Minnesota Attorney General's Office
1400 Bremer Tower
445 Minnesota Street
St. Paul, MN 55101
(651) 296-3353
(800) 657-3787
M - F 8 am - 5 pm
TTY:(651) 297-7206
TTY:(800) 366-4812
Housing and Mortgage Assistance
INFORMATION ABOUT THE NATIONAL MORTGAGE SETTLEMENT PAYMENTS TO BORROWERS
The national mortgage settlement is a settlement between the federal government, the Minnesota Attorney General and other states, and the nation’s five largest banks: Wells Fargo, Bank of America, Citi, Chase, and GMAC/Ally.
Minnesota borrowers who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 and whose mortgages were serviced by one of these five banks had until mid-January, 2013 to request a payment under the national mortgage settlement fund.
The national mortgage settlement is administered by a National Settlement Administrator named Rust Consulting, based in Faribault, Minnesota. The most recent information we have from the National Settlement Administrator is that checks to eligible claimants will be mailed in June 2013. Because this is a national settlement, the Minnesota Attorney General’s Office does not have any ability to speed up this process.
If you wish to contact the National Settlement Administrator to confirm its timetable for mailing checks, to confirm that your claim was received, to change or update your address, or to ask other questions, you may call it at (866)430-8358 (Monday through Friday, 7 a.m. to 7 p.m.), or write to it as follows: “National Mortgage Settlement Administrator” at P.O. Box 8044, Faribault, MN 55021-9443.
The following are answers to other questions about the national mortgage settlement:
- What is my eligibility for payment under the national mortgage settlement?
In general, borrowers who lost their homes to foreclosure between January 1, 2008 and December 31, 2011 and whose mortgages were serviced by Wells Fargo, Bank of America, Citi, Chase, and GMAC/Ally (and who meet certain other eligibility requirements) are eligible to participate if:
- They were unable to make payments on their loan due to financial hardship; or
- They attempted to get a loan modification or other foreclosure alternative, but their mortgage servicer mishandled their application or pursued foreclosure on their loan while their application was pending (or even after it was approved); or
- Their mortgage servicer or their agents made errors in the foreclosure process (or leading up to the foreclosure process)
Eligible borrowers should have received a claim form, which they were required to submit to the National Settlement Administrator by mid-January, 2013.
- How much will I be paid?
The National Settlement Administrator is in the process of reviewing and approving claims forms that were returned by borrowers across the country. As a result, it has not yet stated the amount of individual payments. The amount you will be paid depends on how many eligible borrowers have filed timely claims across the country.
- When will I receive my payment?
At this point in time, the National Settlement Administrator states that it anticipates mailing checks to eligible borrowers who submitted timely claims in June 2013. Because this is a national settlement, we do not have any ability to speed up this process.
- What should I do if I have questions?
If you have questions, you may call the National Settlement Administrator at 1-866-430-8358, Monday through Friday, 7 a.m. to 7 p.m.
- How can I update my address?
If your address has changed since you submitted your claim form, you should call the National Settlement Administrator at 1-866-430-8358 to provide your new address.
- Why did I already receive a check from Rust Consulting if checks haven't gone out yet under the National Mortgage Settlement?
There is a separate, additional settlement between a number of banks and the Office of the Comptroller of the Currency and the Federal Reserve. Rust Consulting is also the Settlement Administrator for that settlement, and some payments have recently gone out under that settlement. Please know that this settlement is not related to the National Mortgage Settlement, and if you are eligible for a payment under the National Mortgage Settlement, you will receive another check from Rust Consulting. We understand that Rust Consulting will not be sending out checks in the National Mortgage Settlement until June 2013 at the earliest. If you are unhappy with the settlement between the bank that foreclosed on your home and the OCC or Federal Reserve, you should let them know as follows:
Office of the Comptroller of the Currency
Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010
Toll free: 1-800-613-6743
Fax: 1-713-336-4301
www.occ.treas.gov
Board of Governors of the
Federal Reserve System
Federal Reserve Bank
20th Street and Constitution Ave NW
Washington, DC 20551
Main Number:(202) 452-3693
Consumer Help Line: (888)851-1920
www.federalreserve.gov