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National Mortgage Settlement checks headed to 36K in state

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Updated: 6/04/2013 10:25 am
CARSON CITY – More than 36,000 borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for nearly $1,500.

Nevadans will receive $53,876,823 from the $1.5 billion national payment pool, according to Nevada Attorney General Catherine Cortez Masto.

“Although these payments will by no means fully compensate a homeowner for the loss of their home, they will help to provide some relief to Nevada homeowners for the mortgage servicing abuse they likely endured,” Masto said. “It is important to remember these payments do not have to be the end. Borrowers may still seek relief through a separate lawsuit or other claims.”

Eligible borrowers had their mortgage serviced by one of the settlement’s five participating mortgage servicers, lost their home to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and submitted a valid claim form. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase, Wells Fargo.

Nationally, the settlement administrator, Rust Consulting, will mail 962,278 valid claim payments from June 10 through 17.

Every borrower who filed a claim will receive a letter regarding their outcome. Borrowers with questions about their NMS payment should call the settlement administrator Rust Consulting at (866) 430-8358.

National Mortgage Settlement and Independent Foreclosure Review Payments are Separate

Rust Consulting is also the settlement administrator for the Independent Foreclosure Review (IFR) payment agreement through the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board. The IFR settlement is unrelated and separate from the National Mortgage Settlement and does not include the same governmental agencies. The IFR payments began in mid-April of 2013, and the OCC announced that final payments will be mailed in mid-July. For more information on the OCC IFR settlement, go to www.OCC.gov and click on Independent Foreclosure Review.

Submit a Complaint

Nevadans who believe they are a victim of mortgage fraud are asked to submit a written complaint to the Nevada Attorney General’s Office Mortgage Fraud Unit. The Mortgage Fraud Complaint Form can be found on the AG’s website.

Make Home Ownership a Reality with Home Again Nevada

Nevada homeowners can also seek assistance through the Attorney General sponsored Home Again, Nevada Homeowner Relief Program that makes it easier to determine what state or federal assistance may be available to them. For more information contact (855) 457-4638 or visit the website: www.homeagainnevada.gov. Home Again is open to all Nevadans, but is designed specifically to help those working toward homeownership, individuals seeking to restore their credit, and homeowners interested in identifying what state and federal assistance may be available to them.

-- From news release
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