Foreclosed in 2009-2010? A must read...

Millions who could have their foreclosure cases checked for errors  and possibly get restitution  but most are passing up the chance because they don't know or understand that they can do so. Only 89,000 borrowers have asked for reviews even though more than 4 million got letters from the government late last year telling them that they could, according to USA TODAY.

It is reported the letters were not effective and many may have been tossed out mistaken as scams.

So in an effort to help more people, the Federal banking regulators announced that they’ll extend an April 30 deadline for consumers to request such reviews to July 31.
 
The reviews are part of last year’s federal settlement with 14 mortgage servicers and affiliates who manage home loans. They’re separate from the recent $25 billion settlement that states and the federal government reached last week with some of the same loan servicers. Borrowers hurt by foreclosure abuses could receive help under both settlements.

The settlement covers people who were harmed in foreclosures in 2009 and 2010, if their servicer is part of the settlement. You can read more at independentforeclosurereview.com.

With the $25 billion settlement, $1.5 billion will go to up to 750,000 consumers – payouts could be about $2,000 depending on borrower response.  Those payouts won’t require loan reviews.

Floridians will receive an estimated $7.6 billion in benefits from loan modifications, including principal reduction, and other direct relief. Approximately $170 million will go to some Florida borrowers who lost their home to foreclosure from Jan. 1, 2008, through Dec. 31, 2011.

For breaking information as it’s released, you can visit Florida Attorney General Pam Bondi’s website.