I-Team: Banks Almost Through Helping Nevada Homeowners - 8 News NOW

I-Team: Banks Almost Through Helping Nevada Homeowners

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LAS VEGAS -- Led by Bank of America, the nation's five largest mortgage servicers reported helping a combined 9,071 Nevada borrowers through September as part of the national multi-state mortgage settlement.

Read the Monitor's State Report

A report released Monday by the Office of Mortgage Settlement Oversight revealed that the lenders provided Nevadans $907.9 million in relief, or $100,089 per borrower, from March through September. Nationally, the relief has exceeded $26.1 billion gross and has assisted more than 300,000 borrowers, or $84,385 per homeowner.

Here is the breakdown by lender in Nevada:

  • Bank of America -- $562.4 million of relief to 5,226 homeowners, or $107,607 per borrower.
  • JPMorgan Chase -- $230.5 million of relief to 2,145 homeowners, or $107,444 per borrower.
  • Wells Fargo -- $76.6 million of relief to 1,158 homeowners, or $66,156 per borrower.
  • CitiMortgage -- $33.7 million of relief to 482 homeowners, or $69,958 per borrower.
  •  Ally Financial -- $4.8 million of relief to 60 homeowners, or $79,267 per borrower.

Of the 9,071 Nevada borrowers assisted, 5,614 involved short sales. Other assistance included transitional funds to facilitate completion of short sales or deeds in lieu of foreclosure (948 borrowers), forgiveness of the balance of second liens (947), completed refinances (710), and completed first lien modification forgiveness (374).

In addition, relief is in progress for 2,412 Nevada homeowners seeking first lien modifications.

The report also stated that 77 Nevada borrowers filed complaints about the banks to the oversight office, ranking the state 13th in that category nationally. The main reasons borrowers have complained include loan modification, customer service and documentation issues.

"Thousands of struggling Nevada homeowners have been helped but many still risk foreclosure," Nevada Attorney General Catherine Cortez Masto said in a statement. "My office and I are still reviewing numbers from the monitor's report but on its face, it seems encouraging. That said, we await the monitor's vetting and auditing of these figures."

Joseph Smith Jr., monitor of the national mortgage settlement, said: "The relief the banks have reported is encouraging. But it is important to remember that no obligations will be met until I have reviewed, confirmed and credited them.

"This information represents gross dollar amounts and, because in many cases relief under the settlement is not credited dollar-for-dollar, cannot be used to evaluate progress toward the banks' $20 billion obligation," Smith said.

Foreclosure attorney Dirk Ravenholt said he believes the $26 billion doesn't help the people the mortgage settlement meant to keep in their homes.

"I think the settlement was targeting people that are unemployed in our community," he said. "We had zero forbearance for the unemployed."

He added that he is seeing less help come from banks in the last weeks as they cross the settlement finish line.

If you're trying to get your home loan modified and you want to complain about your bank, tell the National Mortgage Settlement Oversight Office at https://www.mortgageoversight.com/where-can-i-find-help/.

Or, if you'd like to see the details of exactly how many homeowners have been helped in Nevada, go here: https://www.mortgageoversight.com/wp-content/uploads/2012/11/nevada2012.pdf

The Nevada Hardest Hit Fund is also available to help, and is not funded by this settlement money. Reach them at http://nevadahardesthitfund.nv.gov/.

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