July 27th, 2012 3:46 PM by Linda Barratt PA and Justin Cervantes, PA
Originally, the Federal Reserve Bank and U.S. Comptroller of the Currency made the deadline July 31 for homeowners to request reviews. But with few people taking advantage of the offer, the agencies extended the deadline. The money is earmarked for ex-homeowners who went through foreclosures in 2009 and 2010, and who may have been unfairly rushed through the process by their lender who cut corners or did something wrong.If errors are discovered, affected homeowners 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/or a correction to their credit report and deficiency amounts on record.Some lenders have made processing errors in recent years, and the federal reviews – and money to ex-homeowners – are a way to correct past mistakes. Possible “errors” may include borrowers who went through foreclosure when they never defaulted on the mortgage, lenders not giving homeowners a fair chance at loan modification before foreclosing, or failing to notify a homeowner properly during the foreclosure process.For more information, visit https://independentforeclosurereview.com.
Unitil next time...JJ