Not Many Seeking Foreclosure ReviewsAlmost six months after 4.1 million homeowners were offered independent reviews of their foreclosure cases, only four percent (165,000) have accepted. Last year, these reviews were part of the deal made with 14 loan servicing officers and the Federal Reserve, the Office of the Comptroller of the Currency, the Office of the Thrift Supervision and the Federal Deposit Insurance Corp after the robo-signing scandal. The idea, the local Raleigh movers found out, is that if a review finds that a homeowner suffered financially because of improper foreclosure practices, the homeowner can get compensation that can be in the several hundreds of dollars.
There was a lot of cynicism to these reviews because the reviewers were hired by the banks so many people didn’t believe it was going to benefit them. Many of the people that could have been helped also felt like they were trying to reach out to banks and loan modifications prior to this idea of review. So by the time that this new program came along, they didn’t want to participate because they have been already disappointed. Even though the reviews are free, there still a 5-page document that has to be filled out. The local Raleigh movers found out that the deadline for this review has been extended to July 31.
To be eligible for the foreclosure review, the homeowners must have had primary residence in the foreclosure process between Jan 1, 2009 and December 31, 2010. Plus, the loan would have to be serviced by one of the 14 servicers that are part of the settlement including Bank of America, Case, Citibank and Wells Fargo.
Are you in the foreclosure process right now? Are you eligible for this review? If you’re not eligible and have to vacate your house due to an underwater mortgage, call the local Raleigh movers to help you move residences at an affordable price. We’ll quilt pad wrap your furniture and help you with assembling some of your personal items. The Raleigh movers are part of the All My Sons Moving and Storage network that has moving offices in Salt Lake City, San Antonio, Oklahoma City, West Palm Beach and more. We also help our customers to find moving boxes and moving kits to make packing easier by encouraging them to order online and get the packing supplies on their doorstep.