Former homeowners may be eligible for $25M foreclosure settlement
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CHICAGO (FOX 32 News) -
If you were one of the 2 million Americans who lost their homes in foreclosure, you may be eligible to participate in a $25 million mortgage foreclosure settlement.
To be eligible for payments under the program, you must have had a mortgage serviced by Ally-GMAC, Bank of America, CitiBank, JP Morgan Chase or Wells Fargo.
Your foreclosure must have taken place between Jan. 1, 2008 and Dec. 31, 2011.
The size of the payments will depend on how many homeowners apply for the $1.5 billion in the fund.
The settlement was ordered because of abuses in the foreclosure process.
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