Huge news for some homeowners out there: If you think your mortgage lender did a shoddy job on your home’s foreclosure, you can finally get that independent review the government promised back in April.
Under the new rule, millions of homeowners whose homes were foreclosed on between 2009 and 2010 are entitled to have an independent reviewer look over their case and hold their mortgage lender accountable for any deficiencies or errors, the Office of the Comptroller of the Currency announced Tuesday.
The change came after after 14 major mortgage lenders — including bigwigs like Bank of America, Citibank, Chase and Wachovia — were caught in a “robo-signing” scandal and promised to correct screw-ups in foreclosure actions between 2009 and 2010 to compensate consumers.
“The independent foreclosure review is a significant component of the mortgage servicers’ compliance with our enforcement actions,” said John Walsh, acting comptroller of the agency. “These requirements help ensure that the services provide appropriate compensation to borrowers who suffered financial harm as a result of improper practices identified in our enforcement actions.”
The 14 lenders started rolling out letters to eligible homeowners with details on how to request a review of their case. For more information, check out www.independentforeclosurereview.com, or call their helpline at 1-888-952-9105.
Better move fast, since all reviews must be received by April 30, 2012. Then all you can do is play the waiting game. The agency estimates the reviews will take several months to hash out.