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Foreclosure Victims Denied Fair Opportunity to Request Review for Errors

Earlier this year, nearly 4.5 million foreclosure victims were given the opportunity to have their foreclosure paperwork reviewed for deficiencies and mistakes. A letter was mailed to the former homeowners explaining their right for review and possible compensation for their losses. Unfortunately, the notification letter was hard to understand and less than 8 percent of those receiving the letters requested reviews.

In what might be an all-time low in the mortgage crisis, a report reveals that homeowners nationwide were not allowed proper review of the terms of their foreclosures. The General Accountability Office (GAO), a Congressional watchdog for consumers, noticed that many homeowners losing their homes to foreclosure did not understand any of the notices they received because the language "was above their level of comprehension".

Bank regulators and mortgage servicers in charge of the review of foreclosures from 2009 and 2010 are blamed for the incomprehensible letter that explained that each homeowner may be entitled up to $125,000. The regulators' mistake was obvious when fewer than 350,000 foreclosure victims requested a review of their paperwork by the July 31 deadline.

Fortunately, the deadline to request a review was extended to the end of this year.

You may be entitled to a review of a mortgage lender filed for foreclosure on your home during 2009 or 2010. The free review process is part of enforcement actions taken by the federal government in 2011 against lending institutions

Source: E Credit Daily, "Poor Response Spurs Deadline Extension for 'Independent Foreclosure Review,'" August 7, 2012.

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