Qualified Borrowers Who Lost Homes to Foreclosure May Be Eligible for Payment
September 24, 2012
This settlement, which took effect last April, involved the nation’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. As part of the settlement, 2 million borrowers nationwide whose loans were serviced by these banks, and who lost their home to foreclosure during the qualifying time period, are eligible for cash payments from a fund of $1.5 billion.
The exact payment will depend upon the total number of borrowers who submit claims. The payment is intended as partial compensation for the mortgage servicers’ illegal conduct. By participating, borrowers do not give up any legal rights and can still pursue other legal remedies, such as filing a lawsuit or joining a class action.
The Consumer Protection Unit warns homeowners to be aware of settlement-related scams. Borrowers do not need to pay anyone to file a claim or seek other settlement-related assistance.
For more information about eligibility and filing a claim, borrowers should contact the settlement administrator at email@example.com , or go to: www.NationalMortgageSettlement.com
Call toll-free: 1-866-430-8358 (hearing impaired: 1-866-494-8281). The line is staffed Monday through Friday from 7 a.m. to 7 p.m. Central Standard Time.
Borrowers who believe they may qualify for a payment, but did not receive a notice because they have moved, should contact the settlement administrator directly to provide their contact information.
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