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South Florida

Foreclosure reviews available to millions of former homeowners

More than four million former homeowners are eligible to request independent reviews of primary residence foreclosures occurring between 2009 and 2010 should they feel their case was mishandled.
 
Joe Evers, the deputy comptroller for large banks at the Office of the Comptroller of the Currency, stated that these former homeowners may ultimately be eligible for financial compensation if the review eventually finds fault with the foreclosure process.
 
This latest review is part of the government’s broader investigation into the questionable practices of the country’s major mortgage lenders, such as Bank of America and JPMorgan Chase, in the wake of the robo-signing scandal.

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“The independent foreclosure review is a significant component of the mortgage servicers’ compliance with our enforcement actions,” said acting Comptroller of the Currency John Walsh.
 
Letters were slated to be sent out today to eligible borrowers who have until April 30 to request a formal review.
 
Evers stated that the review process will be conducted on a case-by-case basis and predicts that the findings could eventually cost the banks “hundreds of millions of dollars.” [CNN Money]