Ohioans affected by foreclosure may be eligible for compensation - 21 News Now, More Local News for Youngstown, Ohio -

Ohioans affected by foreclosure may be eligible for compensation

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COLUMBUS, Ohio - Ohioans who lost their homes to foreclosure may be eligible for compensation.

Ohio Attorney General Mike DeWine says that claim forms are going out to 64,428 Ohio borrowers who lost their home between January 2008 and December 2011.

The payments stem from a settlement with the nation's five largest mortgage services estimated at $25 billion.

According to a release, "The national settlement followed state and federal investigations, which claimed that the five companies routinely signed foreclosure-related documents outside the presence of a notary public and without personal knowledge that the facts contained in the documents were correct. They also claimed that the mortgage servicers committed various errors and abuses in their mortgage processes."

The settlement plays in part to extensive mortgage reform in the country. Payments for eligible borrowers wll be at least $840 but is exected to be higher, "depending upon the number of borrowers who decide to participate."

Eligible residents must submit the claim forms by January 18, 2013. Participants can also file online at www.nationalmortgagesettlement.com.

For more information, contact the national mortage settlement service line at 866-430-8358.

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