PORTLAND, Ore. -- More than 23,000 Oregonians who lost homes to foreclosure between 2008 and 2011 will soon get to claim part of a $25 billion multi-state settlement with the nation's biggest banks.
The settlement was reached over allegations about abuses in the mortgage and foreclosure process.
To qualify, borrowers must have lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, and had their mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo.
Affected homeowners will soon receive claim forms in the mail. Homeowners are also eligible for non-cash assistance, such as mortgage modifications.
The claims deadline is Jan. 18, 2013. Payments will depend on the number of people who apply for assistance, but will likely be around $840. Payments should be mailed in mid-2013.
The Oregon Department of Justice has set up a webpage to help homeowners navigate the claims process.
As part of its outreach, the Oregon Department of Justice also distributed a spreadsheet that shows the geographic location of each foreclosed Oregon home.
Mason Walker, the Business Journal's new media manager, made an interactive map of the data. You can search the state by zip code to see where the affected foreclosures are located.
The Portland Business Journal is a KATU News partner.