Some Arizona homeowners eligible for federal foreclosure settlement funds

April 01, 2013

Some Arizona homeowners mistreated by their mortgage lender in 2009 or 2010 could receive a check starting this week under a federal settlement. 

But, people need to be aware of scam artists who are trying to illegally profit from the program.

Homeowners who can prove their bank or mortgage company didn’t follow the letter of the law during foreclosures or loan modifications a few years ago may be owed anywhere between a few thousand to more than $125,000 under the settlement.

It’s part of a $3.6 billion agreement 13 mortgage companies made with federal banking regulators in January. 

But Pima County Housing Program Manager Betty Villegas said eligible homeowners don’t need to pay outside groups to collect their money. “This is going to happen automatically if they are eligible and there are going to be scams out there and they need to be very cautious of that," Villegas said.

Villegas says Arizona homeowners who qualify for the settlement will get a letter and a check from Rust Consulting Incorporated in the next few weeks. 

She says anyone who needs more information about the settlements should contact the U.S. Comptroller of the Currency Office.