Distressed Homeowners Still Waiting For Help From $18 Billion Settlement
SACRAMENTO (CBS13) - For many, it's already too late, and others say if the program doesn't get under way soon, the clock could run out for them too.
"I lost my job for a while. I can afford to catch up. I just can't do it all at once."
Sound familiar? It's a story Sacramento bankruptcy attorney Pete Macaluso has heard from 1,300 clients just as a federal aid program is about to run out.
"It's going to run out on April 30," Macaluso said. "Hopefully this is going to take it over but when it's coming yet we don't know yet."
It is the $18 billion national mortgage settlement program negotiated by state Attorney General Kamala Harris and attorneys general from several other states. However, information on how to qualify for that money has been nonexistent.
"There's no one to get a hold of yet, there's no application form," Macaluso said.
Two months ago Harris sounded confident when announcing the program. "We negotiated and held out (for more money)," she said at the time.
But homeowners holding out hope help will come soon are still waiting.
CBS13 spoke to some viewers who say they contacted their banks and they don't even have any information about the application process, so we asked Harris when people who so desperately need help start getting it.
"The banks are in the process of rolling out the terms of the settlement," she said. "It was only a couple of weeks ago that it was approved through the courts. It'll start rolling out soon."
But for many homeowners, soon just isn't good enough. Harris was asked: Will it be 30 days, 60 days, 90 days?
"I'd like to think as soon as possible," she said. "I don't have an exact figure for you. It's going to be a function of the bank. Each of the banks are rolling out their plan."
The attorney general says she's appointed a special monitor for California to track the banks' progress.
According to the mortgage settlement website, it could take up to three years for a homeowner to get help.
