To get this money, you first have to go through a checklist.
"You have to had lost a home to foreclosure that was one of the five banks that were part of the settlement," explained Joy Yearout, Press Secretary for Attorney General Bill Schuette.
Those banks were Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. It also had to have happened between 2008-2011.
As for how much money each eligible person will get: "We're thinking $90 million will be allocated for those individuals, so it depends on how many people file claims."
For now, the Attorney General's office estimates the pay-out could be between $840-3,000, on top of additional help Michigan is offering for free, which other states are not.
"The other dollars that were funded through the AG settlement that came to the state were also the dollars to make sure we've got enough of the good guys, that we can direct people to the good guys, which are the free foreclosure councilors and legal attorneys," said Director of the Michigan Foreclosure Task Force Neeta Delaney.
Free help for when you start getting calls and mail about the settlement, that isn't from the AG's office. "Make sure whatever you get in the mail has some sort of official seal on it," said Delaney.
An official scam warning coming from the AG's office: "With any national settlement, there are always scammers that creep up and try to take advantage of people...Often times we have individuals who say if you pay me $500, I''ll help you get your money faster. It's not true."
Also, don't fall for any emails or phone calls that ask for your personal information in regards to this settlement. The AG's office already has that information. Despite what you could be told by scammers, there's no way to get your money sooner. You'll just have to wait until next summer like everybody else.
The deadline for all claims in January 18. You can apply here: www.nationalmortgagesettlement.com
If you have questions about completing the claim, call (866) 430-8358 or email firstname.lastname@example.org
To get in touch with a free councilor, visit this website for more information: www.cedam.info/resources/mftf