The Idaho Attorney General’s office says more than 6,000 Idahoans will receive checks under the historic national mortgage settlement this month.
As we reported last year, the $25 billion settlement was reached in February 2012. The borrowers who received “loan servicing errors” that may have led to foreclosures between 2008 and 2011, were eligible for these settlement payments.
The Idaho Attorney General estimated more than 12,000 Idahoans could be eligible for settlement payments if their mortgage was serviced through Ally (formerly GMAC), Bank of America, Citi, JP Morgan Chase, and Wells Fargo. It turns out, 6,564 Idahoans submitted claims to receive the payments.
Those borrowers will get a check this month for about $1,500.
“These payments to Idaho borrowers recognize the substandard mortgage servicing practices that resulted in so many unnecessary foreclosures,” Attorney General Wasden said in a press release. Wasden says this settlement doesn’t preclude a borrower from seeking relief through a separate lawsuit or other claims.
The settlement administrator is Rust Consulting. If you’ve filed a claim, or didn’t qualify for payment, the administrator can be reached at 1-866-430-8358. The deadline to file a claim was Jan. 18, 2013.