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CapeGazette: Biden encourages Delawareans to take advantage of federal foreclosure review
Delawareans whose mortgage loans were active in the foreclosure process in 2009 and 2010 now have extra time to take advantage of an opportunity to have their cases independently reviewed, Attorney General Beau Biden announced recently.
To ensure as many eligible people as possible participate in the Independent Foreclosure Review program, the deadline to apply has been extended to Dec. 31. More than 12,000 foreclosures occurred in Delaware during 2009 and 2010.
In April 2011, federal agencies required 14 mortgage servicing banks to hire independent consultants to comprehensively review foreclosures conducted in 2009 and 2010 in order to identify borrowers who suffered financial harm due to bank errors or misrepresentations, or other problems in the foreclosure process. Individuals who suffered financial harm may be eligible for compensation.
“For our housing market to thrive, everyone must play by the rules,” Biden said. “Borrowers have an opportunity to find out if banks followed the rules when foreclosing. If the rules were broken and borrowers were harmed, the borrowers may have an opportunity through this review to be compensated.”
Biden’s office will also hold an educational event from 11:30 a.m. to 2:30 p.m., Thursday, Aug. 30, at Georgia House, 119 Main St. in Millsboro to provide information to homeowners about the foreclosure process, including possible alternatives to foreclosure and other housing-related issues.