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Friday is Deadline for Filing Mortgage Foreclosure Settlement Claims

Massachusetts residents who lost their homes to foreclosure from 2008 to 2011 have until Jan. 18 to file a claim as part of a $25 billion settlement.

 

If you lost your home to bank foreclosure anytime in 2008-2011, you have until Friday to file a claim for a one-time payment as part of a $25 billion settlement.

The agreement was reached between five major lenders and 49 states' attorneys general, including Massachusetts Attorney General Martha Coakley, for unlawful foreclosures, including robo-signing of documents.

Coakley's office estimates that about 21,000 Massachusetts residents are eligible for payment under the settlement. 

Her office says that last fall, claim forms were sent to those residents who had lost their homes to foreclosure and who might be eligible for payment. The settlement, which took effect in April with the nation’s five largest mortgage loan servicers, earmarked approximately $1.5 billion in payments for two million borrowers nationwide who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011. The exact payment to eachi will depend on the total number of borrowers who participate.

Borrowers who believe they may qualify for a payment, but did not receive a notice because they have moved, should immediately contact the settlement administrator directly. Borrowers should visit www.NationalMortgageSettlement.com or contact the settlement administrator directly: administrator@nationalmortgagesettlement.com, or call, toll-free: 1-866-430-8358 (hearing impaired: 1-866-494-8281). The line is staffed Monday through Friday from (8 a.m. to 8 p.m.). This claims process will be handled by the national settlement administrator and borrowers should address any questions to that office.

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