Friday, December 2, 2011

Mortgage Foreclosure Audits

The U.S. Treasury has begun, on November 1, 2011, sending out letters to homeowners, who were foreclosed on during 2009 and 2010, to provide them with information regarding a free audit of their foreclosure and possible compensation if the foreclosure was improperly conducted.

The process is slow and results are not immediate, but it expected that more than 3 million letters will go out to homeowners over the next few months.

Most of the big banks and foreclosure companies entered into a consent agreement as a result of an investigation and a consent order issued by the U.S. Treasury, Office of Comptroller.  The consent order was issued in April of 2011.

For more information visit the Comptroller's website:  http://www.occ.treas.gov/

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