Part of the agreement is that those underwater are supposed to receive principle reductions. CAll your servicers and ask for a review of your account.
CHECK OUT ALSO: FEDERAL RESERVE:Independent Foreclosure Review or the Independent Foreclosure Review Site. for the application
Information about the review process, including how to request an independent review, was mailed to potentially eligible borrowers in November and December 2011. If you believe that you meet the three criteria but have not received a mailing, call 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET), and Saturday from 8 a.m. to 5 p.m. (ET). Individuals can also get more information about the review through a website set up by the servicers, www.IndependentForeclosureReview.com . A list of Frequently Asked Questions and Answers are available on the website.
Individuals will be sent an acknowledgement letter from the review administrator within one week after their request for an independent review is received. Individuals will be notified in writing of the results of the review. Because the review process will be a thorough and complete examination of many details and documents, it could take several months to complete the review.
Deadline to Request a Review
Requests for review by the servicers’ independent consultants must be postmarked or submitted online by September 30, 2012.1 Borrowers are encouraged to carefully consider the information about the review program to determine if they are eligible to participate.
In an article Saturday morning CNN gave the scoop on those underwater homeowners and those foreclosed on wrongfully. Here is an excerpt – it is an article well worth checking out. Servicemen who were on active duty should pay close attention
>>>CNN Article>>>completed a trial modification or while they were in the midst of the trial period, they will receive the value of their home's equity at the time of foreclosure, plus $125,000. If they were able to get their home back, they'll get $15,000.
Related: America's hardest hit neighborhoodsHomeowners to receive up to $125,000 for foreclosure abuses - Jun. 21, 2012
If the foreclosure was stopped, lenders must complete the permanent modification and pay $5,000 to borrowers. If the lender can't provide modified mortgages, the compensation rises to $35,000.
Errors and other issues with loan modification applications: If a lender mistakenly denied a modification application, failed to follow up on an application or ask the borrower to submit a modification application as required under the Home Affordable Modification Program, or didn't process the application quickly enough, then the borrower is entitled to compensation.
Check out CNN’s related article of what the Foreclosure Agreement means to YOU
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