How does a $25 billion settlement between 49 states ... including Indiana and Michigan ... over mortgage lenders' abuse affect you?
Some Indiana homeowners could receive checks of up to $2,000.
That $25 billion will come from the nation's largest mortgage banks ... including Wells Fargo, Bank of American and Citi.
Indiana gets $145 million of that settlement, broken into four parts:
- $30 million goes to load modifications.
- 13,000 could get up to $2,000 if they lost their home to improper foreclosure.
- People underwater on their mortgages (house is worth less than owed on mortgage) should be able to refinance.
- A large chunk of money will go to the state to help fund consumer protection, state foreclosure prevention efforts and related programs.
While this settlement could help around 1 million homeowners, almost 11 million mortgages in the country are in trouble.
