January 18 is the deadline for Idahoans who lost their homes to foreclosure to apply for a payment under the National Mortgage Settlement, Attorney General Lawrence Wasden said last week. Payments to eligible borrowers are a part of the $25 billion nationwide settlement with five national banks.
To receive a payment, eligible borrowers must return their claim form to the settlement administrator. Borrowers who meet the following requirements may be eligible for a payment.
• The borrower must have had
a home loan with Bank of
Citi, JPMorgan Chase,
or Wells Fargo.
• The bank must have foreclosed on the borrower’s home
between 2008 and 2011.
• The foreclosure must be the
result of the bank’s alleged
errors or wrongdoing.
The settlement administrator began notifying Idaho’s eligible borrowers in September and has continued to send reminder postcards and e-mails to individuals who have not responded. Idaho borrowers who believe they are eligible, but who have not received a claim packet, must call the settlement administrator at 866-430-8358.
To receive a payment, borrowers must return their claim form to the settlement administrator before January 18, 2013.
To apply online, borrowers first need to obtain a claim packet from the settlement administrator. The minimum amount borrowers will receive from the foreclosure fund is $840. The actual amount will be determined based on the number of borrowers who return their claim forms.
Wasden warns all homeowners to be aware of settlement-related scams. Do not provide personal information or pay money to anyone who calls or e-mails you, claiming they can provide settlement-related assistance. Consumers should report suspicious settlement-related activities to the Attorney General’s Consumer Protection Division at 208-334-2424 or toll-free in Idaho at 800-432-3545. Complaint forms are available at www.ag.idaho.gov.