Deadline Set For Oklahomans Applying For State Mortgage Settlement

With millions of Americans "underwater" on their homes - meaning they owe more on their house than it's worth - a recent federal settlement deal promises to pay homeowners to help with their mortgage payments.

The Oklahoma Attorney General's Office has set a September 13, 2012 deadline for residents to apply for compensation under the state's $18.6 million settlement.

Many Oklahomans were upset when they found out that our state opted out of that deal, and filed our own settlement.

In a recent letter, Oklahoma Attorney General Scott Pruitt says he didn't approve of the federal settlement mainly because it "overrides state law", and because it doesn't help homeowners who kept up with their mortgages.

But if you're underwater on your home, what can you do under Oklahoma's $18.6 million settlement?

Tulsa mortgage banker, Steve Currington, says that under the federal deal, homeowners could only get up to $2,000 to help with their mortgage.

But Currington says, under the Oklahoma deal, if you've been deceived by lenders, you could get a lot more.

"If you're behind on your mortgage and you've been wronged by robo-signing or something like that, you can apply for the 18.6 million," Currington says. "If you're not behind, but you feel you're underwater, then you can apply for that federal assistance program, where they refinance you. Now, to do that, you can just contact your lender," said Steve Currington.

There is a catch; the only way you can apply for your piece of the Oklahoma or Federal settlement/refinancing plan is if you have a loan through these banks:

• Bank Of America
• Citigroup
• JPMorgan Chase
• Wells Fargo
• GMAC

To find out if you qualify for a share of the settlement, and to get the application, you can write the Oklahoma Attorney General's office at 313 NE 21st Street, Oklahoma City, OK 73105 or go their website, www.oag.state.ok.us.