As part of the $26 billion mortgage foreclosure settlement reached between the federal and state governments with a number of mortgage lenders, borrowers who believe that their homes were foreclosed in error may file for a review to see if they are eligible to receive compensation due to the error. So far, nearly 200,000 borrowers have filed for review, and today the Federal Reserve bank and the US Office of the Comptroller of the Currency extended the deadline for filing to September 30, 2012.
Among the lenders and loan servicing companies included in the ruling are Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co. (NYSE: WFC), PNC Financial Services Group Inc. (NYSE: PNC), and HSBC Holdings plc (NYSE: HBC).
Under the terms of the 2011 settlement, borrowers who are judged to have been wrongfully foreclosed may receive a suspension or rescission of the foreclosure, a loan modification, correction of credit reports, correction of deficiency amounts or records, or a lump sum payment that can range from $500 to $125,000.
Paul Ausick
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