U.S Senator Bob Casey (D-PA) has alerted Pennsylvanians who may have wrongfully lost their homes that they could qualify for financial compensation via the Independent Foreclosure Review process. The program is set to expire in September 30, 2012.
There are potentially 100,000 Pennsylvanians who could be eligible for review, which could result in compensation up to $125,000 if they lost their homes due to unscrupulous foreclosure practices by banks.
With the program set to expire on September 30th, only 4.6 percent of eligible Pennsylvanians have taken advantage of the Independent Foreclosure Review process.
“With nearly 100,000 Pennsylvanians eligible it’s important that those who were impacted take advantage of the review process,” Casey said. “If a bank or lender used unscrupulous practices to wrongly foreclose on someone’s home then they should be held accountable. There is a process in place to hold bad lenders responsible, but we need more Pennsylvanians to take advantage of it.”
Difficulties in the housing market caused a wave of foreclosures across the country, but investigations have since revealed that many Americans saw their homes improperly foreclosed upon. The spate of foreclosures had an impact across Pennsylvania.
One research company, Corelogic, tracked foreclosure data by county and found that in December 2010 alone, 36,687 Pennsylvania homeowners faced foreclosure.
These included 797 in Pike County, 365 in Wayne County and 2,275 in Monroe County.