With a Jan. 18, 2013, deadline looming, Florida Attorney General Pam Bondi’s office, working with Rust Consulting, Inc., has started picking up the phone in a last-ditch effort to contact Floridians who may be eligible for cash payments under the national mortgage settlement.
People who went through the foreclosure process between Jan. 1, 2008, and Dec. 31, 2011, are eligible for money if they had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo.
“It’s difficult to reach homeowners who lost their property, because there isn’t always a clear trail once they’ve moved,” says Florida Realtors Senior Vice President of Public Policy John Sebree. “Some foreclosed owners moved to hotels; some moved out of state; some may even be homeless. Attorney General Bondi’s office has made a good faith effort to find these deserving homeowners, but not enough people know about the money.”
Bondi’s office says that claims received after Jan. 18 may be considered, but payment to those claimants isn’t guaranteed. To date, only 44 percent of eligible claimants have submitted the proper forms.
Payment checks will be mailed in mid-2013, according to Bondi. A valid claimant can expect at least $840 and probably more.
This $25 billion settlement between the nation’s five largest mortgage servicers, federal government, 49 states and the District of Columbia earmarked about $1.5 billion in payments for 2 million borrowers. In Florida, approximately $170 million will be used for the claimants. All available funds will be distributed, Bondi’s office says – none will be returned to the banks or used for any other purpose.
For more information about eligibility and filing a claim:
• Visit the master claim website: NationalMortgageSettlement.com
• Email: administrator@nationalmortgagesettlement.com
• Call toll-free: 1-866-430-8358 (hearing impaired: 1-866-494-8281). The line is staffed Monday through Friday 7 a.m. to 7 p.m. Central.
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