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Servicing

Hardest-hit states record the most relief from servicers

States hit the hardest by the foreclosure crisis benefited the most from the multi-billion dollar national mortgage servicing settlement, according to first-quarter 2013 data released by Joseph Smith, an independent monitor overseeing the distribution of aid.

Smith released another report Tuesday, saying 620,000 homeowners received $50.63 billion in various types of relief from servicers as part of the national mortgage servicing settlement between regulators, state attorneys general and five major servicers. The settlement was reached in early 2012.

A breakout of state-by-state data shows homeowners in hardest-hit states receiving the most aid in the first-quarter 2013 report.

California, for example, was one of the first markets saturated with foreclosures and distressed borrowers after the 2008 housing bust. Data from the settlement monitor for 1Q shows the West Coast state receiving $2.5 billion in consumer relief from servicers.

Florida, another hardest hit state, benefited from $1.4 billion in servicer aid during the quarter, while New Jersey and New York recorded relief measures totaling $312.6 million and $395.3 million, respectively.

Arizona, which is now in recovery, faced an influx of troubled borrowers early on as well. The latest data shows servicers committed about $148 million in relief to borrowers in that state during the first part of this year.

Nevada – another recovering Sand State – received $156 million in aid.

Click here to access state-by-state data.

kpanchuk@housingwire.com

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