The application deadline is approaching for independent foreclosure reviews that could provide financial benefits to thousands of Minnesotans.
Under the terms of a legal settlement, the review is available to homeowners whose primary residence was in foreclosure between Jan. 1, 2009 and Dec. 31, 2010. The deadline for requesting a foreclosure review is Dec. 31.
Their loan must have been serviced by one of 14 residential mortgage servicers, which include Citibank, Wells Fargo and Countrywide.
"But many Minnesota homeowners, many Minnesota families, aren't taking advantage of this independent foreclosure review, and time is running out," said Ed Nelson of the Minnesota Home Ownership Center.
Homeowners who believe they were financially harmed during the foreclosure process should apply for a review, Nelson said.
"There are monetary damages the consumer can receive, there's compensation for that from lost paperwork that may garner a homeowner a few hundred dollars, all the way through if they lost the home and never had missed a payment," he said. "There may be up to $250,000 in those kinds of situations."
More information is available at the website, independentforeclosurereview.com.
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