MONTGOMERY, Ala. (AP) -- State Attorney General Luther Strange says claims forms are being mailed to more than 29,000 Alabama borrowers who lost their homes to foreclosure between 2008 and 2011 and may be eligible for payments.
The payments are from a $25 billion national mortgage foreclosure settlement. Borrowers eligible for the settlement had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. Strange said the national settlement administrator mailed postcards to eligible borrowers nationwide last week. The Alabama packets are being mailed between Monday and Oct. 12. They contain a letter from the attorney general, claim form, instructions and answers to frequently asked questions.
Strange said the deadline for returning the forms is Jan. 18. The payment per claim will depend on how many borrowers decide to participate.