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.

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“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.

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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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