TALLAHASSEE (AP) -
Tens of thousands of Florida homeowners who lost their homes to foreclosure will soon be told whether they are owed cash.
The country's largest banks have settled claims that they blindly rushed through foreclosure cases during the depths of the financial crisis. Payouts are part of the deal.
Notice packets and claim forms are be mailed to eligible borrowers between now and October 12, according to the Florida Attorney General's office.
Eligible borrowers must had their home loan serviced by one of five national banks and must have lost that home via foreclosure between 2008 and 2011.
Here are some of the particulars:
ELIGIBLE BORROWERS: 2 million nationwide, 167,398 in Florida
BANKS: Citi, JPMorgan Chase, GMAC/Ally, Wells Fargo, and Bank of America
FILING DEADLINE: January 18, 2013
CHECKS: Delivery expected in mid-2013
INDIVIDUAL SUITS: Participants may proceed with their own lawsuits
AMOUNT: Final payout will vary based on total number of participants
For more information: http://nationalmortgagesettlement.com/
FOX 13 Consumer Reporter Chris Chmura will have more on this story at 5:30.
