Going through a home foreclosure often can be a painful and difficult experience. I feel blessed to say my family has never had to go through the process, though it did happen to the previous owners of the house where we currently live.
Foreclosure must be hard enough if the event happened as a result of one’s own poor decision-making, or as a result of unexpected, unfortunate circumstances. But it has to be even worse if someone was harmed and removed from their residence because of errors made by the bank or other lender. Who is held responsible when such an injustice occurs?
Congress stepped in to try to solve the problem, particularly for those adversely affected during the height of the economic downturn in 2009 and 2010. Yet like many efforts of the federal government, the first try at independent foreclosure reviews left many displaced people unsatisfied, with genuine concerns that an incomplete version of the story was heard. Apparently, this was the result of the Federal Trade Commission coming down pretty hard on many Loan Modification Providers and leaving consumers with very few qualified places to turn.
This time prospects look somewhat better. More third-party groups seem to be stepping forward to offer a helpful service. An experience with foreclosure may feel like it’s in the dark past, but for former homeowners who believe there is an injustice to be resolved, getting set up for an independent third-party review may lead to a fairer outcome.