State’s share of mortgage settlement: $648 million

State’s share of mortgage settlement: $648 million

Washington stands to get $648 million under the $25 billion national settlement with five of the nation’s biggest mortgage servicers announced Thursday.

The biggest chunk, $525 million, is aimed at helping those who are financially underwater on their mortgage because their home’s value plunged: $455 million will go for reducing the loan principal of homeowners who are delinquent on payments, and $70 million for refinancing the loans of homeowners still current and paying higher-than-market interest rates on their mortgage.

Officials said it would take six to nine months for homeowners to find out if they are eligible for the relief, and wouldn’t say how many Washington homeowners might benefit.

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