Pam Bondi: Foreclosure Claims Forms Soon in the Mail

Notices have been sent to approximately 167,398 Florida borrowers that lost their homes to foreclosure between the start of 2008 to the end of 2011 that they could be part of a large class settlement, Attorney General Pam Bondi announced Monday.

The postcards will precede claims forms that will be mailed out by Oct. 12.

Eligible borrowers, eligible for a piece of$1.5 billion through a national mortgage foreclosure settlement, had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

The nations five largest mortgage servicers had agreed in April to the settlement with the federal government and attorneys general for 49 states and the District of Columbia.

The national settlement followed state and federal investigations, which alleged that the five mortgage servicers routinely signed foreclosure-related documents outside the presence of a notary public and without personal knowledge that the facts contained in the documents were correct.

The exact payment will depend upon the total number of borrowers who decide to participate.

Payment wont stop other legal claims.

Eligible borrowers must return the forms by Jan. 18.

For information, visit www.nationalmortgagesettlement.com or call 1-866-430-8358.