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Thursday, Jan. 17, 2013 10:43 pm

MORTGAGE MONIES

Illinois homeowners who took out a mortgage through Bank of America, Citi, JPMorgan Chase, Wells Fargo or Ally/GMAC may be eligible for a cash settlement or mortgage assistance under a federal class-action lawsuit filed by several state attorneys general. But they’d better hurry: the deadline to make a claim is Jan. 18. The lawsuit secured about $1.5 billion in settlement money for people who had mortgages from one of the five lenders listed and whose homes were foreclosed on between Jan. 1, 2008, and Dec. 31, 2011. With between 750,000 and two million claims expected, that works out to between $2,000 and $750 per claim. In addition to the settlement money, the five mortgage lenders must also provide loan modification and refinancing services to borrowers who are struggling. For more information, call 1-866-430-8358, email administrator@nationalmortgagesettlement.com, or visit www.nationalmortgagesettlement.com.
Illinois Attorney General Lisa Madigan, who participated in the lawsuit on behalf of Illinois borrowers, said there are still thousands of eligible Illinois borrowers who haven’t stepped forward.

“I urge anyone whose mortgage was serviced by one of these five banks and who lost their home to foreclosure to contact the settlement administrator immediately,” Madigan said.
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