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Attorney
General Mike DeWine
Borrowers
Who Lost Homes to Foreclosure May Be
Eligible for Benefit
(COLUMBUS,
Ohio)—Ohio Attorney General Mike
DeWine said today that claim forms are going out to 64,428 Ohio
borrowers who
lost their home to foreclosure between January 1, 2008 and December 31,
2011
and who may be eligible for payment under the $25 billion National
Mortgage
Foreclosure settlement.
Eligible
borrowers had mortgages with
Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo, the
nation's
five largest mortgage servicers who 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 $1.5 billion in payments for 1.75 million borrowers who lost
their
homes to foreclosure during that period. The payments will be at least
$840,
and will very likely be higher, depending upon the number of borrowers
who
decide to participate.
Attorney
General DeWine urged eligible Ohio
borrowers to 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 Jan.
18,
2013. Payment checks are expected to be mailed in 2013.
"This
payment is intended as partial
compensation for the illegal conduct of the mortgage servicers," said
Attorney General DeWine. "Borrowers don't have to give up their legal
rights to participate. They are free to participate in this settlement
and also
pursue other legal remedies for the loss of their home if they choose."
Last
week, the national settlement
administrator mailed notification postcards to the eligible borrowers
nationwide. In Ohio, packets containing a letter from the Attorney
General,
claim forms, instructions and other explanatory information are being
mailed to
eligible borrowers beginning today and continuing through Oct. 12.
The
one-page claim forms are simple to
complete. However, borrowers who have questions or need help filing
their claim
can call a toll-free number 866-430-8358 for assistance, 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. Borrowers
should not
need to pay anyone to file their claim.
Attorney
General DeWine said 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.independentforclosurereview.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.
The
national settlement followed state and
federal investigations, which claimed that the five companies 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. They also claimed that the mortgage servicers committed
various errors
and abuses in their mortgage 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, please contact:
www.OhioAttorneyGeneral.gov
www.NationalMortgageSettlement.com
Email:
Administrator@nationalmortgagesettlement.com
Call
toll-free: 866-430-8358; (hearing impaired:
866-494-8281)
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