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Tuesday, November 1, 2011

Foreclosures in 2009-10 eligible for review

Under a new federal foreclosure review program, major servicers must hire independent consultants to search for foreclosure errors and provide financial compensation if the reviewers find damages.
Fourteen mortgage servicers have been tasked with hiring reviewers to look over the foreclosures they processed in 2009 and 2010, after an audit by the Office of the Comptroller of the Currency found widespread evidence of shoddy home repossessions.
And....
Between now and December 31, homeowners eligible for the program will receive letters from their mortgage servicers asking if they would like to have their foreclosure cases reviewed. Homeowners have until April 30, 2012 to respond.
Eligible homeowners who request a review will have their cases looked over by an independent consultant and will receive a report with the findings of the review. If the reviewer finds that an improperly handled foreclosure caused financial injury, the homeowner will be eligible for financial compensation
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1 comment:

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