Eligible borrowers include those who lost their homes to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, to one of the nation's five largest mortgage servicers. They are Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
The settlement includes about $1.5 billion for qualified borrowers who lost their homes to foreclosure. The exact payment will depend upon the number of borrowers who participate.
In Tennessee, packets are being mailed to eligible borrowers beginning this week and continuing through Oct. 12.
Claims forms can be mailed back or filed online at http://www.nationalmortgagesettlement.com . The deadline is Jan. 18.