Business | Economy | Local

Foreclosed Oregonians Have Until Friday To Join Settlement

OPB | Jan. 16, 2013 11:45 a.m. | Updated: Jan. 16, 2013 3:58 p.m.

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A deadline is looming for Oregonians who believe they’re eligible for part of the $25 billion national mortgage settlement.

Courtesy Wikipedia via Flickr
http://www.flickr.com/photos/respres/2539334956/
Author: respres

Courtesy Wikipedia via Flickr http://www.flickr.com/photos/respres/2539334956/ Author: respres

Last year, Oregon and 48 other states announced a settlement with the country’s five largest mortgage servicers: Bank of America, Citibank, JPMorgan Chase, Ally and Wells Fargo. 

A federal investigation found the banks routinely signed foreclosure documents without knowing the facts of the case and without a notary public.

Jeff Manning of the Oregon Department of Justice says people who were foreclosed upon between 2008 and 2011 could get up to $2,000. But there’s a deadline. 

“If one of the big five was your servicer and you were foreclosed upon in that window of time, you need to proactively apply to participate in the settlement,” Manning says. “And the deadline is January 18th.”

That’s Friday.  Two other bank settlements were announced last week, bringing the total sum to about $43 billion dollars.

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