There’s help available for some area residents who went through foreclosure in 2009 and 2010. Homeowners able to show there were errors during the process may qualify for up to $125,000 in compensation, thanks to a settlement between the government and 14 major banks.
Housing counselors are available to help applicants complete the necessary forms, says Deserie Sills, Urban League of Philadelphia housing program manager.
“The program is called the Independent Foreclosure Review program and we are offering assistance to individuals who are interested in getting their foreclosure documentation or their foreclosure reviewed by the mortgage company in order to receive a compensation,” Sills said.
After the government extended the program twice because of a lack of applications, the deadline to request a review is now Dec. 31.
Gilian Pollard, the director for community and economic development with the Urban League of Philadelphia, said has a few ideas why more people haven’t applied for help.
“This is referring to property that was in the foreclosure process between 2009 and 2010. The banks sent this mailing to everybody who was in the process at that time. However, some people might have moved,” she said.
Those in the foreclosure process “might have gotten disillusioned with all the paperwork,” she added.
An Independent Foreclosure Review will be conducted to evaluate each case.