Relief Through the National Mortgage Settlement Now Available to Homeowners Through the Attorney Gen
In February, the federal government and 49 states reached a settlement with the nation’s five largest banks that, in part, required payment of approximately $1.5 billion to qualified borrowers whose homes were ultimately sold or taken in foreclosure between January 1, 2008 and December 31, 2011. The five banks that signed the settlement are: Wells Fargo, Bank of America, JP Morgan Chase, Citigroup, and Ally/GMAC.
The banks have provided the funds and the claims process has begun. The funds will be administered in Minnesota by the National Settlement Administrator, Rust Consulting, which is based on Faribault. Rust Consulting is now mailing postcards to eligible borrowers asking that they keep an eye out for important information about the settlement. Borrowers must complete and return the claim form (or complete the online process) by January 18, 2013. Checks are expected to be mailed in May 2013.
The Minnesota Attorney General is asking that all organizations interested in helping borrowers potentially eligible for settlement funds help to spread the word about the availability of this relief.
More information about the process and answers to frequently asked questions may be found at the Minnesota Attorney General’s Office website: www.ag.state.mn.us or www.nationalmortgagesettlement.com. Borrowers may also call Assistant Attorney General Scott Ikeda at 651-757-1385 with questions. Borrowers may request postcards as well from Rust Consulting at 1-866-430-8358.