Few Respond to Foreclosure Review Offer

WASHINGTON – May 21, 2012 – Months after the first invitations were mailed, only a small percentage of eligible borrowers have accepted a chance to have their foreclosure cases checked for errors and maybe win restitution. By April 30, fewer than 165,000 people had applied to have their foreclosures checked for mistakes – about 4 percent of the 4.1 million who received letters about the free reviews late last year, according to the Office of the Comptroller of the Currency. The reviews were agreed to by 14 major mortgage servicers and federal banking regulators in a settlement last year over alleged foreclosure abuses. So few people have responded that another mailing to almost 4 million households will go out in early June, reminding them of the July 31 deadline to request a review, OCC spokesman Bryan Hubbard says. If errors occurred, restitution could run from several hundred dollars to more than $100,000. The reviews are separate from the $25 billion mortgage-servicing settlement that state and federal officials reached this year. Anyone who requests a review will get one if they meet certain criteria. Mortgages had to be in the foreclosure process in 2009 or 2010, on a primary residence, and serviced by one of the 14 servicers or their affiliates, including Bank of America, JPMorgan Chase, Citibank and Wells Fargo. More information is at independentforeclosurereview.com. Even though letters went to more than 4 million households, consumer advocates say follow-up advertising has been ineffective, leading to the low response rate. Many consumers have also grown wary of foreclosure scams and government foreclosure programs, says Deborah Goldberg of the National Fair Housing Alliance. “The effort is being made” to reach people, says Paul Leonard, the mortgage servicers’ representative at the Financial Services Roundtable, a trade group. “It’s hard to say why people aren’t responding.” With this settlement, foreclosure cases will be reviewed one by one by consultants hired by the servicers but monitored by regulators. With the $25 billion mortgage settlement, borrowers who lost homes to foreclosure will be eligible for payouts from a $1.5 billion fund. That could mean 750,000 borrowers getting about $2,000 each, federal officials have said. For more information on that, go to nationalmortgagesettlement.com.

CountryHomesofFlorida.com - Properties of Carol Barron-Cross with Sunflower Homes & Equestrian LLC in Palm City, FL

This great looking home is JUST PENDING  and listed by Sunflower Homes and Equestrian, LLC, Carol Barron Cross, Broket

Carol can assist you with your  real estate needs

CountryHomesofFlorida.com - Properties of Carol Barron-Cross with Sunflower Homes & Equestrian LLC in Palm City, FL
http://www.mysunflowerfarmfl.com/

Looking for HORSE PROPERTY in South Florida? Here are two.

Palm Citys Horse Talk Market Trends: Good Morning

With a week of mixed reports being released, it was clear that more consumers are seeking a home purchase with low mortgage rates at this time. According to the National Association of Realtors, Pending Home Sales which are actual contract signings, increased 4.1 percent for the month of March. This number is 12.8 percent higher than March of 2011 and is an indication of improvement in the real estate market.  

These two beautiful properties are PENDING this month in Palm City, Florida. This illustrates the trend that folks are tired of big rental payments. If one can purchase, they should evaluate their finances and see what is best for them. These properties were listed and sold by Sunflower Homes and Equestrian, LLC. Palm City, Florida.

New Home Sales did not do as well and actually decreased 7.1 percent after revised February's numbers were increased. Even with a decrease, New Home Sales were 7.5 percent higher than in March, 2011. While the prices of existing homes remains down, borrowers have started to take action.

Sunflower Homes and Equestrian, LLC has a high rate of success. They specialize in personal service, the best marketing technology, and is interested in successful closings. Each client of Sunflower Homes gets continuous support while buying or selling. See what folks have to say about Carol Barron Cross, Broker/Owner Sunflower Homes and Equestrian.

"When my life turned upside down and I was choosing to relocate from New Jersey to Florida, thank goodness it was Carol who I chose to be my realtor and contact. She is professional and personable and really knows her stuff. Mine was not an easy closing especially because I was not in Florida and Carol really went above and beyond for me being available when I needed her, being able to step it up to the plate when necessary and being able to talk me off the ledge when I needed it. I thank my lucky stars it was her I worked with and I would recommend her in a heartbeat to anyone looking to purchase florida real estate. Thanks again Carol, for all your help. you were a godsend when I needed one most. 
Marci Rodriguez 
Owner, White Owl Farm 

"Carol is a very professional, educated and reliable Broker. She has always been a pleasure to work with or even chat with about the current real estate market, local events or even family. She works very hard to make sure her colleagues and customers have a smooth transaction. I look foward to our next deal together!! She is a highly recommended top-notch realtor!!" Melissa Conrad, Coldwell Banker.