Foreclosed Homeowners May Have Cases Reviewed

About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders accused of moving too swiftly to seize their homes. The Office of the Comptroller of the Currency said that mortgage servicers will begin sending out letters this month that ask borrowers if they want their case reviewed.  The nation’s 14 largest mortgage servicers – including Citibank, Bank of America, JPMorgan Chase and Wells Fargo – were ordered to offer to review cases after the government found that some rushed the foreclosure process without carefully reviewing documents.  The orders require the lenders to pay homeowners when a “borrower suffered financial injury.”  There is no minimum or maximum dollar amount identified.  Regulators say independent consultants will also review the cases and that those reviews would likely take several months.  If a consultant finds that a lender erred, it will conduct follow-up reviews on other cases to see if the lender is trying to dodge blame.  In the four years since the housing bust, about 5 million homes have been foreclosed upon.  About 2.4 million primary mortgages were in foreclosure at the end of last year.  Another 2 million were 90 days or more past due, putting them at serious risk of foreclosure.  The other lenders and service providers cited by the agencies include: Ally Financial, Aurora Bank, EverBank, HSBC, MetLife Bank, OneWest Bank, PNC, Soverign Bank, SunTrust Banks, U.S. Bank, Lender Processing Services and MERSCORP.  The attorneys at Balkan & Patterson, LLP are experienced in class action litigation and will act to protect consumers against corporate wrongdoers.  If you believe you have potential for a class action, please contact us immediately and we will review your case at no charge.

The law firm of Balkan & Patterson, LLP was founded in 2006 and is headquartered in Boca Raton, Florida, at 601 S. Federal Highway, Suite 302, with offices in Broward County. Mr. Balkan and Mr. Patterson can be contacted at (561) 750-9191. Additional information about Balkan & Patterson, LLP may be obtained from the firm’s website at www.balkanpatterson.com.