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October 2, 2012 > Foreclosure refund process begins

Foreclosure refund process begins

Submitted By the Office of the state Attorney General

Attorney General Kamala D. Harris announced on September 25, 2012 that claim forms will be sent to approximately 432,584 California borrowers who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 and may be eligible for a settlement payment under the $25 billion national mortgage foreclosure settlement.

Borrowers receiving the claim forms had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo, the servicers that agreed to the settlement with the federal government and attorneys general of 49 states and the District of Columbia.

The settlement, which was signed by the Court in April 2012, earmarked approximately $1.5 billion in payments for two million borrowers nationwide. The actual payment amount will depend upon the total number of borrowers who decide to participate. Payment checks are expected to be mailed in mid-2013.

The one-page claim forms are simple to complete. Borrowers who have questions or need help filing a claim should contact the settlement administrator, toll-free, at 866-430-8358, or email questions to administrator@nationalmortgagesettlement.com. The information line is staffed Monday through Friday from 5 a.m. to 5 p.m. PST.

More information is available at www.IndependentForeclosureReview.com.

Borrowers who believe they may qualify for a payment, but did not receive a notice because they have moved, should contact the settlement administrator, toll-free, at 866-430-8358, or email an updated address to administrator@nationalmortgagesettlement.com. The line is staffed Monday through Friday from 5 a.m. to 5 p.m. PST.

Attorney General Harris also is warning all homeowners to be aware of settlement-related scams. Do not provide personal information or pay money to anyone who calls or emails and claims to provide settlement-related assistance. The official claim form does not ask for personal financial information. If you believe someone is conducting a settlement-related scam, please file an online complaint with the Attorney General's Public Inquiry Unit at http://oag.ca.gov/consumers/general.

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