By Tony Romeo
HARRISBURG (CBS) -- The attorney general's office says more than 28,000 Pennsylvania residents who lost homes to foreclosure will soon be notified that they may be in line for a share of a settlement with the nation's largest mortgage companies.
About 2 million borrowers nationwide are eligible to share in a $1.5 billion settlement with Ally/GMAC, Bank of America, Citi, J.P. Morgan Chase and Wells Fargo. The individual payout will depend on the number of applications from people who lost their homes to foreclosure between January 2008 and the end of 2011 and whose mortgages were serviced by those companies. Nils Frederiksen, spokesman for the Pennsylvania attorney general, says the settlement was final in April but that mailings are going out now…
"People are about to get two things," Frederiksen says. "They're about to get a post card that says that they're eligible, they're also about to get a rather detailed claims packet -- and we want to be sure people review that, that they don't mistake it for junk mail."
The deadline for filing all claims is January 18, 2013.
Borrowers who have questions or need help filing their claims can contact the settlement administrator, toll-free, at 1-866-430-8358. The information line is staffed Monday through Friday from (8 a.m. to 8 p.m. Eastern). Questions can also be sent by email to email@example.com.
for more features.