File for money back from SunTrust mortgage settlement by June 4, AG Cooper reminds consumers

Approximately 2,200 North Carolinians eligible for direct cash payments

WASHINGTON, D.C. – May 1, 2015 – (RealEstateRama) — Raleigh: More than 2,200 North Carolinians who lost their homes to foreclosure by SunTrust are eligible for direct cash payments totaling approximately $2 million but must file to claim their money by June 4, Attorney General Roy Cooper reminded consumers today.

“Recovering from a foreclosure is challenging and we want to make sure North Carolinians who are eligible get these relief funds,” Cooper said. “Don’t delay if you could be due money back.”

Those eligible to receive a cash payment had mortgage loans serviced by SunTrust and lost their primary residences to foreclosure between January 1, 2008 and December 31, 2013. In order to receive a payment, consumers must file claim forms online at https://nationalsuntrustsettlement.com or by mail by June 4, 2015.

The cash payments along with an estimated $21.5 million in loan modifications and other relief for North Carolina homeowners are part of a settlement with SunTrust that Cooper won last year. This is North Carolina’s share of a $550 million national settlement that included 48 other states, the District of Columbia, and federal officials. Under the agreement, SunTrust must also meet tougher mortgage servicing standards designed to prevent future problems for homeowners.

Many North Carolinians who are entitled to money back under the settlement have not yet filed claims. According to a recent report by settlement administrator Rust Consulting, only 32 percent of North Carolina consumers included in the settlement have successfully filed their claim forms. Eligible borrowers should have received a claims form in the mail from Rust Consulting, but more than 275 notices have been unable to reach borrowers whose addresses are undeliverable.

To learn more about the settlement:

Go online to www.nationalmortgagesettlement.com;
Call the Settlement Administrator toll free at 1-866-590-8532, Monday through Friday 8:00 am – 8:00 pm Eastern Standard Time;
Email the Settlement Administrator at: settlementadminstrator (at) nationalsuntrustsettlement (dot) com
Media Contact: Noelle Talley, (919) 716-6413