Kansas will receive about $50 million from a multi-billion dollar settlement over improper actions by mortgage lenders. The settlement is between the states, the federal government and five mortgage banks. Attorney General Derek Schmidt announced the state’s portion of the agreement today (THUR).
Under the settlement, the lenders will send checks for $2,000 to homeowners who were improperly foreclosed upon. There should be about 4,000 Kansas households eligible for the payments. Homeowners may also be eligible for refinancing or other assistance if their property is now worth less than they owe. The banks have three years to fulfill the terms of the agreement.