Fed banking regulators have launched a foreclosure review process. Certain current or former homeowners who were the victims of abuses or errors by mortgage servicers will be eligible for compensation
- The home is/was your primary residence. Vacation homes or investment properties will not be eligible.
- You were in the foreclosure process at any time between Jan. 1, 2009, and Dec. 31, 2010. The review is NOT limited to people who actually lost their homes to foreclosure in that time period.All that matters is that you were in foreclosure at any point during that time frame. You might have eventually avoided foreclosure by getting a modification; you might still be in foreclosure; you might have sold your home. The final outcome doesn’t matter. All that matters is that you were in the foreclosure process at some point in 2009 or 2010.
- Your mortgage servicer — the company you sent payments to and that handled your request for a modification — in 2009 or 2010 was one of the following companies, listed here in alphabetical order:
America’s Servicing Co.
Aurora Loan Services
BAC Home Loans Servicing (a subsidiary of Bank of America)
Bank of America
HFC (now HFC Beneficial)
Home Loan Services (a subsidiary of Bank of America)
IndyMac Mortgage Services (part of OneWest Bank)
Litton Loan Servicing*
National City Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank
Wilshire Credit (a subsidiary of Bank of America)
Your servicer didn’t properly consider you for a modification.
You were in a trial modification, were making payments, but were foreclosed on anyway without having been denied a permanent modification.
You were doing everything a permanent modification agreement required, but the foreclosure sale still happened.
You requested assistance/modification, submitted complete documents on time, and were waiting for a decision when the foreclosure sale occurred.
You were charged bogus fees and/or penalties.
Mortgage payments were inaccurately calculated, processed or applied. It would be especially noteworthy if the foreclosure process began because your servicer incorrectly processed your payments.
The mortgage balance amount at the time of the foreclosure action was more than you actually owed.
Your servicer didn’t properly document ownership of the promissory note or mortgage when the foreclosure was initiated.
Your servicer didn’t follow state or federal laws when it pursued foreclosure. (This would include not sending you the proper notices).
The foreclosure action occurred while you were protected by bankruptcy.
Your servicer violated the Servicemembers Civil Relief Act. For instance, you were in the military and on active duty when your servicer pursued foreclosure. Under the act, the ban on foreclosure runs for nine months following active duty.