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Government says only 6,000 Ohioans have sought foreclosure review

In May, this blog discussed that nationally there have been few takers in the foreclosure review process that is available through government regulators. Sources estimate that more than 140,000 Ohioans who faced foreclosure in 2009 and 2010 have received letters notifying them that they may be eligible for an Independent Foreclosure Review. The Comptroller of Currency says that only 6,000 people in Ohio have requested a foreclosure process review.

Unfortunately, the independent reviews are only available for those who went through foreclosure on 2009 and 2010. Many Ohio homeowners continue to struggle with debt, and new foreclosures are not included in the foreclosure review process. But bankruptcy may be an option for people currently facing a new foreclosure.

For those who were foreclosed upon during the foreclosure scandal, the reviews remain available for a short amount of time. The deadline to submit a foreclosure review request is currently set for September 30, 2012. Some of the homeowners who may be eligible for review may still be in foreclosure. In those cases, there is no availability for cash compensation under the review process. But is the home foreclosure is still in process, the foreclosure will be suspended, according to the Dayton Daily News.

In cases where the foreclosure is complete, and where the independent foreclosure review finds errors in the process, harmed borrowers may receive compensation, which may vary based upon the nature of the discrepancy in the foreclosure process. Commentators estimate that the cash compensation can range from $500 to $125,000, depending upon the nature of the wrong the lender committed during the foreclosure process.

Source: Dayton Daily News, "Few Ohioans seeking foreclosure reviews," Chelsey Levingston, July 18, 2012

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