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Sunday, November 6, 2011

How does the foreclosure review process work?

If you went through any part of the foreclosure process during 2009 or 2010, you are eligible to have your mortgage foreclosure process reviewed by a government inspector to see if the bank acted appropriately. Probulica has an interesting Q&A that addresses many of the issues and concerns that you might have. The government website is kind of basic and cumbersome, so if you have issues or comments be sure to share them below. The consumerist said it well: ProPublica's Paul Kiel dissects the various flaws on the new review process. First off, no one is providing a definitive list of which particular lender errors would be worthy of offering the homeowner some sort of compensation. Furthermore, it has yet to be made clear about what that compensation would end up being. Is it cash? Or maybe just a cleaned-up credit report? Beyond that, there is also the issue of the 5-page Request for Review form that can be filed by people who believe they were given a raw deal during the foreclosure process. In addition to the standard questions the homeowner should be able to answer, there are open-ended questions like "Describe any other way in which you believe you may have been financially injured as a result of the mortgage foreclosure process," that may require the input of someone more savvy about lending terminology and foreclosure law.

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