National Mortgage Settlement: Deadline Passes, But You Can Still File Claim

National Mortgage Settlement: Deadline Passes, But You Can Still File ClaimIf you received a notice letter with a claim form from the administrator of the National Mortgage Settlement, you had until Jan. 18 to respond.
However, you can still file a claim even though the deadline has passed in the $25 billion settlement that seeks to remedy the “robo-signing” and other foreclosure abuses by the top lenders.
The  settlement administrator may still be able to process properly filled out claim forms that are received or submitted online in the next few weeks.
“Therefore, if you wish to submit a claim form under the National Mortgage Settlement, you may still do so.  However, please note that there is no guarantee that a claim form submitted after January 18, 2013 will be accepted,” states the official website for the settlement.
The administrator also advises borrowers to “maximize the likelihood that your claim form can be accepted” by submitting it as quickly as possible.
Notice letters with a claim form were mailed out in late September and early October 2012 to borrowers who lost their home due to foreclosure between January 1, 2008 and December 31 2011, and whose loans were serviced by one of the five mortgage servicers that are parties to the settlement: Ally/GMAC; Bank of America; Citi; JPMorgan Chase; and Wells Fargo.
The $25 billion National Mortgage Settlement, announced nearly a year ago, is separate from the Independent Foreclosure Review, which was transformed into an $9.6 billion settlement with 13 banks. The newest $9.6 billion deal is tied to shoddy procedures or improper evictions from 2009 and 2010.
Since last year, administrators of the National Mortgage Settlement have been identifying homeowners eligible for cash payments, principal reductions or favorable refinancing terms.
The settlement came after lawyers representing foreclosed-on homeowners uncovered cases of “robo-signing,” where mortgage servicers approved shoddy, incomplete or unverified paperwork.
You can now access the secure claim filing site in the National Mortgage Settlement where you can submit your claim form.
You must have your personalized claimant ID number, which is located on the Notice Letter and Claim Form you received, to submit your Claim Form online.

2 thoughts on “National Mortgage Settlement: Deadline Passes, But You Can Still File Claim

  • January 22, 2013 at 6:31 pm

    I would like to make a correction if I could. This article mentioned that these payments are a remedy to the robo-signing and foreclosure abuse. I want to make this clear, this is not a remedy at least for the foreclosed homeowners. In these landmark settlements, the State/government is the only entity that will receive the millions of dollars that was granted in the settlements. These millions of dollars that each participating state received goes in a trust with the state comptrollers office for them to allocate as they see fit. They don’t even have to apply this money toward any foreclosure related relief.
    If you can remember the Phillip Morris and tobacco industry fiasco and the landmark settlement that was reached back in 1998. Yes, some of that money was allocated to cancer research (a very broad umbrella in itself) but the US Government and participating States were the real beneficiaries to this money because they were the once suing the tobacco companies on their own behalf, not the behalf of the family members who’s loved ones died or was dying from cancer, that settlement was not meant to compensate or “make whole” the actual victims.
    Well it’s the same idea here with the National Mortgage Settlement Agreement, this settlement was not intended to make suffering homeowners and wrongful foreclosure victims whole, not even close. This settlement is for the multi-states. If illegal foreclosed homeowners want corrective action based on the illegal practices of the mortgage industry, we will have to hire our own attorneys and file a separate lawsuit in order to recover damages from the harm we endured. The catch is, there are no attorney’s willing to take these cases because of the complexity involved with unprecedented cases. And don’t forget the statute of limitations which is running out for a lot of us. 4 years from date of foreclosure up to 6 years depending on the state you live in.
    Out of 25 billion dollars awarded, 1.5 billion is allocated to illegally foreclosed homeowners nationwide as payment, there are 2 million qualified homeowners which equals to about $875.00 payout per qualified former homeowner which is no where near a remedy for those who have suffered serious harm as a result of these banks and their illegal mortgage practices.
    Foreclosed victims cannot buy another home for $875.00. I just wanted everyone to put the numbers in perspective.

  • January 23, 2013 at 8:12 am

    So what can we do about this? (nothin) because no lawyer will take the cases

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