Attorney General Bob Cooper announce today that claim forms are being mailed to an estimated 37,000 Tennessee borrowers who may be eligible for payment under the 25 billion national mortgage foreclosure settlement. If an eligible borrower , which includes those who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 to one of the nation’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Earlier this year, these 5 mortage servicers previously agreed to a settlement with the federal government and the attorneys general for 49 states as well as 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 on of the settling servicers. The exact payment will depend on how many people decide to participate.
” Eligible Tennesseans are not giving up any legal rights to pursue other legal remedies if they decide to participate in this agreement,” Attorney General Cooper said. This is partial compensation for the mortage servicers illegal conduct and abuse of homeowners.
Postcards were mailed to eligible borrowers nationwide last week. In Tennessee packets containing a letter from the Attorney General, claim form, instructions, and answers to frequently asked questions are being mailed to eligible borrowers beginning this week and continuing through October 12.
Borrowers who have questions please call toll free at 1-866-430-8358 for more information or email administrator@nationalmortgagesettlement.com.
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