This concerns borrowers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011. Cash payments will be distributed to borrowers who receive and return a claim form. There is no requirement to prove financial harm and borrowers will not have to release private claims against the servicers nor will they have to relinquish the right to participate in the independent review process being conducted by federal banking regulators. $1.5 billion is expected to be distributed nationwide to some 750,000 borrowers.
See: http://www.nationalmortgagesettlement.com/ for more information. If you have any questions, or believe you have a claim against a mortgage company for wrongful foreclosure, please don’t hesitate to contact our office to discuss your case.