Iowa borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480.
Eligible borrowers had their mortgage serviced by one of the settlement’s five participating mortgage servicers, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase, and Wells Fargo.
The settlement administrator will mail valid claim payments associated with 962,278 loans from June 10 through June 17.
JPMorgan Chase and Citi recently provided information on at least 31,000 more borrowers nationwide who qualify for payments, and thus they could not be included in this distribution. Later this summer, these consumers will receive a notice and will have the opportunity to submit a payment application.
Borrowers with questions about their National Mortgage Settlement payments should call the settlement administrator at 1-866-430-8358.
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