Thanks to Federal Reserve, Free Foreclosure Reviews Available to Some

If your home was at any time in 2009 or 2010 involved in the foreclosure process, you may be eligible for compensation if mistakes were made by your lender or loan servicer.  A free Independent Foreclosure Review can determine whether you are eligible for compensation, but you must request it before Dec. 31, 2012.

Home-loan borrowers whose primary residence was involved in the foreclosure process between January 1, 2009 and December 31, 2010 may request a free review.  A third party administrator has set up a website and a call center (888-952-9105) where borrowers can get more information and check eligibility.  If the review finds that financial injury occurred because of errors or other problems during their home foreclosure process, compensation or other remedy may be provided.

The Independent Foreclosure Review is monitored by federal bank regulators, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, to ensure a fair and impartial process.

The review is free; beware of anyone who asks you to pay for it.

AARP Foundation is developing strategies to improve access to safe and affordable housing for people age 50 and over. 

Featured Image photo credit: taberandrew