If you suffered financial injury as a result of misrepresentations, errors, or other deficiencies in the foreclosure process between 2009 and 2010, then you may be eligible for compensation or other remedy from your mortgage servicer.

Last April 13, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision enforced actions against large residential mortgage servicers for “unsafe and unsound practices” related to foreclosure processing.

Federal regulators required mortgage servicers to engage independent firms to conduct Independent Foreclosure Reviews. These independent firms will determine whether borrowers suffered financial injury through misrepresentations, errors, or other deficiencies in foreclosure practices and determine appropriate compensation or other remedy.

In order to avail for this financial remediation, you must first apply for a free Independent Foreclosure Review. To qualify, you must have faced foreclosure between January 1, 2009 and December 31, 2010; the property involved in the foreclosure process must be your primary residence, and the mortgage services must be among these: America’s Servicing Co., Aurora Loan Services, BAC Home Loans Servicing, Bank of America, Beneficial, Chase, Citibank, CitiFinancial, CitiMortgage, Countrywide, EMC, EverBank/EverHome Mortgage Company, Financial Freedom, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City Mortgage, PNC Mortgage, Sovereign Bank, SunTrust Mortgage, U.S. Bank, Wachovia Mortgage, Washington Mutual (WaMu), Wells Fargo Bank, N.A., and Wilshire Credit Corporation.

Requests for Independent Foreclosure Review forms must be postmarked or submitted online not later than December 31, 2012.

Whether you are a first-time home buyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.

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