Settlement Funding Available for Foreclosure Assistance Programs

Foreclosure notice. Photo by Wendy Osher.

By Wendy Osher

The Department of the Attorney General is seeking applications from organizations that are interested in receiving funding to assist distressed homeowners in Hawai’i.

The funding is part of the historic multi-state mortgage foreclosure settlement between the State of Hawaii and Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co., CitiGroup, Inc., and Ally Financial, Inc.

The Settlement includes approximately $7.9 million in direct funds to the State of Hawai’i, to create a Foreclosure Assistance Program.

Applications for funding must be received by July 13.

Organizations or businesses that assist with housing and financial counseling, public education, mediation, or enforcement of laws and agreements protecting the rights of homeowners may be eligible to apply.

“By assisting organizations who are on the front lines fighting the foreclosure crisis, this program will make a major difference in the lives of thousands of Hawaii homeowners. We will distribute this money as quickly and effectively as possible,” said Attorney General David M. Louie in a media release.

For more information, visit www.hawaii.gov/ag and click on the link titled “Foreclosure Assistance Program.”