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Foreclosed? You may be eligible for review and financial compensation

Jackson and Josephine county homeowners who faced foreclosure in 2009 or 2010 may be eligible for a free review that could lead to financial compensation if errors or misrepresentations occurred in their cases.

The independent foreclosure review is conducted by consultants retained by the Office of the Comptroller of Currency. If the review finds that financial injury occurred because of errors, misrepresentations or other deficiencies in the servicer's foreclosure process, the homeowner may receive compensation.

For information, visit www.IndependentForeclosureReview.com or call 888-952-9105. Homeowners need to submit a Request for Review Form by April 30.

More than 4 million letters were mailed to potentially eligible borrowers with request-for-review forms and instructions. For people who believe they may be eligible but did not receive a form, forms can be requested from 888-952-9105.

Information also is available via the ACCESS website at www.accesshelps.org on the Housing page. The ACCESS Housing Department helps Jackson and Josephine county residents learn about housing-related assistance that is available.

The review is for mortgages serviced by: America's Servicing Co., Aurora Loan Services, BAC Home Loans Servicing, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage, Countrywide, EMC, EverBank/EverHome Mortgage Company, Financial Freedom, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City Mortgage, PNC Mortgage, Sovereign Bank, SunTrust Mortgage, U.S. Bank, Wachovia Mortgage, Washington Mutual (WaMu), Wells Fargo Bank, N.A., and Wilshire Credit Corporation.

Examples of situations that may have led to financial injury include:

  • The mortgage balance at time of foreclosure was more than the homeowner actually owed.
  • Fees charged or mortgage payments were inaccurately calculated, processed or applied.
  • The homeowner was doing everything a modification agreement required, but the foreclosure sale still happened.
  • The foreclosure action occurred while the homeowner was protected by bankruptcy.