The Consumer Financial Protection Bureau (CFPB) is fining four mortgage insurance companies $15.4 million for taking illegal kickbacks that raised payment costs for some homeowners. Learn more about the CFPB’s actions against these companies.
You may be eligible for an independent foreclose review if you believe you were financially harmed in the foreclosure process in 2009 or 2010, and your mortgage was serviced by one of the following companies or its subsidiaries:
- GMAC Mortgage
- HSBC Finance Corporation
- SunTrust Mortgage, and
- EMC Mortgage Corporation.
If you meet the eligibility criteria, there is no cost for an independent foreclosure review and you could potentially receive compensation. The deadline to request a review is July 31, 2012.
The four mortgage servicers are required to make these independent reviews available as part of their compliance with enforcement actions taken by the Federal Reserve Board.
Learn more about the eligibility requirement and how to request a foreclosure review.
Through the National Mortgage Settlement, the country’s five biggest mortgage servicers must commit about $25 billion in relief to individuals and governments because they broke the law in how they managed home loans.
It will take time to figure out which individuals are eligible for help from the settlement. If you are eligible, you should receive a letter in the next 6 to 9 months.
In the meantime, you can learn about the National Mortgage Settlement from its website, including
The settlement will provide assistance for eligible
- Homeowners needing loan modifications
- Borrowers who are current, but underwater and in need of refinancing.
- Borrowers who lost their homes to foreclosure.
Learn more about the National Mortgage Settlement.