COLUMBIA, S.C. -- In February 2012, state and federal regulators announced a $25 billion Settlement with the country's five largest mortgage servicers. As a part of the Settlement, some South Carolina consumers who lost their home to foreclosure may eligible to receive at least $840.
Borrowers may be eligible if: (1) their primary residence, (2) was foreclosed on between January 1, 2008 and December 31, 2011, and (3) their mortgage loan servicer was Ally/GMAC, Bank of America, Citi, JPMorgan Chase, or Wells Fargo. If a consumer is not sure who services their loan they can look at their monthly mortgage statement or search online at MERS Servicer Identification www.mers-servicerid.org/sis/index.jsp.
National Mortgage Settlement Administrator mailed letters from South Carolina Attorney General Alan Wilson to South Carolina borrowers who may be eligible to receive the funds. Claim forms must be submitted online at nationalmortgagesettlementclaim.com or via mail by January 18, 2013. If consumers have questions or think that they should have received a form, they can contact the Settlement Administrator at 866-430-8358.
Consumers are urged to exercise caution when fielding phone calls or e-mails about the Settlement. Reports of scammers posing as mortgage servicers, banks and even government officials to swindle residents out of their money have already been received. Keep the following in mind to protect against fraudsters:
1. If you are eligible, you will receive all correspondence about the Settlement through the mail. These entities will not try to contact you by phone or e-mail.
2. There is NO COST to participate in the Settlement.
3. Don't give out your bank account number or other personal information over the phone or internet unless you know who you are dealing with.