WHEELING - Former homeowners in West Virginia and Ohio who lost their homes to foreclosure may be eligible for a payment through a $25 billion national mortgage foreclosure settlement.
The settlement pertains to those who lost their homes between Jan. 1, 2008 and Dec. 31, 2011, and involves the nation's five largest mortgage servicers - Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
Attorney generals in every state in the nation except Oklahoma signed on to the agreement.
Ohio Attorney General Mike Dewine said 64,428 Ohioans who lost their homes during the period may be eligible for a share of the settlement. Dewine's office could not provide specific data regarding how many foreclosures had occurred during the period in East Ohio counties.
In West Virginia, 5,222 residents are eligible under the settlement, according to Attorney General Darrell McGraw's office.
McGraw spokeswoman Heather Connolly cited West Virginia Housing Development Fund numbers in projecting the eligible Northern Panhandle foreclosures. The data indicated 69 foreclosure sales in Hancock County during the time period in question; 59 in Brooke county; 48 in Ohio County; 53 in Marshall County; five in Tyler County; and 13 in Wetzel County, she said.
Both offices said the payments will be at least $840 per loan, but could be higher. The actual payment is based on the number of claims received.
Payments will be the same, nationwide, and are expected to be paid out next year. The deadline for filing the claim form is Jan. 18.
The claim forms are simple to complete, according to both offices.
However, borrowers who have questions or need help filing their claim can call a toll-free number 866-430-8358 for assistance, or email questions to email@example.com.
The information line is staffed Monday through Friday from 7 a.m. to 7 p.m., central time. Borrowers should not need to pay anyone to file their claim.