The Federal Reserve Bank of Boston is encouraging borrowers to apply to a federal independent foreclosure review program.
The Boston Fed says only 5 percent of more than 135,000 eligible borrowers in New England have applied. In Massachusetts alone, 54,774 eligible candidates have not yet responded, making the independent foreclosure review response rate in the state at 6 percent.
If the review finds that financial injury occurred due to the foreclosure process, the borrower may receive remediation of up to $125,000 plus equity, the Boston Fed said. Borrowers have until Dec. 31 to submit their review forms.
"Across New England, response rates have ranged from 5 percent to 7 percent, with the majority of eligible borrowers missing out on a vital opportunity," said Ana Patricia Munoz, senior policy analyst at the Boston Fed. "With so many homeowners in New England having struggled with foreclosure, we want to be sure that every eligible borrower knows about the program and has the opportunity to apply before the deadline."
Borrowers are eligible for an independent foreclosure review if a mortgage loan was active in the foreclosure process between Jan. 1, 2009, and Dec. 31, 2010; the property securing the mortgage loan was the borrower's primary residence; and the mortgage loan was serviced by one of 25 participating mortgage servicers, including Bank of America, Chase, Citibank and Washington Mutual.
For more information, borrowers may call 1-888-952-9105 or visit http://www.occ.gov/independentforeclosurereview or http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm
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