Millions of Home Foreclosures Reviewed for Mistakes. Are You Eligible for Compensation?
November 27, 2011
Approximately 4 million former homeowners may be eligible to receive financial compensation because of inappropriate lender action; millions of mortgage documents and home foreclosure proceedings will be reviewed for mistakes. Why? Because homes have been inappropriately taken away from families. If you lost your home through foreclosure, you and your family may be eligible for compensation.
What is foreclosure?
Foreclosure is a legal process through which a lender, such as a bank or mortgage company, legally regains title to and possession of a home because the mortgage hasn’t been paid.
In November 2011, federal bank regulators announced a program that will compensate possibly millions of families who, improperly, lost their homes, for mistakes made by loan servicers during the foreclosure process.
There is no fee to participate in the foreclosure review process.
Are you eligible for compensation due to improper foreclosure?
- Check IndependentForeclosureReview.com to see if you’re eligible.
You’re eligible to have your mortgage and foreclosure documents reviewed if your mortgage was handled by one of the listed mortgage servicers.
In addition, qualified families will receive written notice of their right to review, by the end of 2011.
- If you are eligible, you MUST apply for review (of your mortgage and foreclosure documents) by the end of April 2012.
- If mistakes are found, you may receive financial compensation.
Examples of Mistakes or Misrepresentations in Mortgage Documents and the Foreclosure Process
The mistakes and misrepresentations in the housing lending business have been egregious. For example, Bank of America tried to foreclose on a family that had no mortgage; it was paid in full. Furthermore, the family had never had a mortgage with Bank of America.
Other examples:
1. Robo-signing
2. Inappropriate fees
3. Miscalculated fees
4. Foreclosure during bankruptcy protection
5. Foreclosure during mortgage modification negotiations
Where do I get help stopping foreclosure or filing Bankruptcy?
Bankruptcy (and stopping foreclosure) is a very specialized area of law; be sure your attorney focuses his or her practice on bankruptcy and helping people like you. We focus our practice on bankruptcy law, stopping foreclosures, dischargeable debts, and help people just like you. We’ll answer your questions and guide you to a fresh start, clean slate. You can reach us at 513-793-6555 or Thomasjr@geygan.com. We will gently walk you through the bankruptcy process, answer your questions, analyze your case, and aggressively fight for your legal rights. Your next step is to contact our office so we can help you. We look forward to your call or email.