St. Louisans Encouraged To Take Advantage of Mortgage Settlement

Allison Blood, KMOX

ST. LOUIS, Mo. (KMOX) – St. Louis’s Mayor and Missouri’s Attorney General met today to explain to people how to take advantage of money from the National Mortgage Settlement.

Missourians can now being applying for money from six major banks: Bank of America, Citigroup, JP Morgan Chase, Wells Fargo, and Ally Financial. Those who qualify if  have lost their homes to foreclosure, are underwater on their mortgage, or want to refinance their mortgage at a lower rate. Attorney General Chris Koster says for those who have mortgages with a different bank, negotiations are ongoing, and there will probably be a settlement reached soon.

St. Louis Mayor Francis Slay says he hopes this will help people living in St. Louis stay in their houses. But there are also other things the city is doing to keep neighborhoods alive. He says there are grant programs for small businesses. He says big businesses like Peabody Coal are also renewing their leases and staying in St. Louis, so that helps the city too.

Slay and Koster agreed there is a huge need for this kind of assistance in the community. More than 50 people came out to the meeting at Wohl Recreation Center. Those in attendance were registered to be considered for benefits under the settlement. Payments could come as early as the beginning of next year. Those who lost their homes to foreclosure are eligible for a $2,000 payment. Others are eligible for refinancing their mortgages at lower interest rates.

For information on qualifying for benefits under the settlement click here or call (855) 870-7676.

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