Foreclosure cases between 2009-2010 to be reviewed - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Foreclosure cases between 2009-2010 to be reviewed

HORRY COUNTY, SC (WMBF) Foreclosure activity that happened between 2009 and 2010 could be eligible for review. Some are getting letters in the mail from mortgage companies asking if they want to take advantage of that review if they think an error could have occurred during the process.

John Mills said he has seen what home foreclosures do to families. He said, "People have moved out in the middle of the night in our neighborhood a couple of times."

Mills added, "A lot of pride involved. People have worked hard for their home, and they feel like they have reached their America dream, and then if they look back at raising their kids there. They have become friends with their neighbors."

Mills said getting a chance for their foreclosure case to be reviewed could bring mixed feelings. Mills said, "Some will have wished this could have happened before they went through foreclosure, before they went through the embarrassment in front of others. Others will think it's a second chance at a new beginning."

Local realtors say there are reasons why those who were going through foreclosure between 2009 and 2010 are getting this second chance. Mills said, "The government claims foreclosures were too fast. Some lenders were not fully staffed to handle the amount of foreclosures going through. You read about the rubber stamping."

Those who are reviewing the cases say it's a complicated process to look through foreclosure details. Janete Christensen with New South Financial said, "The process - from start to finish more than 80 hours of phone work, follow up, letters to be written."

The final results can take anywhere from six to nine months. Christensen said, "You will find mistakes. It is a stringent task of finding due diligence and discovery of what's in the file."

Once the eligible cases are reviewed there could be some type of compensation for homeowners who've gone through foreclosure. But right now realtors say it is unclear what that could look like.

Copyright 2011 WMBF News. All rights reserved.

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