OfflineIn the aftermath of the robo-signing scandal, new foreclosure actions are beginning to pick up in number and speed. However, lenders are now going to have to deal with possibly more than 4 million previously foreclosed homeowners who will be allowed to file requests for independent reviews of the procedures used to take their homes.
If the review turns up errors or malfeasance in the handling of the foreclosure and “financial injury” to the homeowner, they would be entitled to some financial relief. However, there has yet to be a definition or quantification of what that relief might entail.
14 major lenders are involved. They agreed to review foreclosure cases that occurred between January 1, 2009 and December 31, 2010.
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What about the last 5 or 6 yrs. ?
If the review turns up errors or malfeasance in the handling of the foreclosure and “financial injury” to the homeowner, they would be entitled to some financial relief. However, there has yet to be a definition or quantification of what that relief might entail.
14 major lenders are involved. They agreed to review foreclosure cases that occurred between January 1, 2009 and December 31, 2010.
there might be repercussions to some of us that bought REO's that might have had the Robo Signing? Or just that the homeowner might get financial relief?
I keep hearing bits and pieces about this, but somehow never get all the details. Lots of people don't mention it at all, then some RE guy will say to be careful about buying REO's because of it.
ok, am I missing something here???
how can any foreclosures not be malfeasance?? I think this will apply to everyone who was foreclosed and everyone who is about to foreclose... can't wait to see where this goes.
Learning and progressing every day,
Valerie
Valerie
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as to who the 14 banks all are. Good bit of info!