Delays in Thousands of Foreclosure Reviews

Anyone that expected fast results from foreclosure reviews is in for a disappointment.  They are now expected to take a much longer time.

Review time frames have lengthened for other servicers, too, because the detail, scope and complexity of the reviews weren’t fully known last April, says OCC spokesman Bryan Hubbard.

The reviews are for borrowers that faced foreclosure on their primary home in 2009 and 2010 by the nation's largest servicers.  This could amount to as many as 4 million borrowers, but they expect to only sample for errors such as unlawfurl foreclosures and excessive fees.

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Real estate investor
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