Mississippi borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480, announced Attorney General Jim Hood today.
Eligible borrowers had their mortgage serviced by one of the settlement's five participating mortgage servicers, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase, Wells Fargo.
"These checks come from a $1.5 billion payment pool we negotiated and set aside as part of the National Mortgage Settlement," said Attorney General Hood. "These payments help compensate borrowers for the mortgage servicing abuse that they likely endured. And I'm pleased that the final amount of $1,480 is much higher than the minimum amount we first announced, which was $840." Attorney General Hood added that the payment does not limit a borrower from seeking relief through a separate lawsuit or other claims.
Nationally, the settlement administrator will mail valid claim payments to 962,278 loan records from June 10 through June 17.
"These payments are part of our efforts to hold the banks accountable through the National Mortgage Settlement," said Attorney General Hood. "In addition to compensating borrowers for the servicing abuse that happened in the past, we're trying to stop these practices through the settlement's tough new mortgage servicing standards."
In February 2012, 49 state attorneys general and the federal government announced the historic joint state-federal National Mortgage Settlement with the country's five largest mortgage servicers. Preliminary data shows that, so far, the servicers have provided more than $50 billion in direct settlement relief to borrowers nationwide.
A relatively small number of borrowers will not receive a check in the initial mailing or will receive a split payment.
Every borrower who filed a claim will receive a letter regarding their outcome. Borrowers with questions about their National Mortgage Settlement payment should call the settlement administrator at 1-866-430-8358.
National Mortgage Settlement, Independent Foreclosure Review Payments are Separate
The IFR settlement is unrelated and separate from the National Mortgage Settlement and does not include the same governmental agencies. The IFR payments began in mid-April of 2013, and the OCC announced that final payments will be mailed in mid-July. For more information on the OCC Independent Foreclosure Review settlement, go to www.OCC.gov and click on Independent Foreclosure Review.
Mississippians who did not qualify for the settlement but who are still facing foreclosure and need other counseling services related to mortgage issues may still be able to receive FREE assistance from the Mississippi Mortgage Foreclosure Prevention Consortium created by Attorney General Hood by calling 1-866-530-9572.
1820 TV Road
Can't find something?
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.