Homeowners To Benefit From Foreclosure Settlement

{Washington, D.C.}...Many West Virginia homeowners will benefit from the $25 billion settlement reached between 49 states and the nation's five largest mortgage lenders. In West Virginia, it means almost $34 million in foreclosure relief. The money will include payments for homeowners who lost a house to foreclosure between 2008 and 2011, plus millions for loan modifications and free financing for people who owe more than their homes are worth. Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial will be forced to reimburse homeowners who suffered from fraudulent or flawed foreclosure practices. The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America will pay $1 billion to settle that federal probe. There are also new controls on how they deal with borrowers. Oklahoma is the lone holdout and will receive no money.