Area residents who lost their homes to foreclosure in 2009 and 2010 can turn to the Urban League of Philadelphia for help in receiving possible compensation — up to $125,000.
As result of a settlement between the federal government and 14 mortgage servicers including Bank of America, Chase, Citibank, MetLife Bank, PNC Mortgage and Wells Fargo, the financial institutions agreed to hire independent consultants to investigate foreclosure abuses and compensate those who can prove that misrepresentations, errors or other irregularities occurred during the foreclosure process.
“This is a great opportunity for people who have lost their homes and are struggling to regain financial security. This settlement cannot replace what they lost, but it can help them get back on their feet,” said Gilliam Pollard, director of Community and Economic Development at the Urban League.
“The closing date for the application is Sept. 30, so we really want people to get their applications in.”
At the beginning of the year, the banks mailed letters to homeowners who were deemed to be eligible.
“If people were foreclosed on, their addresses may not be relevant. A lot of people who could have been a part of this might have not gotten their notice,” says Pollard.
Borrowers are eligible for the review if the property securing the loan was the borrower’s primary residence, the mortgage was in the foreclosure process at any time between Jan. 1, 2009, and Dec. 31, 2010, and the mortgage was serviced by one of the 14 mortgage servicers.
“However, the home did not have to have been sold to be eligible for the review,” says Pollard.
The Urban League’s housing counselors will help applicants complete and submit the request forms and will answer questions about the process.
“The other important thing to note is that all these services are free. There is no charge for filling out the application, no charge for getting the information. However, in situations like this we had seen in the past that there are a lot of opportunities for scams,” Pollard added.
Last year, the ULP helped save 92 homes from foreclosure.
“We are proud that The Urban League of Philadelphia has been chosen as one of the point agencies to manage this campaign to help those who lost their homes to foreclosure,” said ULP President and CEO Patricia A. Coulter.
“Our housing counselors work with hundreds of Philadelphians every year to keep them from reaching this point. We work with the lenders and the homeowners to arrive at a compromise to keep homes out of foreclosure.”
To request a foreclosure review, residents can call the ULP at (215) 985-3220, ext. 201 or visit www.IndependentForeclosureReview.com.