Hundreds of McLeod County households that experienced a home foreclosure in 2009 or 2010 might be eligible for a free, impartial third-party review of whether their mortgage servicer handled the foreclosure improperly.
The Independent Foreclosure Review program is a part of an enforcement action by the Federal Reserve and Office of the Comptroller of the Currency against 14 major mortgage servicers.
?These reviews are not just for those who lost their homes to foreclosure,? said Dorothy Bridges, senior vice president at the Federal Reserve Bank of Minneapolis.
?If your mortgage was serviced by one of the 14 covered servicers and was involved in any part of the foreclosure process during 2009 or 2010 ? from initial filing to sale or redemption period ? you can request an independent review.?
An impartial expert will re-examine each case, according to Bridges, and recommend whether monetary compensation is warranted for deficiencies that resulted in financial harm to the borrower.
?You have nothing to lose ? there?s absolutely no charge of any kind for these reviews, and you don?t sign away any rights to pursue separate legal actions,? Bridges said.
If you or someone you know may be eligible, you can view the informational video on the Federal Reserve?s IFR webpage by visiting www.federalreserve.gov and clicking on the ?Consumer Information? menu option. This website also provides instructions on how to request a review by the Dec. 31 deadline.
To avoid scams, Bridges recommends using the official sites and avoiding any person or organization asking for payment for this review.
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