Time is running out for Iowa homeowners affected by foreclosure to submit a claim for compensation from a national settlement. Iowans could be eligible if they lost their property between 2008 and 2011. Iowa Attorney General Tom Miller says the deadline to file a claim is this Friday.
More than 11,000 Iowa homeowners are eligible and Miller says more than half have filed claims. The nation’s five largest mortgage service providers were accused of mishandling foreclosure proceedings and agreed to the national settlement.
Miller says the exact payout amounts to Iowans will depend on the total number of borrowers who participate nationwide. “People would receive around $1,500 as part of the borrower payment project,” Miller estimated.
The settlement involves only mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Nationally, the settlement allocated roughly $1.5 billion in payments for 1.75 million loans.
For more information about eligibility and filing a claim: www.nationalmortgagesettlement.com