Tuesday, November 8, 2011
Help for nationwide homeowners
The Federal Reserve Board on Nov. 1, 2011 announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation.
Four large mortgage servicers supervised by the Board--GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--are required to conduct this program as part of their compliance with enforcement actions issued by the Board in April 2011. Under these actions, servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. A number of servicers supervised by the Office of the Comptroller of the Currency must also conduct the program.
Borrowers are eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010, whether or not the foreclosure was completed. The review is intended to determine if those borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies.
To apply for a review, individuals may call 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET), and Saturday from 8 a.m. to 5 p.m. (ET). Individuals can get more information about the review through a website set up by the servicers, www.IndependentForeclosureReview.com.
Requests for review by the servicers' independent consultants must be received by April 30, 2012. There are no costs associated with being included in the review.
Click here to read the entire press release from the Federal Reserve