Foreclosure relief program slow to provide aid

More than a year after its launch, the federal Independent Foreclosure Review program has yet to pay out any compensation, and just a fraction of the requested reviews have been completed.

December 05, 2012

Under the federal Independent Foreclosure Review program, eligible homeowners can request a review of their foreclosure file by a third-party consultant. If the auditor finds that the bank made errors in processing their foreclosure, the homeowner can recoup from $500 to as much as $125,000. But more than a year after its launch, the program has yet to pay out any compensation, and just a fraction of the requested reviews have been completed.

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