HSBC settlement to benefit Idahoans

BOISE — More than 300 residents of Idaho with loans serviced by HSBC Mortgage stand to benefit from a recent settlement with the home loan firm, according to State Attorney General Lawrence Wasden. Borrowers who lost their homes to foreclosure because of servicing abuses may receive reimbursement fro HSBC’s $59.3 million national foreclosure fund.

In the coming weeks, those who are eligible will receive written information regarding how to file a claim with the settlement administrator. The amount of each payment is likely to exceed $780, depending on how many borrowers file claims.

Those who qualify should receive their claim packets in September. To participate in the settlement, borrowers must complete and submit a claim form by Nov. 15, 2016. Details regarding eligibility requirements and the payment process are available at www.nationalmortgagesettlement.com.

The administrator expects to begin mailing checks to eligible residents in late February 2017.