Utahns have until Jan. 18 to be part of foreclosure accord
Utahns who lost their homes to foreclosure because of improprieties by five of nation's largest lenders have until Jan. 18 to apply for payment under the National Mortgage Settlement, according to Utah Attorney General John Swallow.
To receive a payment from the $25 billion accord between federal and state regulators and the banks, eligible Utah borrowers must return a claim form to the settlement administrator by next week's deadline.
Borrowers who meet the following requirements may be eligible for a payment:
• Must have had a home loan with Bank of America, Ally/GMAC, Citi, JPMorgan Chase or Wells Fargo.
• Must have had their home foreclosed on from Jan. 1, 2008, to Dec. 31, 2011.
• The foreclosure must have been the result of the bank's alleged errors or wrongdoing.
The settlement administrator began notifying Utah's 16,000 eligible borrowers in September and has continued to send reminder postcards and e-mails to those who have not responded. Borrowers who believe they are eligible, but have not received a claim packet, may call the administrator at 1-866-430-8358.
To apply online, borrowers first need to obtain a claim packet.
The minimum amount eligible borrowers will receive from the foreclosure fund is $840, although the actual amount will be determined based on the number of borrowers who return their claim forms, Swallow said.
"Borrowers should also be aware of the numerous scams related to the settlement," Swallow added. "Do not provide personal information or pay money to anyone who contacts you and claims they can provide assistance for you to take part in the settlement."