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Foreclosure Settlements End This Friday

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LANSING (WWJ) - Time is almost up for thousands of eligible Michigan homeowners to get their piece of a $25 billion national foreclosure settlement.

About 148,000 Michigan homeowners who lost their homes to foreclosure between 2008 and 2011 have until this Friday, Jan. 18, to file for a portion of a national settlement from lenders covering so-called “robo-signed” foreclosure documents.

Borrowers who had mortgages from All/GMAC, Wells, Fargo, JP Morgan Chase, and Bank of America could be entitled for payments of up to $2,000.

According to the Michigan Attorney General’s Office, only about half of the country’s eligible homeowners have applied for their money. Spokeswoman Joy Yearout told the Detroit News said she didn’t know if the deadline would be extended, but the office would keep consumers informed.

When the settlement was announced last year,   Attorney General Bill Schuette said it was his hope it would help those that have been harmed by the foreclosure crisis.

“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,” Schuette said.

The deal covers foreclosures between Jan. 1, 2008 and Dec. 31, 2011.

Claims can be filed online at www.nationalmortgagesettlement.com. Borrowers also can contact the settlement administrator at (866) 430-8358, between 8 a.m. and 6 p.m. or email administrator@nationalmortgagesettlement.com.

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