PROVIDENCE – Attorney General Peter F. Kilmartin announced last week that approximately 5,500 Rhode Island residents who lost their primary residence due to an improper foreclosure processes between Jan. 1, 2008, and Dec. 31, 2011, should expect to receive notice by mail with information about how to file a claim for funds under the $25 billion National Mortgage Settlement.
According to a news release, eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. The five mortgage servicers – the nation’s largest – agreed to the settlement with the federal government and attorneys general for 49 states and the District of Columbia.
The settlement took effect in April and earmarked approximately $1.5 billion in payments for 2 million affected borrowers nationwide who lost their homes to foreclosure during that period. •