Attorney General Bob Cooper today reminded eligible Tennesseans that the deadline to file a claim form to receive a payment under the national mortgage settlement is this Friday, Jan. 18, 2013.
Approximately 37,000 Tennessee borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 may be eligible to receive a payment under the settlement, but only if they file a claim. Eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo, the nation's five largest mortgage servicers which agreed to the settlement with the federal government and 49 state attorneys general last year.
"The deadline to submit a claim form is just days away," Attorney General Cooper said. "We know there are still thousands of eligible Tennesseans who haven't stepped forward. I urge anyone whose mortgage was serviced by one of these five banks and who lost their home to foreclosure to contact the settlement administrator immediately."
Attorney General Cooper urged eligible Tennesseans to complete their claim forms and return them as soon as possible in the envelope provided, or file them online at www.nationalmortgagesettlement.com by the Jan. 18 deadline. The national settlement administrator sent the initial claim form packets to eligible Tennesseans in September and October 2012. On Dec. 26, 2012, the settlement administrator mailed reminder claim form packets to all eligible borrowers who had not yet submitted a claim form.
Foreclosed Tennessee borrowers who have questions or need help filing their claim should contact the settlement administrator at (866) 430-8358, or send questions by email to firstname.lastname@example.org. The information line is staffed Monday through Friday from 7 a.m. to 7 p.m. Central Time. Spanish-speaking representatives are available. "Eligible Tennesseans are not giving up any legal rights to pursue other legal remedies if they decide to participate in this claims process," Attorney General Cooper added. "This payment is intended as partial compensation for the mortgage servicers' illegal conduct and servicing abuse." Payment checks are expected to be mailed in mid-2013. The exact payment each borrower receives will depend upon the total number of borrowers who participate by filing a claim.
Attorney General Cooper also warned borrowers to be on the lookout for potential scams connected to the national mortgage settlement. Consumers should ignore any solicitations for upfront payments, and should not to provide personal information to anyone who calls or emails claiming that they are providing settlement-related assistance.
Tennessee borrowers who are still in their homes but struggling to make their monthly mortgage payments can call the State of Tennessee's free Mortgage Assistance Hotline at (855) 876-7283 to be directed to free foreclosure prevention counseling and other assistance programs. For more information, go to www.tn.gov/attorneygeneral or www.nationalmortgagesettlement.com.