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Some borrowers harmed during foreclosure receive compensation

Posted by: Leslie Black-Plumeau on 6/13/2012

Borrowers nationwide who think they were financially harmed during the mortgage foreclosure process in 2009 or 2010 may request an independent review and potentially receive compensation.  The deadline for filing applications is July 31, 2012.

A team of independent consultants has been charged with determining if eligible applicants were financially injured due to "errors, misrepresentations, or other deficiencies in the foreclosure process."  If the review finds that financial injury occurred, the borrower may receive compensation or another type of remedy.

To find out more about eligibilty criteria and how to apply, check out yesterday's Federal Reserve Bank of Boston press release.