In Foreclosure in 2009 or 2010?

general foreclosure assistance

Unexpected emergencies such as temporary job loss, illness, or a death in the family can lead to a loss of income. This can result in the inability to make the mortgage payment causing a possible foreclosure. To  preserve families in the community and stabilize neighborhoods, a foreclosure counseling program has been established to help families get through the difficult transition period. This will enable families to keep their homes by planning and saving for unexpected emergencies. CEDC's NeighborWorks® HomeOwnership Center offers free services to assist homeowners in preserving homeownership and preventing foreclosure. Individuals are also urged to attend the Financial Empowerment Program classes.

Counselors are certified by the U.S. Department of Housing and Urban Development (HUD).

To schedule an appointment, please call: 805.659.6868.

alert! special information for individuals who underwent foreclosure proceedings in 2009 or 2010

The Federal Reserve Board issued enforcement actions against four large mortgage servicers--GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation--in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review is intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process.

CEDC is helping to get the word out to make people aware of this opportunity.  If you had a mortgage loan on your primary residence during this time period and believe you were financially harmed during the mortgage foreclosure process by any of the four servicers in 2009 or 2010, you can request an independent review and potentially receive compensation.

There are no costs associated with being included in the review; the review is a free program. Beware of anyone who wants payment to assist you in connection with the independent foreclosure review or any other foreclosure assistance program. 

For any general questions regarding the Independent Review click here (English) or click here (Spanish), or you may contact our Foreclosure Department by calling: 805.659.6868.

You may also view a video about the independent review by clicking on this link:

http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm