RICHMOND, Va. - More than 22,000 Virginia residents, whose homes were foreclosed, will soon get a check in the mail. The money is to compensate for mortgage lender abuses.
According to Virginia Attorney General Ken Cuccinelli, 22,500 homeowners will receive checks for $1,480. The money is part of the National Mortgage Settlement.
Borrowers eligible for the payment lost their homes to foreclosure between January 1, 2008 and December 31, 2011 and have already submitted valid claim forms.
The participating lenders are Ally (formerly GMAC), Bank of America, Citi, JPMorgan chase and Wells Fargo.
The payments will be mailed through June 17.