Homeowners get more time for foreclosure reviews

Federal regulators have announced that they would give borrowers who have faced foreclosure since early 2009 an additional three months to have their cases reviewed for potential wrongdoing.

Borrowers will now have until July 31 to apply for the free review, which stems from a deal last year in which 14 servicers agreed to hire independent consultants to evaluate whether homeowners suffered financial injury during the foreclosure process. If a review finds errors or abuses by the financial firms, the consultants will determine what recompense wronged homeowners deserve.

Examples of financial injury might include unwarranted or miscalculated fees charged to borrowers, a foreclosure that happened while a borrower was already in bankruptcy protection, or a property that underwent a foreclosure sale even as the borrower was awaiting word on a loan modification from the servicer.

The reviews apply to borrowers whose loans were in the process of foreclosure between Jan. 1, 2009, and Dec. 31, 2010.

Additional information is available at www.IndependentForeclosureReview.com or 1-888-952-9105.

Brady Dennis is a national reporter for The Washington Post, focusing on food and drug issues.

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