Settlement deadline approaching for Idahoans who lost homes in foreclosure

BOISE, ID - The deadline is fast approaching for Idahoans seeking payment under the national mortgage settlement who lost their homes due to foreclosure.

According to the Idaho state attorney general's office, payments to eligible borrowers are a part of the $25 billion nationwide settlement with five national banks. To receive a payment, eligible borrowers must return their claim form to the settlement administrator by January 18th.

Borrowers who meet the following requirements may be eligible for a payment. The borrower must have had a home loan with Bank of America, Ally/GMAC, Citi, JPMorgan Chase or Wells Fargo. The bank must have foreclosed on the borrower's home between 2008 and 2011.

The foreclosure must be the result of the bank's alleged errors or wrongdoing. Idaho borrowers who believe they are eligible, but have not received a claim packet, must call the administrator at (866)-430-8358.