The housing crisis has been a big thorn in the side of Americans, causing many people to face home foreclosure. Sometimes the foreclosure process has seemed fishy to many borrowers, or at the very least inconsistent. The processes, answers and level of knowledge borrowers have gotten over the last few years when facing financial difficulty have varied widely and have led to greater stress levels and frustration.
As we have discussed on this blog, banks have not been properly staffed to answer questions or properly handle mortgage processes. Many foreclosure documents have been “robo-signed” in Florida and throughout the U.S. without the full understanding of the borrower or the attention that each case deserves. With all the mess, regulators have decided more must be done to ensure consistency.
According to The Wall Street Journal, banks are preparing to offer a toll-free number and more streamlined processes for dealing with those who are threatened by the possibility of foreclosure or who think that they have already been unethically ousted out of their homes. Regulators are requiring banks to set up a single process from those who want a review of their case. Reviews have varied depending on the mortgage company, adding even more confusion. Reviews can be requested for foreclosures that happened to a primary residence between 2009 and 2010 and must be performed by a third party, unconnected with the lender.
Still, even with these steps that are seemingly well meaning, many borrowers are either skeptical or simply feel like the efforts are too little, too late. Many do not trust the banks to set up a streamlined system that is honest and that will have their best interest at heart. There’s also the concern for those who don’t quite fit the criteria, for example, those who have lost their homes early in 2011.
Clearly any strides made will be looked at with a critical eye. Having a Florida attorney on your side to see that your case is looked at fairly and keep you informed of all the details you need to know is crucial to preventing wrongful foreclosure.
The Wall Street Journal: “Foreclosure Complaint? Stand By for a New Toll-Free Number,” Alan Zibel, Sep. 19, 2011