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Faulty Foreclosure? You May be Entitled to Compensation
The federal government made headlines recently with the announcement of a historic $26 billion foreclosure settlement deal among leading banks and states attorneys general. On the heels of that announcement, an important deadline was extended this week for those who believe they may have suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011.
If you are seeking a review of your mortgage foreclosure under the Federal banking agencies' Independent Foreclosure Review, you now have until July 31, 2012, to submit your requests.
The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) announced this deadline extension just yesterday. Borrowers now have an additional three months to pursue a review of their foreclosure. The OCC and the Fed felt it was important to extend the deadline in order to increase awareness, explain the process and encourage the broadest participation possible.
As part of enforcement actions issued in April 2011, the OCC, Federal Reserve, and the Office of Thrift Supervision required 14 large mortgage servicers to retain independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process. If the review finds that financial injury occurred, the borrower may receive compensation or other remedy.
You are eligible for an Independent Foreclosure Review if you meet the following basic criteria:
- The mortgage loan was serviced by one of the participating mortgage servicers.
- The mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
- The property securing the mortgage loan was the borrower's primary residence.
Participating mortgage servicers include: America's Servicing Company, Aurora Loan Services, BAC Home Loans Servicing, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage, Countrywide, EMC, Everbank/Everhome Mortgage Company, Financial Freedom, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City Mortgage, PNC Mortgage, Sovereign Bank, U.S. Bank, Wachovia Mortgage; Washington Mutual, Wells Fargo; and Wilshire Credit Corporation.
For more information, visit www.occ.gov/independentforeclosurereview.
As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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