Attorney General Jim Hood's office wants the public to know about some important information concerning the landmark $25 billion foreclosure fraud settlement, involving the nation's top five mortgage lenders. $47 million of those dollars are expected to come to Mississippi.
You may be eligible for part of this settlement if you were foreclosed between January 1st 2008 and December 31st 2011.
The banks search for qualified borrowers could take six to nine months. Once borrowers are identified, a settlement administrator, designated by the Attorney General's office will send out claim forms.
However, if you had issues with loan modifications and refinancing options, borrowers will be contacted directly by one of the five participating banks. Those banks include, Citi Bank, Chase Bank, Wells Fargo, GMAC and Bank of America.
If you received a loan from one of the participating lenders and are not contacted by a settlement administrator within nine months, you should contact the bank directly.
You can also go to www.NationalMortgageSettlement.com for more information.
Copyright 2012 WLBT. All rights reserved.