If You Had a Foreclosure -- New Deadline for Getting Assistance: July 31

If you were foreclosed upon during 2009 or 2010 and you suffered financial harm due to errors, misrepresentations or other deficiencies, you have until July 31, 2012 to have your foreclosure independently reviewed. As a result of the review, you might be able to be compensated for your financial injuries.

The Federal Reserve Board issued enforcement actions against four large mortgage servicers
--GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process. The servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.

The federal Office of the Comptroller of the Currency has also required the following mortgage servicers to provide the independent review and compensation:

America's Servicing Company	Countrywide	National City Mortgage
Aurora Loan Services	EMC Mortgage Corporation	PNC Mortgage
BAC Home Loans Servicing	EverBank/EverHome Mortgage Company	Sovereign Bank
Bank of America	Financial Freedom	SunTrust Mortgage
Beneficial	GMAC Mortgage	U.S. Bank
Chase	HFC	Wachovia Mortgage
Citibank	HSBC	Washington Mutual (WaMu)
CitiFinancial	IndyMac Mortgage Services	Wells Fargo Bank, N.A.
CitiMortgage	MetLife Bank	Wilshire Credit Corporation

The Federal Reserve Board has extended the deadline for independent review until July 31, 2012.  The reviews are being done free of charge. Click here to find out if you are eligible. 

You can also view a video produced by the Federal Reserve which is on the top right of this blog.

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