Foreclosure Settlements Expiring for Homeowners

Time has run out for millions of homeowners who lost their home to foreclosure in 2009 and 2010 to have their cases reviewed for errors. As part of a settlement between federal bank regulators and mortgage servicers, homeowners whose cases were found to have errors may have been entitled to compensation ranging from hundreds to even thousands of dollars.

In April, 2011, the Office of the Comptroller of the Currency, otherwise known as the OCC and overseen by the Federal Reserve, sent notices to more than 4 million homeowners informing them that they were entitled to a review, but only 356,000 replied requesting a review.

Some of the errors that are being investigated are excessive fees, foreclosure errors, wrongfully denied loan modifications, misapplied payments and wrongful foreclosures. Homeowners that received the notifications had until December 31, 2012 to apply for the review. Additional settlement cases are being filed, so watch our blog for information on new suits and if you think you were wrongfully foreclosed on, call Adams and Associates for a free consultation at 1-888-724-9860.