January 18 is the deadline for Utahns who lost their homes to foreclosure to apply for a payment under the National Mortgage Settlement. Utah Attorney General John Swallow is urging eligible borrowers to quickly take action in order to participate in the $25 billion nationwide settlement with five national banks.
To receive a payment, eligible borrowers must return their claim form to the settlement administrator. Borrowers who meet the following requirements may be eligible for a payment:
• The borrower must have had a home loan with Bank of America, Ally/GMAC, Citi, JPMorgan Chase or Wells Fargo.
• The bank must have foreclosed on the borrower’s home between January 1, 2008 and December 31, 2011.
• The foreclosure must be the result of the bank’s alleged errors or wrongdoing.
The settlement administrator began notifying Utah’s eligible borrowers in September and has continued to send reminder postcards and e-mails to individuals who have not responded. Borrowers who believe they are eligible, but have not received a claim packet, may call the settlement administrator at 866-430-8358.
To receive a payment, borrowers must return their claim form to the settlement administrator before January 18, 2013. To apply online, borrowers first need to obtain a claim packet from the settlement administrator.
The minimum amount eligible borrowers will receive from the foreclosure fund is $840. The actual amount will be determined based on the number of borrowers who return their claim forms.
“Borrowers should also be aware of the numerous scams related to the settlement,” warns Swallow. “Do not provide personal information or pay money to anyone who contacts you and claims they can provide assistance for you to take part in the settlement.”
For Immediate Release
January 10, 2012
Utah Attorney General’s Office: