Some Oklahoma Homeowners Won't Get A Dime From Multi-Billion Dollar Settlement

An Oklahoman who says he would have been rescued from his upside-down mortgage, won't get a nickel from a multi-billion dollar settlement with America's big banks.

National Mortgage Settlement

That's because Oklahoma was the only state in the nation to opt out of the deal.

"I'm not behind, I've worked real hard to stay current," said Nick Booth.

Nick Booth is one of the people who is underwater on his mortgage. He says he owes $130,000 on a house now worth around $100,000. It's wouldn't matter so much if hadn't taken a huge pay cut.

"My new financial reality is a lot different. My income has gone down, just like the value of my property. But there's been no adjustment on my mortgage payment. So I'm now struggling to make a mortgage payment on half the salary I was making before," he said.

That's why he was so interested in the $20 billion dollar national mortgage settlement.

The settlement is over claims of bad loan practices and illegal foreclosures and includes every state except Oklahoma - the only state to opt out.

"This is a good thing for Oklahoma," said Oklahoma Attorney General Scott Pruitt.

Oklahoma's Attorney General negotiated a separate $18 million settlement.

02/09/2012 Related Story: Oklahoma To Get $18.6 Million In Mortgage Lender Settlement

"This $18.6 million is sufficient to address all of the harm, all of the damages, that Oklahomans have incurred and suffered," Pruitt said.

Read The Settlement

Booth's been told by the AG's office he's not eligible for relief - because he avoided foreclosure. He says he was just trying to do the right thing.

"I went through loan modification three times in two years. And every time it stalled out and nothing happened," Booth said.

In other states - that's enough to qualify for the settlement - but not here.

"It's not better for Oklahoma citizens at all. There's $20 billion dollars worth of aid that we won't have the opportunity to apply for that everybody else will," Booth said.

The attorney general says Oklahomans will get the same amount of money they would have under a national settlement, but the rules on who qualifies are different.