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October 5th, 2011

Foreclosed in 2009 or 2010? Money may be coming your way

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Buying justice macroDid you receive a foreclosure notice while making trial payments under HAMP?

Did you provide the proper paperwork for a modification but were still denied?

Were you a victim of the “robo-signing” scandal?

If so, you may qualify for restitution when millions of foreclosure cases are soon reviewed.

According to our friends Nick Timiraos and Ruth Simon at the Wall Street Journal:

Millions of current and former homeowners will have a chance to get their foreclosure cases examined to determine whether they should be compensated for banks’ mistakes, under a wide-ranging review being planned by federal regulators.

While no official review process has been reveal up to this point, federal regulators are expected to release details in the coming weeks. As it stands now, borrowers who entered into some stage of foreclosure from 2009-2010 are eligible. Estimates peg that 4.5 million former homeowners might qualify for this review.

“Financial injury”

Borrowers determined to have sustained “financial injury” will be eligible for compensation.

Private third-party firms–which were hired earlier this year–will address former homeowners on a case-by-case basis. While no monetary estimates have been made on how much former homeowners may receive, the Journal does report that no foreclosures are expected to be overturned.

How and when

“How and when will this process begin?”

The review process is expected to begin with a public campaign that will include its own website and toll-free number.

Eligible borrowers will have to request their own review before a set deadline–expected to be sometime before the end of March 2012. “It hasn’t been determined whether borrowers that accept restitution would have to agree to surrender related legal claims,” according to Timiraos and Simon.

We’ll be following this story closely and updating everyone on any new or emerging details.

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6 Responses to “Foreclosed in 2009 or 2010? Money may be coming your way”

  1. John Says: October 25th, 2011 at 1:58 pm

    It’s about time I made 13 payments from Oct 2008 to Oct 2009 to my loan modification Only to told by Bank of America retention team that
    The Obama administration is withholding the funds for
    Your loan modification and your loan has been canceled
    By The investor and there is nothing BOA can do for you because BOA is the loan servicing company not the investor Freddie Mac is the investor and they are ran by the Obama administration …Then I was told if I did not surrender the house we would get locked out and all of our personal property would become the banks property and sold at auction

  2. kelly polizzi Says: February 22nd, 2012 at 12:09 pm

    I was told no loan mod was avail because I was not behind on my payments (I struggled for three months while my husband was unemployed). I called so many times, transferred to forebearance, to loan mod and so forth. I finally was told I had to fill out paperwork, which I did, fedexed…it was signed for. I called to follow up only to be told it was never received. Really. I resent it and never heard anything. After many more numerous attempts, I was told they’d modify it to include the past due amount. If I couldn’t pay my mortgage in full before, how can I afford even more? Ridiculous. I still feel I’ll never see any reparation for anything either. Talk about a bitter taste.

  3. Dollie Curry Says: December 4th, 2012 at 8:59 am

    I am a victim of Wells Fargo Foreclosure between 2009-2010. They also broke into my home during HUD Conveyance process. Mary Jo Kilroy held sessions for banks and homeowners in Columbus, OH, no success. I met with Columbus Metropolitan Housing Authority, no success. Modifications of $50 did not help. Went to mediation only to be told that I could not afford the house. My last day in the home was November 19. I had the Buydown Plan. (August of 2003).

  4. Nick X Says: January 8th, 2013 at 2:19 pm

    Sames goes here, I was offered a modification loan that would reduce my mortgage by $98 and all my late payments and late charges added onto it. I new this wasn’t going to cut it so my wife and I had no choice but to let the house go. It hurt because it was our firt home and we were both on the loan and both our credits ruined! I do hope we get something in return!

  5. Sheila Anthony Says: January 9th, 2013 at 8:15 am

    I tried to modify my Mortgage from 2008(Nov) until August 2010, with Litton Loans. I went through 2 loan modifications. From 7/10-9/10 I made the required payments and was told by customer service my modification went through, payments to be 1,400.00 monthly with less than 4% interest. When I called the Mortgage co.in late Sept I was notified my payment changed to 2900.00 a month. I could not afford this and told I was in foreclosure with in 90 days. I moved out. Then Litton proceeded to sell a bad mortgage to Ocwen, my house sold in Dec 12

  6. Johann Tofolo Says: April 19th, 2013 at 12:32 pm

    How familiar this all sounds. I received the run around from countrywide, then they sold out to Bank of America and unfortunately still feel like I am getting run around. I here we are getting help that is the same story i heard over and over…and i LOST my home !!!!

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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