A month later in February of 2012 49 State Attorneys General and the federal government announced on their site (http://nationalmortgagesettlement.com) the United States’ largest false claim act settlement relating to mortgage fraud involving five of the largest mortgage servicers:
· Bank of America
· JPMorgan Chase
· Wells Fargo
This historic settlement is to provide $25 Billion in relief to affected borrowers as well as direct payments to state and federal governments. In follow up of the United States’ largest false claim act settlement relating to mortgage fraud, notice letters and claims forms were sent to all of those borrowers who lost their homes due to foreclosure between January 1, 2008 and December 31, 2012 by the National Mortgage Settlement Administrator. The notice letters and claims forms were mailed out in late September and early October of 2012. The site, “developed and maintained by the Attorneys General on the Executive Committee that negotiated the settlement” also announces that the deadline to submit your claim is January 18, 2013.
Multiple reports however do state that a payment agent will be appointed to administer payments to borrowers on behalf of the servicers. Eligible borrowers are expected to be contacted by the payment agent by the end of March with payment details. Borrowers will not be required to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment.
If you are a homeowner who lost their homes between January 1, 2008 and December 31, 2012 Surety Law Group has skilled and experienced attorneys standing by to provide their expert legal counsel and guidance.