Those who were foreclosed upon in 2009 and 2010 will be able to request an independent review to get compensated if errors were made, federal regulators said Wednesday. The reviews apply to 14 banks that were sanctioned by Federal agencies. Some of the situations where borrowers potentially could be compensated include: If the mortgage balance at the time of the foreclosure action was more than what was actually owed, if the foreclosure happened even if complying with the modification agreement, if the foreclosure happened while protected by bankruptcy, if the foreclosure happened while still waiting for a response to a modification request, if fees or mortgage payments were inaccurately calculated, or if the foreclosure happened within nine months of ending active military duty.
MarketWatch News November 1, 2011
