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Thousands Eligible For Foreclosure Settlement Funds

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Foreclosure Sign (Source: CBS4)

Foreclosure Sign (Source: CBS4)

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TALLAHASSEE (CBSMiami/AP) – Thousands of Floridians who lost their homes in foreclosures will soon be able to file for compensation.

Attorney General Pam Bondi announced Monday that they are sending out forms to 167,398 Florida borrowers who lost their homes so they can claim their share of a $25 billion national settlement with five major lenders.

They will have until Jan. 18, 2013 to submit claims.

Those eligible lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011.

They had mortgages with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
The attorneys general of 49 states and the District of Columbia obtained the settlement in response to lender abuses.

That includes “robo-signing” — the practice of hiring people to sign foreclosure documents in assembly line fashion with little or no knowledge of what they were doing.

(TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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