Last Day to Apply for $25B Mortgage Settlement
Friday, January 18, 2013
As the hours tick down to the deadline, only half of New Yorkers eligible for part of a multi-billion-dollar mortgage settlement have submitted claims.
Friday is the deadline for foreclosed homeowners to file claims as part of the "national mortgage settlement," the $25 billion deal that 49 state attorneys general and the federal government reached with the five largest mortgage servicers last year.
To be eligible, borrowers had to lose their homes to foreclosure between 2008 and 2011 and the mortgage had to be serviced by Citi, Bank of America, JPMorgan Chase, Wells Fargo, or Ally/GMAC.
According to New York Attorney General Eric Schneiderman's office, about 6,200 New Yorkers have filed claims, roughly 50 percent of those eligible. Nationwide, about two million homeowners received notification that they were eligible. To date, around 1.1 million have responded.
Each person who submits a claim and qualifies will receive an equal portion of $1.5 billion set aside in the total settlement.
To find out if you're eligible and to submit a claim, visit the website for the National Mortgage Settlement.