Foreclosure help mailings going out to Tennessee borrowers

Foreclosure help mailings going out to Tennessee borrowers

Posted:

NASHVILLE (WATE) - Claim forms are being mailed to an estimated 37,000 Tennesseans who may be eligible for payment under the $25 billion national mortgage foreclosure settlement. 

Eligible borrowers include those who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 to one of the nation's five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Earlier this year, those mortgage servicers agreed to a settlement with the federal government and attorneys general for 49 states and the District of Columbia.

The settlement took effect in April. It earmarked approximately $1.5 billion in payments for 2 million borrowers nationwide who were foreclosed on during that period with a loan from one of those servicers.

The exact payment will depend upon the total number of borrowers who decide to participate.  

"Eligible Tennesseans are not giving up any legal rights to pursue other legal remedies if they decide to participate in this agreement," said Attorney General Bob Cooper. "This payment is intended as partial compensation for the mortgage servicers' illegal conduct and servicing abuse."

Last week, the national settlement administrator mailed notification postcards to eligible borrowers nationwide.

In Tennessee, packets with a claim form, instructions and answers to frequently asked questions are being mailed starting this week and continuing through October 12.

The deadline for all claims is January 18, 2013. Payment checks are expected to be mailed in mid-2013. 

Borrowers who have questions or need help filing their claim can call the settlement administrator toll-free at 1-866-430-8358 or the hearing impaired line at 1-866-494-8281.

The information line is staffed Monday-Friday from 7:00 a.m. to 7:00 p.m. Central Time.

They can also email: administrator@nationalmortgagesettlement.com.

Eligible borrowers do not need to prove financial harm to receive a payment and they don't give up their rights to pursue a lawsuit against their mortgage servicer or to participate in the Independent Foreclosure Review Process being conducted by federal bank regulators

More information about that program is available at www.independentforeclosurereview.com.

Powered by WorldNow

1306 N. Broadway NE Knoxville,
Tennessee 37917

Telephone: 865.637.NEWS(6397)
Fax: 865.525.4091
Email: newsroom@wate.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Knoxville, Inc. A Media General Company.