Victims of Robo-Signing May Be Compensated

08-Nov-2011 It was reported by the Chicago Tribune that mortgage servicers are now being held responsible for their improper foreclosure practices. According to the Chicago Tribune 14 mortgage lenders will be sending letters to 4.3 million people who may have been foreclosed upon incorrectly.

In 2009 and 2010 some mortgage companies were using a practice called robo-signing. The term refers to people who signed piles of foreclosure documents without properly reviewing each case. Due to this unfortunate practice some individuals who were working to stop foreclosure with methods such as loan modification were foreclosed on anyway because their file was not reviewed.

Some of these 4.3 million people may have been trying to stop foreclosure while discussing their options with a skilled foreclosure attorney in Chicago. It is possible that if their paperwork hadn't been pushed through with robo-signing that they may have been able to save their home.

Letters will be sent to those who may have been affected and an advertising campaign will begin soon in an effort to reach all potential victims of improper foreclosure practices. Those who are believed to have been affected will have the opportunity to have their case reviewed by independent consultants that are being paid for by the mortgage companies but regulated by a third party.

If the independent consultants find that the borrower is eligible they may receive compensation for what happened to them.

Foreclosure attorneys in Chicago cannot help but wonder how much money the mortgage lenders would have saved if they had not implemented robo-signing in the first place. It is a well known fact that a lender loses money when someone forecloses. Loan modification is a preferred option that ultimately saves the lender money and allows the borrower keep their home. Combined with the costs involved now with searching out the victims, providing consultants to review the cases and ultimately providing some with compensation, this has become very costly.

If you believe that you are at risk of foreclosing on your home you will want to speak with qualified foreclosure attorneys in Chicago to help you evaluate your case and determine if they can help you stop foreclosure. The sooner you speak with an attorney the more likely it is that they will be able to save your home.

If you are a potential victim of these improper foreclosure practices you can find out more about your options by calling 1-888-952-9105 or visit IndependentForeclosureReview.com and submit a request by April 30, 2012

Chang and Carlin
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