Mortgages

Unfairly Foreclosed On? Feds Give More Time to Fight

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Do you believe that your bank or mortgage servicer erroneously foreclose on you? If so, now you have another three months to do something about it.

Federal regulators announced on Wednesday that homeowners have until July 31 to request an independent review of their foreclosures. The previous deadline was April 30.

“The deadline extension provides more time to increase awareness of how eligible people may request a review through the independent foreclosure review process and to encourage the broadest participation possible,” the Office of the Comptroller of the Currency and the Federal Reserve Board announced in a joint press release.

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The reviews come out of the legal settlement between federal regulators and the 14 largest mortgage servicers, which was announced in April. The servicers were accused of a variety of errors and illegal actions, including charging homeowners more in fees and principal than was owed, pursuing foreclosure against homeowners who qualified for loan modifications, foreclosing on people who were protected by bankruptcy, and illegally foreclosing on active-duty soldiers, according to a briefing about the review process published by federal regulators.

Homeowners who believe they were harmed by their servicers can request a review by independent consultants, hired by their servicer, to see whether they were “financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process,” according to the comptroller’s office. If the review finds any wrongdoing, homeowners may receive compensation.

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If you would like to learn more about how to request a review, you can call 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. Eastern Time, and on Saturdays from , 8 a.m.-5 p.m. You can also visit the Federal Reserve’s website here, or the OCC’s website here.

Image: james.thompson, via Flickr.com

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