Banks To Offer Foreclosure Reviews To More Than 4 Million People

Millions of Americans have lost their homes in the last few years and — as any reader of Consumerist knows — the banks who foreclosed on those properties have also made more than their fair share of errors. Thus, starting today, 14 of the country’s largest mortgage servicers are contacting millions of foreclosed-upon former homeowners to offer them the opportunity to have their cases independently reviewed.

The 14 servicers that are expected to send out upward of 4.5 million offers are: Bank of America, Citibank, Wells Fargo, Ally Financial, Aurora Bank, EverBank Financial, HSBC, MetLife, OneWest, PNC, Sovereign Bank, SunTrust Banks and U.S. Bancorp.

From the Chicago Tribune:

If mistakes in the cases are found, and borrowers were harmed as a result, they may be eligible for financial settlements. The review focuses on owner-occupied mortgage loan foreclosures between Jan. 1, 2009 and Dec. 31, 2010.

Those who receive the offer must file their requests for review by April 30, 2012. For more info, you can call 1-888-952-9105 or go to IndependentForeclosureReview.com.

Regulators offer foreclosure reviews to borrowers [Chicago Tribune]