Q:

What are national mortgage settlement checks?

A:

Quick Answer

National mortgage settlement checks are reimbursements to mortgage borrowers as a result of historic joint state-federal settlement with mortgage lenders. In 2012, the lenders issuing reimbursement to borrowers included GMAC, JP Morgan Chase, Wells Fargo, Citi and Bank of America.

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Full Answer

The National Mortgage Settlement was designated for borrowers deemed as "distressed" and those who qualified for and signed up for the settlement following a foreclosure or default on a mortgage loan with one of the designated lenders. The 2012 settlement is designed to disperse nearly $25 billion back to borrowers in the form of a check, but a delay could occur as the settlement may take 3 years to completely payout via checks.

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