Foreclosure Settlement Claim Deadline is January 18, 2013

Illinois Attorney General Lisa Madigan announced yesterday that Illinois homeowners have until January 18, 2013 to to submit a claim for reimbursement under the National Mortgage Settlement.

If your home was foreclosed upon by GMAC/Ally, Bank of America, JPMorgan Chase, Wells Fargo, or Citigroup, then you are eligible to receive compensation via the National Mortgage Settlement. Claims can be submitted online via theNational Mortgage Settlement claim-filing website.

The settlement's administrator sent out claim applications last fall. My guess is that most of those packages went to the last-known address for most borrowers -- which is likely the foreclosed home. Since you can submit a claim online, even people who wait until the last minute can file a claim and receive some amount of money from the settlement.

Submitting a claim does not require that you show any actual financial harm from the foreclosure. Submitting a claim does not waive any lawsuits you may have against your former lender. Quite simply, not submitting a claim is a wasted opportunity -- it only costs you the time it takes to submit the forms.

If you are having difficulty with the forms, then you can contact the settlement administrator at 1-866-430-8358, or send questions by email to administrator@nationalmortgagesettlement.com.

Time is running out, so it is important to act now.

The source article for AG Madigan's announcement can be found here.

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