As part of the national mortgage foreclosure settlement, Kentucky homeowners will receive over $55.5 million to assuage the struggles they had as a result.
Banks paying out as a result of the settlement include Bank of America (BAC), Citi (C), Chase (JPM), Wells Fargo (WFC), GMAC and Ally.
An average of $35,534 was paid to 1,562 borrowers, according to a statement.
According to Kentucky Attorney General Jack Conway, another $2 million in claims are being processed by mortgage servicers.
This is part of the $25 billion settlement the five largest banks in America reached with 49 state attorneys general.