Tens of thousands of South Florida homeowners who were in foreclosure in 2009 and 2010 will begin receiving letters this week asking if they would like to have consultants go through their case and check for errors.
Under a new federal foreclosure review program, major servicers must hire independent consultants to search for foreclosure errors and provide financial compensation if the reviewers find damages.
Fourteen mortgage servicers have been tasked with hiring reviewers to look over the foreclosures they processed in 2009 and 2010, after an audit by the Office of the Comptroller of the Currency found widespread evidence of shoddy home repossessions.
Here’s how the program will work:
Between now and December 31, homeowners eligible for the program will receive letters from their mortgage servicers asking if they would like to have their foreclosure cases reviewed. Homeowners have until April 30, 2012 to respond.
Eligible homeowners who request a review will have their cases looked over by an independent consultant and will receive a report with the findings of the review. If the reviewer finds that an improperly handled foreclosure caused financial injury, the homeowner will be eligible for financial compensation.
The 14 servicers involved in the review include major players in South Florida like Bank of America, Wells Fargo, Chase Bank and CitiMortgage.
The review initiative could cover more than 4.5 million foreclosure cases nationwide, and tens of thousands in South Florida.
There is no cost to participate in the review process, and only primary residences are eligible for the program.
Different types of financial losses could be eligible for compensation. For example, a homeowner who was foreclosed upon while actively engaged in the mortgage modification process could be eligible for compensation. Homeowners who were charged excessive fees by servicers may also receive some kind of refund.
For more information, visit independentforeclosurereviews.com or call 1-888-952-9105.
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