SALEM — Attorney General Ellen Rosenblum announced this week that claim forms are going out to more than 23,000 Oregonians who may be eligible for payment under the national mortgage foreclosure settlement.
Qualifying Oregonians could get cash payments of $840 or more. To be eligible, borrowers must have lost their home to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and had their mortgages services serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo.
The nation’s five largest mortgage servicers agreed to the payments as part of a $25 billion settlement with the federal government and attorneys general for 49 states and the District of Columbia.
The “Big Five” servicers have already paid $29.3 million to the state as part of the settlement. They have also pledged $300 million in loan modifications and other assistance to current Oregon customers.
About $1.5 billion of the settlement is earmarked for 2 million borrowers nationwide.
For the complete article see the 09-26-2012 issue.
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