BOSTON (AP) — The state attorney general’s office has announced that claim forms are being sent to Massachusetts residents who lost their homes to foreclosure and who may be eligible for payment under the $25 billion national mortgage settlement.
Massachusetts borrowers are eligible for about $14.6 million in cash payments.
The settlement, which took effect in April, earmarked approximately $1.5 billion for two million borrowers nationwide. The exact payment will depend upon the total number of borrowers who participate.
Massachusetts also received a payment of about $44.5 million that has been used to mitigate the impacts of the foreclosure crisis by providing advocacy to distressed borrowers facing foreclosure.
Forty-nine states and the District of Columbia agreed to the $25 billion settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial/GMAC.