Land O Lakes Real Estate News - JLS Investment Realty

167,398 foreclosed Floridians could receive check
September 25th, 2012 5:17 PM
167,398 foreclosed Floridians could receive check

TALLAHASSEE, Fla. – Sept. 25, 2012 – Florida Attorney General Pam Bondi announced that about 167,398 Florida borrowers who lost their home to foreclosure would receive a claim form to determine if they deserve money under the $25 billion national mortgage foreclosure settlement.

To be eligible, a homeowner must have gone through foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo – the nation’s five largest mortgage servicers.

The settlement, which took effect in April, earmarked about $1.5 billion for 2 million borrowers nationwide. The amount of money any individual homeowner receives depends on the number of borrowers who participate.

Claim forms must be returned by Jan. 18, 2013. Most should have already received a postcard saying they’re eligible, and the claim form with instructions should arrive within the next few weeks. Bondi urges people to return the forms as soon as possible, however. They can also be submitted online

Bondi expects checks to be in the mail by mid-2013.

Borrowers who have questions or need help filing a claim can call the settlement administrator toll-free at (866) 430-8358 or email The information line is staffed Monday through Friday from 7 a.m. to 7 p.m. Central Time.

“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,” Bondi says in a news release. “However, any payment received may reduce payments borrowers may be eligible to receive in any other foreclosure claim process or legal proceeding.”

More information about the program under federal bank regulators is available

Borrowers who did not receive a postcard notice but believe they may qualify should contact the settlement administrator.

“Beware of scams,” Bondi says. “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.”

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Posted by Jennifer Stepanek on September 25th, 2012 5:17 PMPost a Comment

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