JACKSON, Miss.--If you borrowed from GMAC, Bank of America, Citi, JP Morgan Chase or Wells Fargo for a mortgage and lost your home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, you may be getting a post card soon. That card comes from a national settlement administrator and 11.350 Mississippians are considered qualified borrowers, eligible for a piece of a $1.5 billion settlement.
Attorney Ge. Jim Hood said the exact payment will depend on the total number of borrowers who decide to participate. You must return your forms by Jan. 18. You can go online to complete the form at nationalmortgagesettlement.com .
Hood said in a news release that the settlement comes from abuses by the five companies and that after investigations, they were caught and sued.
The news release reads in part:
The national settlement followed state and federal investigators, which alleged that the five mortgage 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.
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.
Hood says participation in this settlement does not affect any other settlements, you do not give up any legal rights and you may pursue your own legal action. If you’d like to talk to a settlement administrator, you can call (866) 430-8358.