Regulators give eligible mortgage borrowers until September 30th to request a foreclosure review
Foreclosure review could offer mortgage relief
Photographer: WFTS
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 07/10/2012
TAMPA - Thavorn Khaika worked two jobs to make the mortgage -- then both companies laid her off.
Her house slipped into foreclosure. While this single mom does not recall any letter about the independent foreclosure review, she learned about it from Tampa Bay CDC, a HUD approved housing counseling service in Clearwater.
The reviews are being offered by 14 mortgage servicers under a settlement with regulators investigating reported foreclosure abuses. Borrowers harmed by mishandled foreclosures could receive compensation or have the principle on their loan reduced by more than $100,000.
In Khaika’s case, the review led the bank to lower the mortgage by $109,000, which reduced her house payment by $300 a month. That means she no longer has to worry about where she might be living next month or next year.
It is easy to find out if you qualify. Just go to IndependentForeclosureReview.com .
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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