“I’m skeptical of any program implemented by the banks and servicers to examine their prior errors, omissions and intentional or unintentional criminal acts”
Foreclosure review begins today by homeowner request
A massive review of as many as 4 million foreclosures nationwide began Tuesday as mortgage servicers seek out borrowers whose cases contain flaws.
The review could impact thousands of Floridians, who as part of the federally-mandated program may be compensated if a review finds they suffered financial harm because of defects in their case.
Letters began being mailed Tuesday to eligible homeowners who were in some stage of foreclosure in 2009 and 2010 alerting them that they can request the free evaluation. A homeowner hotline has also been established at 888-952-9105.
If a homeowner in an active foreclosure chooses to participate, the foreclosure will be put on hold until the review is complete.
Auditors are looking for problems such as robo-signing, inaccurate fee charges and foreclosures that occurred while a homeowner was working on a loan modification.
“Robo-signing may or may not result in financial injury but certainly is one of the things they will be looking for,” said Bryan Hubbard, a spokesman for the U.S. Office of the Comptroller of the Currency, which announced the launch of the program Tuesday.
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