Foreclosure Update

The newest screw  up.  I have written previously that a response to the robosigning and other problems about foreclosure in 2009-2010 was that the banks set up independent reviews.  Each bank hired a firm (independent?) to perform these reviews.  I believe about 3 or 4 million people filed for them.  There have been several extensions to file them.  I submitted mine in the first round.  I g0t a prompt letter saying it was in review.  I believe that was1.5 years ago.  It is still in review.  Just announced....the independent review is not working.  The firms were so overwhelmed at all the data to process.  They could not  get through all of it.  So now they have scrapped this program.  Instead they are not going to go through this case by case.  Instead they are going to devise some way to distribute the $2 Billion set aside for this.  At some point, the monetary amounts set for some things were up to $4000 for people who were actually foreclosed on.  $4000 for a 200K house---ugh!!

Filed under: Housing, Mortgage

Leave a comment