Attorney General Bondi Announces that Qualified Borrowers Who Lost Homes to Foreclosure May Be Eligible for Payment
Contact: Jenn Meale
Phone: 850.245.0150
jennifer.meale@myfloridalegal.com
Attorney General Bondi Announces that Qualified Borrowers Who Lost Homes to Foreclosure May Be Eligible for Payment
National foreclosure settlement includes approximately $1.5 billion for payments
TALLAHASSEE, Fla.—Attorney General Pam Bondi announced today that claim
forms are going out to approximately 167,398 Florida borrowers who lost
their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 and who
may be eligible for payment under the $25 billion national mortgage
foreclosure settlement.
Eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America,
Citi, JPMorgan Chase and Wells Fargo, the nation’s five largest mortgage
servicers that agreed to the settlement with the federal government and
attorneys general for 49 states and the District of Columbia.
The settlement, which took effect in April, earmarked approximately $1.5
billion in payments for 2 million borrowers nationwide who lost their homes
to foreclosure during that period and had their loan serviced by one of the
settling servicers. The exact payment will depend upon the total number of
borrowers who decide to participate.
Forms mailed to qualified borrowers, must be returned by January 18
Last week, the national settlement administrator mailed notification
postcards to the eligible borrowers nationwide. These postcards will be
followed by claim forms being mailed in the coming weeks. In Florida,
packets containing a letter from the Attorney General, claim form,
instructions and answers to frequently asked questions are being mailed to
eligible borrowers now through Oct. 12.
Borrowers should complete their claim forms and return them as soon as
possible in the envelope provided, or file them online at
www.nationalmortgagesettlement.com. The deadline for all claims is January
18, 2013. Payment checks are expected to be mailed in mid-2013.
Free claim form assistance available
The one-page claim forms are simple to complete. However, borrowers who
have questions or need help filing their claim can contact the settlement
administrator, toll-free, at 1-866-430-8358, or send questions by email to
administrator@nationalmortgagesettlement.com. The information line is
staffed Monday through Friday from (7 a.m. to 7 p.m. Central).
Payment won’t stop other legal claims
Eligible borrowers do not need to prove financial harm to receive a
payment, nor do they give up their rights to pursue a lawsuit against their
mortgage servicer or to participate in the Independent Foreclosure Review
Process being conducted by federal bank regulators. More information about
that program is available at www.independentforeclosurereview.com.
Eligible borrowers may get a payment from this settlement even if they
participate in another foreclosure claims process. However, any payment
received may reduce payments borrowers may be eligible to receive in any
other foreclosure claim process or legal proceeding.
Eligible borrowers not notified should contact settlement administrator
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 that information:
Call toll-free: 1-866-430-8358. The line is staffed Monday through Friday
from (7 a.m. to 7 p.m. Central).
Email: administrator@nationalmortgagesettlement.com
Beware of scams
Borrowers should not need to pay anyone to file their claim. All
homeowners should be aware of settlement-related scams. Do not provide
personal information or pay money to anyone who calls or emails you
claiming that they are providing settlement-related assistance. If you
believe someone is conducting a settlement-related scam, contact the
Florida Attorney General’s Office at 850-414-3990.
Settlement background
The national settlement followed state and federal investigations, which
alleged that the five mortgage servicers routinely signed
foreclosure-related documents outside the presence of a notary public and
without personal knowledge that the facts contained in the documents were
correct. This civil law enforcement action also alleged that the servicers
committed widespread errors and abuses in their foreclosure processes.
Broad reform of the mortgage servicing process resulted from the
settlement, as well as financial relief for borrowers still in their homes
through direct loan modification relief, including principal reduction.
For more information about eligibility and filing a claim:
www.NationalMortgageSettlement.com
Email: administrator@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).
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