National Mortgage Settlement: 992 Alaska Borrowers to Receive Checks
June 4, 2013
(ANCHORAGE, AK) Alaska borrowers who submitted valid foreclosure payment claims through the National Mortgage Settlement will soon receive checks for approximately $1,480.
Between June 10 and June 17, 2013, the settlement administrator for the National Mortgage Settlement will be sending out payments related to 962,278 loans nationwide. Among these payments, checks will be sent to 992 Alaskans who submitted valid claims. The purpose of the payments is to help compensate borrowers for mortgage servicing abuse.
The recipients were eligible for payments because:
- Their home loans were serviced by one of the five servicers involved in the settlement (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo);
- They lost their homes to foreclosure between January 1, 2008 and December 31, 2011; and
- They submitted valid claim forms.
Receiving a payment does not preclude a borrower from pursuing other relief, such as filing a lawsuit.
A small number of borrowers will not receive checks in the initial mailing or will receive a split payment if the borrowers are divorced or separated and no longer live at the same address. Every borrower who filed a claim will receive a letter regarding the outcome of his or her claim.
Borrowers with questions about their National Mortgage Settlement payment should call the settlement administrator at 1-866-430-8358. Information about the settlement is available at www.NationalMortgageSettlement.com.
Some checks will also be sent out this summer to borrowers who filed claims as part of the Independent Foreclosure Review, a separate settlement process through the Office of the Comptroller of the Currency (OCC). For more information on that settlement, go to www.OCC.gov/ and click on Independent Foreclosure Review.
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