Foreclosure Victims Might Have a Second Chance

This week brought some great news for foreclosure victims.  And, if you have been affected by foreclosure, you know that’s not a sentence you read every day!  The Federal Reserve Board has recently discovered that several major mortgage providers have committed some unsafe and unsound practices related to the foreclosure process.

The Details

The details of the case can be read from the Office of the Comptroller of the Currency and from the Federal Reserve.  But, for those who want to hear the short of it: essentially, many aspects of the foreclosure process were improperly handled during 2009 and 2010.  Offenses range from misjudging property values to failure to determine appropriate remediation for customers.

If you think you could have been victimized by your mortgage provider, you don’t need to go hire a foreclosure attorney yet.

First, you should apply to have your case reviewed.  The deadline for applications has recently been extended to July 31, 2012.  If your home was foreclosed upon, you’ll want to be sure you get your case in before the deadline so that you might receive recompense!

The list of supposed perpetrators includes some major names, too.  Banks and credit institutions from Bank of America to Wells Fargo Bank, N.A. and everyone in between are being examined.

Also, to be eligible, your mortgage must have been in the foreclosure process between January 1, 2009 and December 31, 2010.