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Deadline looming for homeowners owed foreclosure compensation

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MILWAUKEE -- Homeowners who faced foreclosure in 2009 and 2010 could be victims of improper lending practices, and are now owed compensation. However, the clock is ticking! The deadline to apply for a review is December 31st, and that date is fast approaching!

Milwaukee Alderman Joe Davis and Trene Bond with Housing Resource Inc. held a news conference at City Hall Wednesday to let people know if they were in the foreclosure process with certain mortgage servicers or their affiliates, they could be owed compensation for errors.

"The homeowners may not be aware the errors. There could be errors in processing payments for the homeowners -- the payments that were misapplied that led to the foreclosure," Alderman Davis said.

Or, the mortgage balance amount at the time of the foreclosure action was more than the homeowner actually owed. Or, the homeowner was doing everything the modification agreement required, but the foreclosure sale still happened. Or, the homeowner requested assistance or modification, submitted documents on time, and while waiting for a decision, the foreclosure sale occurred.

These are just a few examples of financial injury.

The first step for homeowners is to apply for an independent foreclosure review, which is being monitored by the federal government -- either online or by phone. 

Qualifications also include homeowners who were in the foreclosure process during 2009 and 2010 in their primary residence. 

"We have to aggressively get this out there for those consumers who may be impacted by it," Alderman Davis said. 

The application process and independent foreclosure review and each free. Housing Resource can help homeowners fill out the review form if need be.

CLICK HERE for details on an independent foreclosure review.

CLICK HERE for additional details on the independent foreclosure review deadline via the Office of the Comptroller of Currency's website.