If you lost your home in a foreclosure between January 1, 2008 and December 31 2011, and your lender was one of five that participated in the recent National Mortgage Settlement, you may be entitled to compensation pursuant to that settlement.
In February 2012, 49 state attorneys general and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers:
- Ally/GMAC
- Bank of America
- Citi
- JPMorgan Chase
- Wells Fargo
The settlement provides, in aggregate, roughly $25 billion in relief to distressed borrowers, states, and the federal government. Of that amount, $1.5 billion will be distributed borrowers whose loan was with one of these five lenders and who lost their home due to foreclosure between January 1, 2008 and December 31, 2011. The National Mortgage Settlement Administrator will mail Notice Letters and Claim Forms in late September through early October 2012 to those borrowers. But if you have moved, you may not receive your letter. You can find out more, including information on whether you may be entitled to payment, at the website for the settlement.
The agreement settles state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service. Don’t delay, find out today if you might be entitled to compensation.
