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By PBN Staff
PROVIDENCE – Rhode Islanders who lost their primary residence due to an improper foreclosure process between Jan. 1, 2008 and Dec. 31, 2011 face a Jan. 18 deadline to file a claim under the $25 billion National Mortgage Settlement.
Those who are eligible had mortgages serviced by Ally/GMAC, Bank of America Corp., Citi, JP Morgan Chase and Wells Fargo, according to Attorney General Peter F. Kilmartin.
The National Mortgage Settlement, which took effect in April 2012, earmarked roughly $1.5 billion in payments for the two million borrowers nationwide who lost their primary homes to foreclosure during that period.
According to Kilmartin, the exact payment will depend on the total number of borrowers who decide to participate. Payment checks are expected to be mailed in mid-2013.
In October 2012, Kilmartin’s office mailed roughly 5,500 packages to eligible Rhode Island residents. As of Tuesday, Jan. 8, 2,398 claims were completed and returned.
“It is not too late to file a claim for a cash payment if you believe you were improperly foreclosed upon by one of the five mortgage service providers who are part of this national settlement,” said Kilmartin in prepared remarks.
Residents who believe they may qualify for a part of the settlement but did not receive a notice because they moved should contact the settlement administrator directly or visit www.nationalmortgagesettlement.com to download and complete a form.
According to a release, the one-page claim forms are simple to complete, though anyone with any questions can contact the settlement administrator toll-free at (866) 430-8458 or via email at firstname.lastname@example.org.