FOR IMMEDIATE RELEASE
NEWS RELEASE
September 24, 2012
For More Information, contact:
Luther Strange
Joy Patterson (334) 242-7491
Alabama Attorney General
Suzanne Webb (334) 242-7351
Jeff Sommer (334) 353-2199
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Attorney General Strange: Qualified Borrowers Who Lost Homes to
Foreclosure to Receive Mailing, May Be Eligible for Payment
National foreclosure settlement includes approximately $1.5 billion for payments
(Montgomery)—Attorney General Luther Strange announced today that claim forms
are going out to approximately 29,031 Alabama borrowers who lost their home to
foreclosure between Jan. 1, 2008 and Dec. 31, 2011 and who may be eligible for payment
under the $25 billion national mortgage foreclosure settlement.
Eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America, Citi,
JPMorgan Chase and Wells Fargo, the nation’s five largest mortgage servicers that
agreed to the settlement with the federal government and attorneys general for 49 states
and the District of Columbia.
The settlement, which took effect in April, earmarked approximately $1.5 billion in
payments for 2 million borrowers nationwide who lost their homes to foreclosure
during that period and had their loan serviced by one of the settling servicers. The
exact payment will depend upon the total number of borrowers who decide to
participate.
“By participating in the settlement, borrowers do not give up any legal rights,”
Attorney General Strange said. “They’re free to participate in this settlement and also
pursue other legal remedies such as filing a lawsuit or participating in a class action, if
they so choose.”
Forms mailed to qualified borrowers, must be returned by January 18
Last week, the national settlement administrator mailed notification postcards to the
eligible borrowers nationwide. In Alabama, packets containing a letter from the
Attorney General, claim form, instructions and answers to frequently asked questions
are being mailed to eligible borrowers beginning today Monday, September 24, 2012
and continuing through October 12, 2012.
Attorney General Strange encourages eligible Alabama borrowers to complete their
claim forms and return them as soon as possible in the envelope provided, or file them
online at www.nationalmortgagesettlement.com. The deadline for all claims is January
18, 2013. Payment checks are expected to be mailed in mid-2013.
501 Washington Avenue * Montgomery, AL 36104 * (334) 242-7300
www.ago.alabama.gov Page 2 of 2
Free claim form assistance available
The one-page claim forms are simple to complete. However, borrowers who have
questions or need help filing their claim can contact the settlement administrator, toll-
free, at 1-866-430-8358, or send questions by email to
administrator@nationalmortgagesettlement.com. The information line will be staffed
Monday through Friday from (7 a.m. to 7 p.m. Central).
Payment won’t stop other legal claims
Attorney General Strange said eligible borrowers do not need to prove financial harm to
receive a payment, nor do they 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.independentforclosurereview.com.
Eligible borrowers may get a payment from this settlement even if they participate in
another foreclosure claims process. However, any payment received may reduce
payments borrowers may be eligible to receive in any other foreclosure claim process or
legal proceeding.
Eligible borrowers not notified should contact settlement administrator
Borrowers who believe they may qualify for a payment, but did not receive a notice
because they have moved, should contact the settlement administrator directly to
provide that information:
Call toll-free: 1-866-430-8358. The information line will be staffed Monday through
Friday from (7 a.m. to 7 p.m. Central). Email:
administrator@nationalmortgagesettlement.com
Beware of scams
Borrowers do not need to pay anyone to file their claim. Attorney General Strange
warns all homeowners to be aware of settlement-related scams. Do not provide
personal information or pay money to anyone who calls or emails you claiming that
they are providing settlement-related assistance. If you believe someone is conducting
a settlement-related scam, contact the Alabama Attorney General’s Office at 1-800-392-
5658.
For more information about eligibility and filing a claim:
www.NationalMortgageSettlement.com
Email: administrator@nationalmortgagesettlement.com
Call toll-free: 1-866-430-8358 (hearing impaired: 1-866-494-8281). The information line
will be staffed Monday through Friday from (7 a.m. to 7 p.m. Central).
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