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Owners who lost their home have a second chance

July 11, 2011

Far more than two million homeowners who had been foreclosed on or had been in the process of a foreclosure during 2009 or 2010 can now ask for a assessment of their case, banking regulators announced this week. Banking regulators say ex-homeowners who may well be eligible will receive a letter from their lender explaining their rights.

The move would be to help identify homeowners who may have been improperly foreclosed upon, Julie Williams, chief counsel of the Office of the Comptroller of the Currency, stated at a congressional hearing.

Homeowners who ask for the review will obtain a letter explaining their rights.

Mortgage servicers will hire independent auditors to conduct reviews of the cases and decide if Cape Coral homeowners ought to obtain financial compensation if the foreclosures were not done appropriately. They are going to also appear for borrowers who had been denied loan modifications when they might have been eligible for one.

The critiques are part of the mortgage servicer requirements referred to as for by regulators following an investigation last fall revealed improper foreclosure practices by banks. Banks have until Wednesday to submit plans to the OCC on how they program to revamp foreclosure practices.

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