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More Than 300,000 Foreclosure Actions To Be Reviewed

By OurBroker   Follow   Thu, 21 Jun 2012, 2:21pm   548 views   4 comments
In Silver Spring MD 20902   Watch (1)   Share   Quote   Permalink   Like   Dislike  

The federal government sent out nearly 4.4 million letters looking for people who were hit with wrongful foreclosure actions. As a result nearly 340,000 cases -- so far -- have been slated for independent reviews.

Borrowers who can prove their case can receive from $500 to as much as $125,000 plus lost equity.

If you have had a foreclosure action against a personal residence you can file for a review. The review requests must be in before Sept. 30th.

http://www.ourbroker.com/news/300000-foreclosure-actions-to-be-reviewed-062112/

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1. HEY YOU Follow Befriend (4) 335 threads 923 comments

   1   2:46pm Sat 23 Jun 2012   Share   Quote   Permalink   Like   Dislike   I read the list of participating servicers. How many banks are involved with the list but are hiding in the shadows? Can't wait to see how this affects future foreclosures.

2. OurBroker Follow Befriend (15) 61 threads 174 comments Silver Spring, MD OurBroker's website

   2   2:52pm Sun 24 Jun 2012   Share   Quote   Permalink   Like   Dislike   Essentially the big servicers are the big banks. "The servicing portfolios of the eight largest national bank mortgage servicers account for approximately 63 percent of all mortgages outstanding in the United States – nearly $33.3 million loans totaling almost $5.8 trillion in principal balances as of June 30, 2010." The banks are: Bank of America, Citibank, JPMorgan Chase, HSBC, MetLife, PNC, Wells Fargo, and U.S. Bank. See: http://www.occ.gov/news-issuances/congressional-testimony/2010/pub-test-2010-132-written.pdf

3. ArtimusMaxtor Follow Befriend (3) 803 comments

   3   4:12pm Sun 24 Jun 2012   Share   Quote   Permalink   Like   Dislike   Can they really print all they want?

4. markmti Follow Befriend 1 comments

   4   3:34pm Sat 30 Jun 2012   Share   Quote   Permalink   Like   Dislike   Careful. This is a way for the govt to get yur permission to look for borrower initiated fraud and come after you. The small pct of borrower audit request is indicative of how much fraud there was in the system.