It has been announced from the Office of Consumer Affairs in Monmouth County that the homeowners of the area whose properties were foreclosed in the span of 2009-10 will be called for independent foreclosure case review at no cost.
Director of Consumer Affairs, Annmarie Howley said, “If you underwent foreclosure action in 2009 or 2010, a review of your case may be a good idea. A review will determine whether an individual suffered financial injury and should receive compensation or other remedies due to errors or other problems during the home foreclosure process. ”
The homeowners will fulfil the eligibility criteria for this free review if their properties are foreclosed in the period of 1st January 2009 to 31st December 2010. Moreover they will also have to show that they have suffered severe foreclosure injury due to improper foreclosure process practiced by their mortgage servicers.
Here is the list of mortgage servicers:
* Aurora Loan Service
* America’s Servicing Company
* Bank of America
* Citi Mortgage
* Freedom Financial
* GMAC Mortgage
* IndyMac Mortgage Services
* MetLife Bank
* National City
* PNC Mortgage
* Sovereign Bank
* Sun-Trust Mortgage
* Washington Mutual
* Wells Fargo
The order for review was passed in the month of April 2011 by the Board of Governors of the Federal Reserve and the Office of the Comptroller of Currency. This order was passed because they found many foreclosure cases are the outcome of illegal foreclosure practices and unsafe mortgage servicing.
Some of the common foreclosure injuries were also mentioned in the order.
* Monthly mortgage payments paid by homeowners were incorrectly calculated or charging of any fees to process a mortgage modification.
* Processing of foreclosure for the property of any military person, violating Civil Relief Act for the protection of military persons.
* Foreclosure of any property while the homeowner was secured in bankruptcy.
* During auction, if the mortgage balance was higher than the amount the homeowner owed.
* The homeowner was in the process of mortgage modification; still the sale of the foreclosed property took place.
Howley said, “You can start the process by completing a form and submitting it prior to the April 30, 2012 deadline. You must obtain a review form from the Office of the Comptroller of Currency directly. Our staff may also be able to answer some general questions about this process, but getting the form is the first step. ”
Karen Anne, has been working on ForeclosureWarehouse.com studying the foreclosures market, helping buyers on the finer points of foreclosures for sale . Try to visit ForeclosureWarehouse.com and search foreclosed homes .