November 1, 2011 it was announced that consumers who were foreclosed on may be eligible for a review of their foreclosure and possible compensation for any wrong doing. Banking regulators are stepping up to the plate and acknowledging that massive irregularities, in 2009 and 2010, in the processes of the 14 major loan servicing companies requires this review.
The most likely candidates for this review are homeowners who knew something was wrong with their mortgage paperwork but could not get anyone to listen to them back when banks became flooded with foreclosure actions. Many of these homeowners were actively pursuing mortgage loan modifications when the foreclosures took place.
Bank regulators are starting the process by requiring the banks to mail a letter to the former owners of the estimate 4 million cases they intend to review. The reviews will be done at no cost to consumers. This is a plus as a typical review, often called a forensic audit, could cost a private individual anywhere from $2,500-$5,000.
If you feel like there was something wrong with your foreclosure, now is the time to act. Even if you do not receive one of these letters now is the time to take action.
More information can be found at:
IndependentForeclosureReview.com, or toll-free phone line, (888) 952-9105