February 15th, 2012
Posted in 
There is good news for homeowners who were wronged by the illegal foreclosure practices of the nation’s top lenders. The deadline for homeowners to come forward and seek compensation from the banks if they believe improper foreclosure actions were taken against them in 2009 and 2010 has been extended.
As part of a settlement with federal bank regulators, 14 of the nation’s top banks have agreed to hire independent consultants to determine if they committed any errors or legal violations in foreclosures that took place between 2009 and 2010.
On Wednesday, the Office of the Comptroller of the Currency and the Federal Reserve said homeowners will have the chance to review their cases with the consultants, whether they lost their homes to foreclosure or not, for an additional 90 days. The deadline, which was originally set for April 30, was extended to July 31.
If the consultants determine that inappropriate or fraudulent activity took place, those homeowners will be eligible for compensation.
Among the banks that are taking part in the review Bank of America Corp, JPMorgan Chase & Co, Citigroup Inc, Wells Fargo & Co, and Ally Financial Inc., the same five banks which just last week reached a $25 billion settlement with 49 states and federal regulators to compensate those harmed by their “robo-signing” practices.
As of Feb. 5, 89,000 requests have been filed for a review of mortgage practices conducted by the lenders. The regulators said that by extending the deadline, hopefully more homeowners will come forward to have their cases examined.
Both the regulators and the banks have sent mailings to homeowners who may be eligible for the review to make sure they are aware of the process.
If you have been struggling with your mortgage or have already received a notice of foreclosure, turn to a leading foreclosure attorney right away for help. Foreclosure attorneys will review your situation and devise an alternative plan to seizure that both you and your lender can agree upon.
Regardless of your reasons for defaulting, you can trust your foreclosure attorney to ensure the best outcome for your case. Call today to schedule a consultation with a paralegal near you.
Tags: Ally, Bank Of America, Bank Of America Corp, Chase Co, Citigroup, Citigroup Inc, Comptroller Of The Currency, Federal Bank Regulators, Federal Reserve, Foreclosure Attorney, Foreclosures, Fraudulent Activity, Independent Consultants, Jpmorgan Chase, Lenders, Mortgage Practices, Office Of The Comptroller, Office Of The Comptroller Of The Currency, Wells Fargo, Wells Fargo Co
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