LORAIN — Ohio homeowners stuck with wrongful foreclosures could be eligible for up to $125,000 through a federal review process, Sen. Sherrod Brown said.
About 6,000 Ohioans have started working with the federal Independent Foreclosure Review process for home foreclosures filed in 2009 and 2010.
However, up to 140,000 residents could qualify for the program, which can award up to $125,000 to borrowers who were foreclosed because of errors or misrepresentations by lenders, Brown said. The deadline to apply for a review is Sept. 30.
“Too many Ohioans lost their homes to foreclosure — often because servicers had poorly maintained, lost or forged documentation,” Brown said. “That’s why the Independent Foreclosure Review process is so important. It will help borrowers who were foreclosed on because of inaccuracies and oversights by providing lump sum payments, suspending foreclosure, enabling loan modification or correcting a credit report.”
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