Will foreclosure review provide relief for borrowers?
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Updated July, 2012
Borrowers who lost their homes to foreclosure may be eligible for money or other remedy if the foreclosure was made out of error or misrepresentation by mortgage servicers. In response to complaints made by borrowers and consumer advocates regarding deceitful and erroneous foreclosure practices, federal banking regulators have been conducting an independent review to investigate any errors that may have been made by mortgage servicers during foreclosure processes.
Borrowers qualify for foreclosure review if they meet all of the following criteria:
- the borrower’s primary residence was the property securing the loan;
- the mortgage was in the process of foreclosure (initiated, pending or completed) at any time between January 1, 2009 and December 31, 2010; and
- the mortgage loan was serviced by one of the participating mortgage servicers. For a complete list of applicable mortgage servicers, click here.
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loading...About The Author
Mary Balash
is a past member of the first tuesday Editorial Staff.
Latest CommentsLeave a Reply
This is all good and well. However, my main question is why is this only for a primary residence? Why is it not approved for all properties, including income properties. There are a great many tenants who will be displaced. And many will have t move to another home that could be suspect to the same scenario all over again.
On this same subject, it might be to the homeowners best interest to first of all obtain a forensic audit, a securitization audit and a compliance audit, to prove (one way or the other) whether the foreclosing lender has created fraud within the entire process. This way the homeowner would have “prima facia” evidence against the lender to work more in their favor.
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Good Advice Ron…..
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