February 21, 2017

Deadline Extended for Foreclosure Reviews

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Deadline Extended for Foreclosure Reviews

Home owners who’ve undergone a foreclosure and want a review of their case now have a longer time to submit their request. The Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve announced the deadline has been extended to July 31, which provides an extra three more months to spread the word about the review program. 

Home owners who faced foreclosure in 2009 and 2010 may be eligible to request a review from their lender of their case through the Independent Foreclosure Review to see if any errors were made in their paperwork and if they were wrongly foreclosed upon. If errors are found, the home owner may receive compensation or another agreed upon settlement. 

Announced in April 2011, government agencies mandated that the country’s 14 largest mortgage servicers hire independent consultants to conduct reviews of foreclosure activity in 2009 and 2010 and to ensure that no errors were made in the processing of the foreclosure. 

You can view a list here of the lenders involved in the Independent Foreclosure Reviews. 

Source: “Deadline to Request Mortgage Review Extended to July 31,” RISMedia (Feb. 22, 2012)

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