NEW YORK (TheStreet) -- Several Attorneys General offices have issued notices to borrowers who were wrongfully foreclosed upon between 2008 and 2011 to expect claim forms for possible compensation under the $25 billion national mortgage settlement.
The settlement inked with the nation's biggest mortgage servicers set aside $1.5 billion in payments to borrowers nationwide.
Nearly 2 million borrowers could be eligible under the settlement. The amount paid to borrowers depends on the number of eligible borrowers who apply. Borrowers who participate may continue to pursue legal remedies with banks independently.The application for a claim is free. California Attorney General Kamala Harris warned borrowers of settlement-related scams. The claim form is just one page and asks no personal financial information. Borrowers should beware of any calls offering assistance in the claim process. The deadline for submission of claim forms is Jan. 18, 2013. Checks are expected to be mailed by mid 2013. Borrowers can contact the national mortgage settlement administrator's office for further details and questions. Separately, New York Attorney General Eric Schneiderman announced on Tuesday $20 million in funding housing and legal counseling services to struggling New York homeowners. The announcement is part of a three-year $60-million commitment that is being funded out of the proceeds of the national mortgage settlement. "The rise in foreclosures in New York State is troubling, but this isn't just a matter of numbers: each foreclosure represents a devastating loss for a family and a community. This program puts homeowners first, and these organizations will help get our neighborhoods back on track," said Attorney General Schneiderman in a statement. -- Written by Shanthi Bharatwaj in New York.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV