Connecticut has joined the federal government and 48 other states in a $550 million settlement with mortgage lender SunTrust over allegations of foreclosure abuses.
The three-year settlement provides direct payments to borrowers for past foreclosure abuses as well as loan modifications and other relief to borrowers in need of assistance. An independent monitor will oversee the implementation.
Attorney General George Jepsen believes as many as 150 foreclosed Connecticut borrowers may qualify for a cash payment through the settlement. Current borrowers may contact SunTrust by calling 800-634-7928.
This SunTrust settlement is part of the National Mortgage Settlement that has provided more than $51 billion to homeowners over the alleged misdeeds of lenders, particularly during the Great Recession.
