Impact 5: Postcard coming for foreclosure homeowners

WEST PALM BEACH, Fla. - Work is starting to pick back up for artist Michael Alexander. He's been hand-painting beautiful artwork in South Florida homes for 25 years, but recently hit a rough patch.

"At the same time we were going through all of the foreclosure things, this kind of work was non-existent," Alexander said.

Couple that with his adjustable rate mortgage that increased $1,700 a month, and the Alexander family went into foreclosure.

"We worked with Bank of America for almost three years to try to get them to lower the interest rate or something, because it kept going up and up and finally after two or three years of working with them, we just decided to let the house go."

That was in 2008. He and his family could now see restitution from the National Mortgage Settlement .

It's the deal reached earlier this year with the nation's five biggest lenders: Bank of America, Chase, Citi, Wells Fargo and GMCA, now Ally. As part of the deal, homeowners with those lenders who were foreclosed on between 2008 and 2011 could see cash payments.  Attorneys General offices have started reaching out to them through a postcard.

"The postcards that they're sending out, they're sending out to the last address that the servicers had for the individuals," Kevin Maher, a HUD-certified counselor with said.

Maher fears many might not see this notice, and could miss out.

"Rather than wait for the post card that may or may not be able to find you, go ahead and contact the Attorney Generals' office," Maher said.

The AG's office is in charge of distributing the money, but not everyone will see cash. You must meet some eligibility requirements.

Alexander says, that's worth looking into.

"Kind of nice to get a little something back from what all we lost."

For more information about the National Mortgage Settlement click here .

You can also call 1-866-430-8358

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