LANSING (WWJ) – A billion dollar mortgage settlement means more than 148,000 Michigan residents will soon get a piece of the settlement pie.

Attorney General Bill Schuette says claim forms are being mailed this week to Michigan borrowers who lost their home to foreclosure between January 1 of 2008 and December 31 of 2011.

“You can never bring back a home if you’ve been foreclosed. It’s an effort to try to help and put in place new standards, new guidelines and procedures – so the big banks don’t rip-off citizens in the future,” he said.

“Nationally, it’s about a 25 billion dollar effort and here in Michigan, and this is just a phase of it, about a hundred million dollars from these funds, will be available for Michigan homeowners – who have lost their homes, during this hard hit time,” said Schuette.

But Schuette warns that citizens should be wary of anyone requesting personal information and offering to “speed your settlement” or “help you gain access” to benefits.

2012 Joint State-Federal Mortgage Servicing Settlement: Frequently Asked Questions (pdf)



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