"approximately 1.75 million borrowers will receive $1.5 billion in payments"
DAYTON, OHIO (PRWEB) November 15, 2012
More than 64,000 Ohio borrowers who lost their homes to foreclosure during a three-year period may be entitled to payment under a $25 billion National Mortgage Foreclosure settlement. Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo are all participating in a nationwide settlement that has been reached with the federal government and 49 states, Dayton bankruptcy attorneys report.
Ohio borrowers who held mortgages, and whose homes were lost to foreclosure between January 1, 2008 and December 31, 2011, may qualify for settlement funds.
Through this massive settlement, approximately 1.75 million borrowers will receive $1.5 billion in payments, which equates to at least $840 per borrower, and perhaps more, depending on the number of borrowers who participate in the settlement. Packets of information and claim forms have been mailed to eligible homeowners throughout the state of Ohio, and borrowers must submit claim forms no later than January 18, 2013. It is expected that payment checks will be issued in 2013.
In many cases, a Dayton bankruptcy attorney can help individuals facing a mortgage foreclosure to avoid a foreclosure or minimize its effects on family and finances. With the help of a lawyer, individuals whose homes are threatened can make educated decisions about their financial situation and work toward a more positive financial future.
Mortgage foreclosures often arise in the context of divorce proceedings, as a single household splits into two separate households, each with less income than before. With the same amount of debts and fewer combined resources to allocate toward those debts, many divorcing couples are unable to maintain their previous mortgage payments and face foreclosure on the marital residence. A Dayton divorce lawyer at Baldwin, Valley & Wallace can help.
Baldwin, Valley & Wallace, Attorneys at Law, provides experienced legal representation for clients in the state of Ohio. Dayton bankruptcy attorney Helen Wallace has recently been accepted into the Miami Valley Trial Lawyers’ Association and continues to be an active member of the American Bankruptcy Law Forum in Dayton, Ohio. Dayton divorce lawyer Brad Baldwin is the current Chair of the Montgomery County Juvenile Law Committee, and Dayton divorce lawyer Ted Valley is a Barrister Member of the Stanley Z. Greenberg Family Law Forum in Dayton, Ohio.
For more information on how a Dayton bankruptcy attorney at Baldwin, Valley & Wallace can assist clients with bankruptcy problems, contact our firm today.
Baldwin, Valley & Wallace
854 E Franklin St
Centerville, OH 45459