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BOSTON – Claim forms are being sent to Massachusetts residents who lost their homes to foreclosure and who may be eligible for payment under the $25 billion national mortgage settlement, Attorney General Martha Coakley announced last week.
According to a news release, the settlement, which took effect in April, earmarked approximately $1.5 billion in payments for 2 million borrowers nationwide. The exact payment will depend upon the total number of borrowers who participate.
The state also received a direct payment of approximately $44.5 million that launched the AG’s HomeCorps program in April. The goal of the AG’s HomeCorps is to mitigate the impacts of the foreclosure crisis by providing advocacy to distressed borrowers in Massachusetts facing foreclosure. The HomeCorps includes a comprehensive, three-part borrower-support and referral initiative.
According to the release, eligible borrowers lost their homes to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, with mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. More than 21,000 borrowers in Massachusetts are eligible to receive payment under the settlement.
Rhode Island Attorney General Peter F. Kilmartin announced payments were available to the state’s residents last month. •