Deadline Extended for Foreclosed Home Owner Reviews
Deadline Extended for Foreclosed Home Owner Reviews
Home owners who feel they’ve been wrongly foreclosed on by their lender now have until Sept. 30, 2012 to request a free review of their case.
Originally, the Federal Reserve Bank and U.S. Comptroller of the Currency made the deadline July 31 for home owners to request reviews. But with few home owners taking advantage, the agencies have extended the deadline to give affected home owners who were in the foreclosure process in 2009 and 2010 more time to request a review from independent consultants of their case.
If errors are discovered, affected home owners may be eligible to receive a lump-sum payment (anywhere from $500 to $125,000, plus equity), suspension or recession of their foreclosure, a loan modification, and a correction to their credit report and deficiency amounts on record.
Lenders have been accused of making several errors in the processing of foreclosures in recent years, and the reviews are a way to correct some past mistakes. Possible “errors” may range from borrowers being foreclosed upon when they never even defaulted on their mortgage, to lenders not giving some home owners a fair chance at a loan modification before foreclosure, to even failing to notify the home owner properly during the foreclosure process.
For more information, visit https://independentforeclosurereview.com.
Source: “Deadline Is Extended for Foreclosure-Errors Review,” The Philadelphia Inquirer (July 24, 2012)
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