1,100 borrowers to receive max $125,000 payment in foreclosure settlement

``For example, homeowners who applied for a loan modification but never received an answer will get between $400 and $800, while homeowners who had their home repossessed even though they weren't in default will receive $125,000. Just 53 homeowners fall into that category, but another 1,082 homeowners who were foreclosed on despite being eligible for the Servicemembers Relief Act will also receive $125,000.

Borrowers who applied for the Independent Foreclosure Review are, in most cases, receiving more money than those who did not apply. Office of the Comptroller of the Currency spokesman Bryan Hubbard said this is because those borrowers were expecting an independent consultant to conduct an individualized review of their circumstances. ''