New Robo-Signing Reviews Can Help Foreclosed on Homeowners

Earlier this month the Federal Reserve Board announced that property owners who experienced foreclosures (even if you didn't end up getting foreclosed on) can now complain directly to the Feds and request a review based on issues caused by Robo-Signing.

These new Foreclosure Reviews are especially focused on homeowners who think they were negatively impacted financially by Robo-Signing. The reviews will focus first on four primary mortgage lenders listed below. These are independent reviews being offered for homeowners and ex-homeowners who were foreclosed on by:

1. EMC Mortgage Corp
2. SunTrust Mortgage
3. HSBC Finance Corporation
4. GMAC Mortgage

If you were foreclosed on by one of these four banks above you can now challenge it and request a free review. So who qualifies for the new Robo-Signing Review?

You may qualify if:

• Your home was foreclosed on and it was your primary residence
• If this foreclosure took place in 2009 and 2010, even if the foreclosure was stopped

Mortgage lenders (banks) must:

• Hire independent reviewers which are being supervised through the Office of the Comptroller of the Currency and monitored by the Federal Reserve Board
• Compensate these homeowners (borrowers) they foreclosed on. Their focus is on the "financial injury" you as the home owner experienced because of Robo-Signing paperwork problems they used in the foreclosure process.

A number of other lenders and mortgage servicers will be doing reviews as well, hopefully this is just the start for those effected by Robo-Signing.

Reviews will be focusing on financial impact (and harm) to the ex-homeowner because of:

• Errors in the paperwork
• Misrepresentations that occurred
• Other deficiencies

Important Facts to Know about the Robo-Signing Reviews

• All Reviews must be requested by the homeowner April 30, 2012;
• There are no costs for these reviews for the ex-homeowners;
• Mortgage Lenders and Servicers plan to run advertising campaign and reach out to anyone who may have been harmed;
• To request a review you call (888) 952-9105 (Monday to Friday 8 a.m. to 10 p.m. and Saturday 8 a.m. to 5 p.m.)

If you have any questions about this or Clearwater real estate you can feel free to call me at 727-710-8035 or visit our informational site on avoiding foreclosure and if needed successfully do a short sales in Clearwater Florida;

Disclaimer: The content is provided for informational purposes only. We can not give legal or tax advice. It is highly recommended that you consult with an attorney and tax accountant regarding the specifics of your situation to determine the best solution for you.