Home > Avid Law Center, Foreclosure > Foreclosure reviews to take longer than expected

Foreclosure reviews to take longer than expected

Mortgage borrowers who were foreclosed on between 2009 and 2010 may have to wait a little longer than expected for their independent review of their foreclosure.

As reported last year, more than 4 million mortgage borrowers who were foreclosed on between 2009 and 2010 have a chance to request an independent review of how their foreclosure process was handled.

However, USA Today is reporting that reviews of hundreds of thousands of foreclosure cases ordered by regulators last year will take months longer to complete than first expected, according to documents filed with federal banking regulators.

Under the deadlines that were set last April, the reviews should have been completed this month but reviews of Bank of America’s foreclosure cases could take until November and JPMorgan Chase may need just as long.

Review time frames have lengthened because the detail, scope and complexity of the reviews weren’t fully known last April, according to the Office of the Comptroller of the Currency.

USA Today reports:

“Letters were mailed in recent months to 4 million homeowners informing them of their right to request a review and including claim forms to fill out. As of Jan. 6, the OCC had received 61,000 claim forms, it says. In addition to BofA and Chase, the servicers are Wells Fargo, Citibank, Aurora Bank, EverBank, HSBC, MetLife Bank, OneWest, PNC, Sovereign and US Bank. The Federal Reserve is monitoring the reviews for SunTrust and Ally Financial.”

If you believe you may be eligible but did not receive a letter, you may visit The Independent Foreclosure Review Website for more information about the review process. The reviews are completely free for all eligible borrowers. You have until April 30 to request a review.

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