Foreclosure Review Process Has Started, Reveals AllThingsReal-Estate.com
(EMAILWIRE.COM, June 04, 2012 ) Elk River, MN Many individuals across the United States will have received a letter from their bank asking if they would like their foreclosure case to be reviewed. It doesnt matter if the individuals house was already sold; they are entitled to a review if they believe that there was a mistake in the case.
According to AllThingsReal-Estate.com, the government initiated the Foreclosure Review Program because many banks and servicers were foreclosing on houses without a careful study of the documents (robo signer scandal).
Some of the most common mistakes of foreclosure, as identified by AllThingsReal-Estate.com are as follows:
* Doing a temporary loan modification and despite this, being foreclosed on.
* Loan Modification denied even though all the documents were sent through on time.
* Foreclosed on even though the individual qualified (and applied) for a loan modification.
* Foreclosed on because of lost paperwork, missing documentation or excessive processing fees that made impossible to pay the mortgage.
If you believe that an error was made in your foreclosure case, you can ask for a review. Banks and services must send a letter to all homeowners affected to tell them about this program. The program is free for homeowners and is paid for by the banks, said AllThingsReal-Estate.com.
If an error is found then the homeowner will be financially compensated, although it is not yet known to what extent.
There are 14 banks that are participating in the program, reveal AllThingsReal-Estate.com:
Americas Servicing Co.
Aurora Loan Services
Bank of America
EverBank/EverHome Mortgage Company
IndyMac Mortgage Services
National City Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.
All Things Real Estate Inc is a real estate brokerage company that has an excellent reputation for their commitment to providing the highest level of customer service and value to buyers. The company was recently nominated for the Most Ethical Business Award by the Better Business Bureau.