Homeowners who have faced foreclosure and feel that a review may have been in their favor or are questioning whether their bank properly adhered to foreclosure practices when specifically looking at their case have seen that the Office of the Comptroller of the Currency has recently released information regarding foreclosure reviews in cases where homeowners have had trouble dealing with their servicer or have faced foreclosure that may have been the result of an error.
This could lead to some benefits seen by homeowners if a financial problem did arise as a result of errors and mistakes made by their servicer, there could be compensation given to the homeowner as there are those who can request a review which may benefit these men and women who have seen problems resulting from the foreclosure practices of their specific mortgage servicer. While there were some financial institutions that reportedly mailed letters to homeowners who may be able to request a review of their case, it does need to be remembered that not all homeowners are necessarily going to be in a position where they can have their case reviewed nor will this review process always guarantee that a homeowner’s foreclosure was unjust or caused a financial situation where distress arose.
Obviously, when the robo-signing scandal was first reported on and became a hot topic many began calling for changes in the foreclosure process as financial institutions may have simply been rushing these foreclosures through without properly reviewing potential assistance options or foreclosure prevention aid that might have been available for men and women who were indeed facing problems in terms of their mortgage payment. Many major financial institutions do participate in modification plans be they from private programs or the federal initiative, but there have not always been success stories out of these modification efforts and, as a result, homeowners who did see that foreclosures may not have been processed fairly or properly were even more distraught when foreclosure prevention assistance was not offered.
While changes to programs like the federal modification initiative and resources like housing counselors that are currently in place hope to help more homeowners become informed and avoid the problems related to errors, the Office of the Comptroller of the Currency has made resources available at www.independentforeclosurereview.com in the hopes that homeowners who were in a position where their foreclosure may have been questionable or the result of error can potentially find compensation in some form that may benefit them when the loss of their home due to foreclosure was processed improperly.