Some homeowners who were foreclosed on may be in a for a big suprise. Homeowners who were bullied and processed quickly during their foreclosures can now request an independent review of how their forclosure was handled, says the Office of the Comptroller of Currency. Should the review find that "financial injury" occurred as a result of an error or other deficiencies in the way the foreclosure process was handled, the homeowner may receive compensation for their losses.
The reviews are part of a larger enforcement action taken against 14 large mortgage servicers last April by the OCC, the Federal Reserve and Office of Thrift Supervision in the wake of the "robo-signing" scandal. As part of that action, the lenders, which include Bank of America (BAC,Fortune 500), Chase (JPM, Fortune 500), Citibank (C, Fortune 500), GMAC Mortgage, HSBC (HBC) Finance, Wachovia, Washington Mutual and Wells Fargo (WFC, Fortune 500), agreed to clean up their foreclosure practices and repay victims.
The mortgage servicers agreed to review foreclosure cases that occurred between January 1st 2009 and December 1st 2010 and they are looking to see if borrowers suffered financial losses because of their poor practices.
How do you find out if you qualify for a review? Well, letters are being sent out Tuesday that will explain how to request a review. If you believe you may be eligible but do not recieve a letter, you can go to: http://independentforeclosurereview.com or call 1-888-952-9105. They are free to all people who qualify. The forclosure must have been primary residences. People will have until the end of April to request a review.
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