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Few homeowners opting for foreclosure help

Updated: Sunday, 22 Jul 2012, 11:58 AM EDT
Published : Sunday, 22 Jul 2012, 11:58 AM EDT

DAYTON, Ohio (AP) - Few eligible Ohio homeowners are having their foreclosure cases reviewed for free even though they might receive up to $125,000 if lenders wrongfully caused them financial harm.

The Dayton Daily News reports that the reviews are to determine if borrowers suffered financial harm due to errors, misrepresentations, or other deficiencies in the foreclosure process. Lenders must compensate them for such injuries.

Mortgage lenders required to offer borrowers the independent foreclosure review sent notification letters to about 140,700 eligible Ohioans who faced foreclosure in 2009 and 2010. But the federal Office of the Comptroller of the Currency says only 6,000 Ohioans had requested reviews as of May 31.

The review request deadline is Sept. 30.

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