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Borrowers’ right to foreclosure review
Thursday, November 03, 2011
Homeowners who’ve suffered financially because of improper foreclosure practices are entitled to have their case reviewed as part of a government consent order for 14 mortgage servicers.
Borrowers who experienced servicer errors, misrepresentations and other problems in 2009 and 2010 can report foreclosure complaints and request an independent review.
There is no charge for the review and applying for one will not affect any other foreclosure prevention effort homeowners are attempting.
An independent reviewer, not associated with the mortgage servicer, will evaluate the process and search for mistakes or abuses. Consumers can request a foreclosure process review if they have had:
- documents lost
- time wasted applying and re-applying for loan modifications
- interest and fees pileing up due to servicer delays
- lost their home to foreclosure unnecessarily or
- other related financial problems
Mortgage servicers began notifying consumers by mail of their right to review Nov. 1 and will continue throughout the year to try to contact 4.5 million affected homeowners.
Consumers who do not receive notice from their servicer can call 888-952-9105.
Consumers will be eligible for compensation for their losses where reviewers find errors or abuses. Federal regulators have not determined how victims will be compensated if problems are found.
Homeowners must submit a completed 5-page review form by April 30, 2012.
For more details click on www.IndependentForeclosureReview.com
Participating servicers include:
America’s Servicing Company
Aurora Loan Services
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/Everhome Mortgage Company
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia
Washington Mutual
Wells Fargo
Please alert homeowners fighting foreclosure - even if they’ve already lost their homes.
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