Foreclosure Review Deadline Extended

In the wake of an overwhelming onslaught of nearly 200,000 requests for a “free, independent foreclosure review” mandated by the Office of the Comptroller of the Currency (OCC) from major lenders, the OCC and the Federal Reserve Board have extended the deadline for these requests by an additional two months, to September 30, 2012. The review is part of a settlement between big banks and the OCC. Borrowers who believe they suffered financial harm as a result of servicing errors between 2009 and 2010 can request a review of their foreclosure process. The foreclosure must have been on a primary residence and serviced by a participating lender, including Bank of America, Chase, Citifinancial, Wells Fargo, and Countrywide[1].

The OCC sent out 4.4 million letters to individuals that potentially could have been eligible for the review, and servicers were also required to promote the opportunity[2]. If financial harm is determined to have resulted, the injured party could receive relief in the form of a lump-sum payment, rescission of foreclosure, credit corrections, loan modifications, deficiency amounts, or repair of records. The OCC defines financial harm, in part, as loan modifications that should have been approved but were not, Servicemembers Civil Relief Act (SCRA) violations, and errors in notification during the foreclosure process.

Have you attempted to have a foreclosure reviewed through this program? Will you? If so, or are considering it, you might want to run it by your Attorney. If you do not have an Attorney, please contact me. I have one of the best, if not the best Attorney solution for your every day legal situations no matter how trivial or traumatic. or

*GOD Speed*
TLD Investments LLC


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