Pre-notice postcards arriving this week to borrowers who may be eligible for relief under the Mortgage Servicing Settlement; AG letter and claim forms coming soon
Baltimore, MD – September 18, 2012 – (RealEstateRama) — Maryland Attorney General Douglas F. Gansler is advising families who may be eligible for cash payments under Maryland’s nearly $1 billion Mortgage Servicing Settlement to check the mail in the coming weeks for important information that will enable borrowers to receive assistance. Postcards will be arriving this week, and letters and claim forms will be sent within a month, to families who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 and whose loans were serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Eligible families are expected to receive a cash payment of at least $840 without waiving any of their future legal rights and remedies.
“Your first step in getting this money is opening your mail and responding promptly,” said Attorney General Gansler. “Eligible foreclosure victims can use this money any way they wish, while retaining their full legal rights. The cash amount will never replace a home lost to foreclosure due to the unscrupulous practices of a mortgage lender, but it will provide some benefit to those in need of assistance.”
Pre-notice postcards should begin arriving this week at the last known address of every borrower who meets the criteria. It gives advance notice to potentially eligible borrowers that they should expect to receive a letter (affixed with the seal of the Office of the Attorney General) and claim form within the next 3 to 4 weeks. Recipients should not delay in returning the claim form, which is due by Jan. 18, 2013. All payments are expected to be mailed to borrowers by May 18, 2013.
Borrowers should examine any correspondence carefully and look for the Maryland OAG seal as some scam letters may surface in an attempt to further take advantage of distressed borrowers.
Marylanders who believe they meet the eligibility requirements, but do not receive the postcard or letter and claim form can seek help from the National Mortgage Settlement Administrator and provide their current address by calling 1-866-430-8358 (English and Spanish speakers) or in writing:
National Mortgage Settlement Administrator
PO Box 8043
Faribault, MN 55021-9443
Visit www.nationalmortgagesettlement.com for additional information on the Mortgage Servicing Settlement and the cash payment program. Attorney General Gansler has also posted detailed information about the settlement at www.oag.state.md.us/mortgageSettlement/index.html.
Attorney General Gansler is hosting a foreclosure prevention workshop at the Silver Spring Civic Center on September 29 to educate borrowers about the settlement and to connect homeowners with nonprofit housing counselors who may be able to assist in getting relief under the National Mortgage Settlement or another program.
David Paulson, 410-576-6357
dpaulson (at) oag.state.md (dot) us