As you know, we have been reporting on the issues related to the gigantic case involving the largest lenders in the land and their involvement in the robo signing scandal involving over 4 million homes that are estimated to have been wrongly foreclosed upon.
Next month, those homeowners will receive letters in the mail, informing them to ask for a foreclosure review.
I would not want to be a Title Insurance Company at this point at this time. The can of worms that is about to be opened could provide bait for fishermen over the next 100 years.
What is not clear is who will be reviewing the requests and the process by which it will be handled. Moreover, what is not clear is how long each review is expected to take.
On the bright side, I can only imagine that there will be an increase in hiring, which would make too much sense. But, if history is any indicator, I only see further suffering for the little guy.
This will be especially true if the servicing agents for the lenders do not hire more people to deal with the wave of requests that are sure to hit their doors.
Restitution for former homeowners is also unclear. I expect that the bean counters have already performed their calculations and the settlement offers have already been calculated.
I further expect that if you have been a party to a wrongful foreclosure and you do not like the settlement, you are welcome to have your day in court.
Of course, the chances are that you cannot afford it. Which is another probable plugged into the formula for settlements. And because the court systems will follow policy, you will be wasting your time.
And the world turns on…
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Here’s the original article…4.5 million foreclosed borrowers may be eligible for reviews