Victims of the foreclosure crisis in the Chicago area and across the nation can breathe easy today as a payment amount has been announced, with specific details to come later. The amount will exceed $840 that was originally announced on the claim form and website.
The National Mortgage Settlement is a landmark settlement between several mortgage servicers and borrowers. Approximately $1.5 billion of the funds recovered in the national settlement are being used to compensate borrowers who lost their home to foreclosure during the period of January 1, 2008, to December 31, 2011.
***UPDATE: CHECKS ON THE WAY:
Payment amounts and checks being sent: http://usedview.com/article/national-mortgage-settlement-checks-soon-mail-range-1-480-to-1-800
The settlement will provide checks mid-2013 to thousands of eligible claimants.
On the settlement’s official website, run by Rust Consulting, a May 13th update has had it’s wording changed today to say, “The processing of the claim forms is underway and until it is completed, the exact dollar amount of the payments is not determined, however, it is anticipated it will exceed the minimum payment of $840 that was indicated on the claim form.” While the wording on the website changed, the “update” title date remains the same.
One money market expert on 1500AM has estimated based on participation that “checks should be written in the amount of $1,500 to $2,000 based on the amount of those who participated.”
The exact amount of payments is soon to be announced, according to Rust Consulting, the firm that will be printing and mailing all correspondence and checks to borrowers. When the exact amount is announced, victims of foreclosure will be able to view their payment amount here in an updated article.
Exact amounts are difficult to determine at this time, as claim forms are still being counted. Once the counting is completed, eligible claimants may visit the National Mortgage Settlement website or click here for more detailed information.
Patrick Wooten, of Chicago’s Austin neighborhood was a victim of foreclosure due to the infamous “robo-signing” of mortgage approvals.
“I ended up being put out of my home. I got sucked into things that were not explained to me and then I ended up losing my home. Now I am a renter, and can barely make ends meet because I fought the bank legally and continued to make payments which they continued to cash until I was forced out.” said Wooten
Wooten is not alone in his troubles, many report similar experiences which can be found in complaint forums and threads on the internet.
“I know it isn’t enough to purchase another home, but $1500 to $2000 will be enough for me to file bankruptcy and start getting back on my feet.” said Wooten
Rust Consulting had first updated it’s website to say that “checks will be mailed starting in the middle of May.” However, after mistakes were made on checks that were sent out for another settlement called The Independent Foreclosure Review the printing and mailing dates of checks has been changed.
Mid-2013 is the month of June, which marks exactly half way through the year. Experts anticipate that Rust Consulting will make another update this week, as it is the end of the month and rapidly approaching June.
“I’m watching the mail and the website very closely and opening up every piece of mail that might even look like junk mail.” added Wooten
“When the check does come, I’ve already got plans to get my life back together, just like so many other people.”