Regulators offer foreclosure reviews to borrowers
CHICAGO — Fourteen U.S. mortgage servicers began mailing letters Tuesday to as many as 4.5 million consumers who have lost their homes, asking them if they want their cases reviewed to make sure errors were not made.
If mistakes in the cases are found, and borrowers were harmed as a result, they may be eligible for financial settlements. The review focuses on owner-occupied mortgage loan foreclosures between Jan. 1, 2009 and Dec. 31, 2010.
The review is part of enforcement actions taken against the servicers in the spring by federal regulators who found deficiencies in their servicing and foreclosure processes.
John Walsh, the acting Comptroller of the Currency, said the reviews by independent consultants are likely to take several months. In calling for the review in September, Walsh said 4.5 million foreclosure cases should be included.
The 14 mortgage servicers involved are Bank of America, Citibank, Wells Fargo, Ally Financial, Aurora Bank, EverBank Financial, HSBC, MetLife, OneWest, PNC, Sovereign Bank, SunTrust Banks and U.S. Bancorp.
Requests for review must be received by April 30, 2012. Borrowers may call 1-888-952-9105 or go to IndependentForeclosureReview.com for more information.
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