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Award (how much your claim may be worth): Homeowners can receive a number of benefits from the $25 billion National Mortgage Foreclosure Settlement, including a CASH payment of at least $840. Some homeowners will receive additional cash payments of up to $2,000 and the chance to receive $20,000 to $100,000 in principal reduction or the opportunity to refinance.
Class Action Lawsuit Settlement Case(s): United States of America, et al. v. Bank of America Corp., et al., Case No. 12-cv-361-RMC, U.S. District Court, District of Columbia.
Company(ies): BANK OF AMERICA CORP.; BANK OF AMERICA, N.A.; BAC HOME LOANS SERVICING, LP f/k/a COUNTRYWIDE HOME LOANS SERVICING; COUNTRYWIDE HOME LOANS, INC.; COUNTRYWIDE FINANCIAL CORP.; COUNTRYWIDE MORTGAGE VENTURES, LLC; COUNTRYWIDE BANK, FSB; CITIGROUP INC.; CITIBANK N.A.; CITIMORTGAGE, INC.; J.P. MORGAN CHASE & CO.; JPMORGAN CHASE BANK, N.A.; RESIDENTIAL CAPITAL, LLC; ALLY FINANCIAL, INC.; GMAC MORTGAGE, LLC; GMAC RESIDENTIAL FUNDING CO. LLC; WELLS FARGO & CO.; WELLS FARGO BANK, N.A.
Address to submit a claim form (REQUIRED):
Phone Number to call for assistance: (866) 430-8358
Details:Claim Forms are being sent to 2 million U.S. home borrowers who lost their homes to foreclosure during the financial crisis of 2008 to 2011. Roughly $25 billion in relief has been established under the National Mortgage Settlement to go to borrowers who submit a claim form by the January 18, 2013 deadline.
Borrowers are warned to watch out for scams regarding the National Mortgage Settlement. You should not need to pay anyone to file your claim. Here’s more information:
What is the National Mortgage Foreclosure Settlement?
The historic $25 billion national foreclosure settlement was reached in February 2012 and approved in May 2012. It was negotiated by 49 states and the federal government to provide financial relief to borrowers who had their mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo and lost their homes between January 1, 2008 and December 31, 2011.
It is similar to a class action lawsuit settlement in that it provides relief to a nationwide class of homeowners who were victims of foreclosure abuse (except for borrowers in Oklahoma).
Last week, the Settlement Administrator mailed notification postcards to eligible borrowers, and State Attorneys General will be mailing packets containing a claim form, instructions and answers to Frequently Asked Questions through the middle of October.
Eligible borrowers are urged to complete their claim forms and return them as soon as possible, or file them online at www.NationalMortgageSettlement.com. The deadline to file a claim for the National Foreclosure Settlement is January 18, 2013. Payment checks are expected to be mailed in mid-2013.
What Does the National Mortgage Foreclosure Settlement Provide?
Under the national mortgage settlement, Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial agreed to reduce the principal on loans held by underwater homeowners, refinance some mortgages to the current low interest rates, and compensate those who lost their homes to improper foreclosure practices.
The banks also agreed to stop “dual-tracking,” or evaluating homeowners for mortgage modifications while simultaneously initiating foreclosure proceedings on them, as well as to stop “robo-signing” — using false documentation to rush homes into foreclosure.
Of the roughly $25 billion national mortgage settlement, at least $17 billion will go to reducing principal for borrowers who are underwater. These eligible borrowers will be able to receive about $20,000 in principal reduction from four of the banks, while Bank of America borrowers will average $100,000 or more.
Another $3 billion of the settlement will go toward refinancing mortgages for borrowers who are current on their payments, allowing them to take advantage of the historically low interest rates that are currently available.
The banks will also pay $5 billion to the states and federal government to pay homeowners who lost their homes to foreclosure. This fund will provide cash payments of $1,500 to $2,000 to eligible borrowers who lost their home to foreclosure between January 1, 2008 and December 31, 2011. The Settlement Administrator will send claim forms to persons eligible for this cash restitution.
How Much Will Money Will I Get from the National Mortgage Foreclosure Settlement?
You may be eligible to receive a payment of at least $840 from the National Mortgage Settlement. This estimated payment amount is based on 100% of all eligible borrowers submitting Claim Forms, and therefore the payment you receive will very likely be higher. Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts. Borrowers may also be eligible for a separate restitution process administered by the federal banking regulators.
How Do I Know if I’m Eligible for Payment as a Foreclosure Victim?
You are eligible to file a claim for the Nation Foreclosure Settlement if you meet the following requirements:
* Your loan went to foreclosure sale between January 1, 2008 and December 31, 2011.
* The loan was serviced by one of the five mortgage servicers participating in the settlement.
* The borrower made at least three payments on the loan.
* The borrower lived in or intended to live in the property at the time of origination of the loan.
* The property was a one-to-four unit residential property.
* The unpaid principal balance of the first-lien mortgage loan did not exceed $729,750 for a one-unit property; $934,200 for a two-unit property; $1,129,250 for a three-unit property; or $1,403,400 for a four-unit property.
Settlement Notice postcards and Claim Form packets will be automatically mailed to eligible borrowers through the middle of October. If you did not receive a notice or packet, and believe you are eligible, you may contact the Settlement Administrator at 1-866-430-8358.
How Do I File a Claim for the National Mortgage Settlement?
The only way to receive a payment of at least $840 cash from the settlement is to file a Claim Form by the deadline of January 18, 2013. Claim Forms can be mailed to the Settlement Administrator or filed online at www.NationalMortgageSettlement.com.
Beware of Scams
Homeowners should be on high alert for settlement-related scams. Do not provide personal information or pay anyone who calls or emails claiming that they are providing settlement-related assistance. You should not need to pay anyone to file your claim.
If you need help filing your claim, contact the Settlement Administrator at 1-866-430-8358 Monday through Friday from 5 a.m. to 5 p.m. PT, or check out the Frequently Asked Questions section of the National Foreclosure Settlement website at www.NationalMortgageSettlement.com.
Foreclosure Between: Januray 1, 2008 and December 31, 2011
Claims must be postmarked by: 1/18/13
Settlement Administrator(s): N/A
Class Counsel:
N/A
Defense Counsel:
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20 thoughts onNational Mortgage Foreclosure Class Action Settlement
When my home was sold I was under bankruptcy..
Home was sold Dec 8 2008..
They did me wrong and lied to me we couldn’t get answer and then there on laywer quite.. This was with citmorgage.
I have sent you papers on my case… .
I Live now in Puerto Rico,because my mother is sick and i have to move,but i fill all the paper request you sent me my claimant—- ID: 0050641215 — and the— ACCOUNT NUM : 1158028420 — MY NEW MAILING ADDRESSES IS ;—– # 2553 STREET Gobernadores, Urb. Baldorioty,Ponce P.R. 00728………… my OLD MAIL ADDRESS WAS…. 2394 STRAWLAWN ST. PORT CHARLOTTE FL.33948 PLEASE ANY NEW MESSAGE POSTING IN THIS ADD OR E-MAIL ADD. OR MAILING PAPER TO PUERTO RICO. CARMEN M ORTIZ.
Well I received the post card and packet, filled it out mailed it in. last week I called the number to inquire and the number connected me to the bank who took my home. They said I was not getting anything because my loan is a Fannie mae loan. Well this is a way for these banks to get out paying for the wrongs they did. Almost anyone who gets a home loan gets an Fannie mae loan why did they not have to disclose this to those of is who got the post card and packet. This is discrimination.
After the initial excitement of finding out about my mortgage company was being audited, I realized that what I lost far exceeds $800.00 to $2000.00. And also reading the fine print, I found out that my mortgage company was doing the auditing. I am sure the government is paying them for that too. So I would be careful on what you wish for …. $800.00 to $2000.00 now or possibly a larger amount later. I believe if your mortgage company was listed and you received the money then it would eliminate you from receiving any thing in the future. Although my mortgage company messed up in several different areas, I still do not feel comfortable of signing off on possibly the biggest one. And do not want to put anymore money in their pockets.
Am I included in the $100,000.00 atleast reduction we filled bankruptcie and included the house in Sept 2008 and were told we could live here till they do a forecloser it is now November 2012 and they still have not did the forecloser on us . I think if they were to drop it $100.000.00 or more I could almost pay it off
Frank
I went thru the “,make my home affordable program”
I was only behind $1,800.00 and to complete the process CHASE added on to the back of my loan over $12,000.00 the Minnesota attorney generals office asked for proof that I owed that much unpaid and the answer from chase was “”NO, we will not send a payment history, She either signs and agrees to this to save her home or she goes onto FULL FORECLOSURE””
So I felt I had no choice and signed the papers. But I feel I was scammed by CHASE.
DO I QUALIFY???
They are still doing the same thing, What about all of us that are experiencing these problems with BOA? They told me my house was sold in a short sale and when i told them it had not they admitted they screwed up and had my loan # with a different house in Florida and they would correct it and put me back into the remod department, then I get certified papers saying that my home was to be sold the 1st Tuesday in October which gave me less than 3 weeks to get it stopped. I want to sue they do not even own the note to my home, how can they foreclose?
I had property that was foreclosed in 2011. The property has no dwellings…I was planning on building my dream home on the property. Do I qualify for the foreclosure class action lawsuit?
It’s a darn shame that only 5 companies were included. Many other ppeople could benefit from this money. My company Vanderbilt, was underhanded as well. They promised to work with us if I sent medical documentation, then used the same against us to start forclosure on the basis that my illness was “chronic, not acute”. Very underhanded! They are still inflating and adding bogus charges.
So this is ONLY if you went through foreclosure??