In what appears to be a real break for homeowners who have lost their homes to foreclosure, a group of Federal agencies have mandated a new option for those who think they were foreclosed wrongly. Anyone believing their home was improperly foreclosed may now request a free, independent review of the foreclosure action. If the review does find improprieties, the aggrieved homeowner may be entitled to compensation. While no specific details on what the compensation will be have been released, it is assumed that it will be monetary. Three Federal agencies have mandated this process: the Office of the Controller of the Currency (regulates federally chartered banks), Federal Reserve (oversees U.S. monetary policy); and the Office of Thrift Supervision (regulates savings and loans and thrift institutions). The size of the compensation awards are also not yet specified, but appear to be limited to refunds of monetary loss and NOT include punitive damages. The payments will be directly from banks and there is no upper limit set for the awards. Eligibility for the program is limited to those whose foreclosures commenced in 2009 or 2010, and can include those where the actual foreclosure process is still underway but incomplete or those where it began but halted for some reason. Homeowners also must be customers of the 24 lending institutions and servicers that have agreed to take part in the program. For more info, log onto: www.independentforeclosurereview.com , or phone from M-F from 5 a.m. to 7 p.m. at (888) 952-9105. Same number is also available on Saturdays from 5 a.m. to 2 p.m. Homeowners are allowed to apply until April 30, 2012, and the process may take several months, so get started NOW!
Good luck!
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