Mid-Southerners could qualify for $25 billion settlement - Action News 5 - Memphis, Tennessee

Mid-Southerners could qualify for piece of $25 billion settlement

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MEMPHIS, TN -

(WMC-TV) - You or someone you know may qualify for a piece of a $25 billion settlement.

Five major mortgage loan companies accused of mismanagement settled for billions and people living in Tennessee, Mississippi, and Arkansas are eligible but you need to file your claim soon.

"What I have been hearing from some of my clients they haven't heard about these settlements since it was first announced," said Steven Richardson, North Mississippi Rural Legal Services.

Who qualifies for a piece of the $25 billion?

You could qualify if you have had or still have a loan with one of the nation's five largest loan providers: Ally/GMAC, Bank of America, Citi, JP Morgan Chase and Well Fargo and if your mortgage exceeds the value of your home or if you lost your home to foreclosure.

"File a claim and you have a deadline of January 18, 2013 next year to file that claim," said Richardson.

When you file, three things could happen.

Your principle loan could be reduced so you will have lower monthly payments. You may be able to lower your interest rates, and you could qualify for cash.

"Up to $2,000 dollars that is a cash payment that will become available in January sent out to individuals who have already received notice, who have already gone through the process of filing claim and have been accepted."

There is a lot of information on this and a lot of people who qualify here in the Mid-South.

For more information about this settlement, click here or call 1-866-430-8358.

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