Take Advantage of a Foreclosure Review

The Federal Reserve has offered homeowners a chance to have a foreclosure review. This basically investigates whether or not you were treated fairly if you had a foreclosure. It is a deal from the Fed and the Office of the Comptroller of the Currency that has been extended until September 30th. Many homeowners, though, are not taking advantage of this review: only 196,000 have. The participating mortgage servicers are expected to choose more cases to review on their own for a total of 338,400 reviews. However, that only accounts for 7.5% of the 4.5 million borrowers who are covered by this enforcement action. In order to qualify for a review, a borrower must have a loan that was serviced by a participating lender, and the house's loan must have been active in the foreclosure process between January 1, 2009 to December 31, 2010. There is no cost for a review. If you are eligible, you should have already been contacted. If not, get in touch with your servicer.

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