Columbia, SC (WLTX) -- Five of the country's largest mortgage servicers agreed to a $25 billion settlement with state and federal regulators.
Some South Carolina residents who lost their homes to foreclosure may be eligible to receive at least $840 of this settlement.
Borrowers may qualify if they meet the following criteria:
- Their primary residence was foreclosed on between 1/1/2008 & 12/31/2011
- Their mortgage servicer was Ally/GMAC, Bank of America, Citi, JPMorgan, Chase, or Wells Fargo.
The office of SC Attorney General Alan Wilson is mailing notices and claims forms to South Carolina borrowers who might be eligible for this settlement.
If a consumer is not sure who services their loan they can look at their monthly mortgage statement or search online at MERS® Servicer Identification.
Claims forms must be submitted online at this site, or by mail no later than January 18, 2013.
If consumers have questions or think that they should have received a form, they can contact the Settlement Administrator at 866-430-8358.
Consumers are urged to exercise caution when fielding phone calls or e-mails about the Settlement.
Reports of scammers posing as mortgage servicers, banks and even government officials to swindle residents out of their money have already been received.
Keep the following in mind to protect against fraudsters:
- If you are eligible, you will receive all correspondence about the Settlement through the mail. These entities will not try to contact you by phone or e-mail.
- There is NO COST to participate in the Settlement.
- Don't give out your bank account number or other personal information over the phone or internet unless you know who you are dealing with.