Since the Federal Reserve gave more than 4 million homeowners the chance to fight their foreclosures last year, the process put in place to review them hasn’t gone as smoothly as planned. The Independent Foreclosure Review came in the wake of the 2008 robosigning scandal, with 14 big lenders agreeing to grant consumers whose homes were foreclosed a second shot at compensation.
A few months after rolling out the review in November, the Fed extended the deadline for submissions from the end of April to July 31.
Critics, however, claimed the review process was fumbled from the get-go, without clear information about how homeowners would be compensated (monetarily or otherwise) and what good a review would do for consumers who have long since moved on from foreclosed properties.
That information’s still not clear, but it’s no reason for foreclosed homeowners to waste an opportunity to cash in on whatever compensation they can.
Here’s what they need to qualify:
- The property securing the loan was the borrower’s primary residence;
- The mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and
- The mortgage was serviced by one of the following companies:
America’s Servicing Company Countrywide National City Mortgage Aurora Loan Services EMC Mortgage Corporation PNC Mortgage BAC Home Loans Servicing EverBank/EverHome Mortgage Company Sovereign Bank Bank of America Financial Freedom SunTrust Mortgage Beneficial GMAC Mortgage U.S. Bank Chase HFC Wachovia Mortgage Citibank HSBC Washington Mutual (WaMu) CitiFinancial IndyMac Mortgage Services Wells Fargo Bank, N.A. CitiMortgage MetLife Bank Wilshire Credit Corporation
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.