The Federal Reserve Board recently announced that homeowners who believe that robo signing and other such issues hurt them during the foreclosure process can complain directly to the Federal Reserve for potential recourse.
The Office of the Comptroller of the Currency is beginning a multifaceted independent review of foreclosure actions. Their review will apply to homeowners that went through the foreclosure process and will involve some of the largest banks and mortgage service on in the country. They include GMAC mortgage, HSBC Finance Corporation, SunTrust mortgage, and EMC Mortgage Corporation, among others. The major banks, including Bank of America, Chase, Citibank, Wells Fargo, GMAC, and EMC, will have to fund these independent reviews to evaluate whether borrowers suffered financial injury through error, misrepresentation, fraud, or other deficiencies in the foreclosure process.
If the homeowner was injured during the foreclosure process, then the homeowner could get some kind of remedy for the misrepresentations that took place during the foreclosure process.
The major mortgage services began sending out letters to eligible homeowners recently to explain the process. A homeowner’s request for review must be received by April 30, 2012.
So could a homeowner get there home back? Probably not. In all likelihood, that home has probably already been sold. But each case will be reviewed on a case-by-case basis. And if an appropriate remedy is the return of an unsold home to a homeowner, then it is certainly possible. But more realistically, the likely remedy will probably be some form of compensation.
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