Independent Foreclosure Reviews Now Available!

On behalf of Bankruptcy Law Firm of Clare Casas on Monday, November 7, 2011.

Last week, Federal regulators announced that 4 million borrowers who have faced foreclosure since 2009 are eligible for a review of their foreclosure. Regulators are looking for potential wrongdoing, errors and abuses by financial firms in the process of foreclosure.

Examples of financial injury might include unnecessary or miscalculated fees, a foreclosure that happened while in bankruptcy, or a foreclosure sale that happened while you were waiting for an approval or disapproval of a loan modification.

What is unknown right now is what compensation may be available and what rights do you have to sign away in exchange for that compensation.

This review is at no cost to you! Mortgage servicers are required to pay for the review which will be done by independent outside consultants.

Letters are being mailed out to eligible borrowers which will tell you how to request a review of your case. There is a deadline for requesting a review (April 30, 2012) so don’t put off requesting a review if you are eligible to receive one.

To qualify, your mortgage loan would need to meet the initial eligibility criteria:

• Your mortgage loan was serviced by one of the participating mortgage servicers.
• Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.

The property was your primary residence.

Eligible customers will be mailed a letter by December 31, 2011 that explains the Independent Foreclosure Review process and a Request for Review Form that identifies some examples of situations that may have led to financial injury. The form must be completed and postmarked not later than April 30, 2012.