Home owners who lost their homes may be given a second chance...

Real Estate Agent

This is good information.  If you had any clients who lost a home to foreclosure they may be eligable for financial compensation from their former lenders. 

Original content by Becky Garcia

During 2009 through 2010, more than 2 million were foreclosed on (or when in the process of doing so). Banking regulators regulators announced this week that those foreclosed on will now be given the chance to ask for a review of their case.

Due to the fact that many foreclosures where handled incorrectly during 09-10, mortgage services can now hire independent auditors to conduct reviews of the cases and determine if home owners should receive financial compensation. They will also look into the cases of those who were denied loan modifications when they may have been eligible for one. Those who ask for a review will receive a letter overview of their rights.

The move is to help identify home owners who may have been improperly foreclosed upon, Julie Williams, chief counsel of the Office of the Comptroller of the Currency, said at a congressional hearing.

Banks are given until Wednesday to submit their plans to the OCC (Office of the Comptroller of the Currency) on how they intend to revamp the current foreclosure procedures.

Source: "Foreclosed Home Owners May Seek Case Reviews," USA Today (July 8, 2011)

Comments (2)

Pat Champion
John Roberts Realty - Eustis, FL
Call the "CHAMPION" for all your real estate needs

It is sad some many individuals lost their homes in this market, but it is good to see some of them may be given a second chance. Thanks for sharing the information.

Jul 11, 2011 06:12 AM
Matt Patty
Warwick, RI

No problem.  I'd like to see some of the people who actually tried to keep their homes but wound up losing them get a second chance as well!

Jul 11, 2011 06:18 AM