other forms of relief.
The payouts to mortgage holders in 49 states total just over $33 million. Over 10,000 Maryland residents got $1,500 as part of the settlement. Oklahoma is the only state the opted not to participate.