Senator Bob Casey (D-PA) 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 a large number of Pennsylvania homeowners faced foreclosure
County
December 2010 Foreclosures
Adams
326
Allegheny
2,904
Armstrong
105
Beaver
388
Bedford
68
Berks
1,204
Blair
194
Bradford
41
Bucks
1,935
Butler
413
Cambria
177
Cameron
7
Carbon
374
Centre
146
Chester
1,259
Clarion
40
Clearfield
110
Clinton
44
Columbia
74
Crawford
154
Cumberland
428
Dauphin
643
Delaware
2,158
Elk
38
Erie
395
Fayette
224
Forest
13
Franklin
379
Fulton
32
Greene
23
Huntingdon
44
Indiana
114
Jefferson
38
Juniata
25
Lackawanna
606
Lancaster
1,031
Lawrence
244
Lebanon
222
Lehigh
1,450
Luzerne
1,017
Lycoming
187
McKean
29
Mercer
217
Mifflin
57
Monroe
2,725
Montgomery
2,030
Montour
21
Northampton
1,295
Northumberland
102
Perry
112
Philadelphia
5,993
Pike
797
Potter
16
Schuylkill
282
Snyder
34
Somerset
110
Sullivan
4
Susquehanna
69
Tioga
22
Union
41
Venango
36
Warren
52
Washington
525
Wayne
365
Westmoreland
862
Wyoming
38
York
1,579
Statewide
36,687
Source: Corelogic
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 a large number of Pennsylvania homeowners faced foreclosure
County
December 2010 Foreclosures
Adams
326
Allegheny
2,904
Armstrong
105
Beaver
388
Bedford
68
Berks
1,204
Blair
194
Bradford
41
Bucks
1,935
Butler
413
Cambria
177
Cameron
7
Carbon
374
Centre
146
Chester
1,259
Clarion
40
Clearfield
110
Clinton
44
Columbia
74
Crawford
154
Cumberland
428
Dauphin
643
Delaware
2,158
Elk
38
Erie
395
Fayette
224
Forest
13
Franklin
379
Fulton
32
Greene
23
Huntingdon
44
Indiana
114
Jefferson
38
Juniata
25
Lackawanna
606
Lancaster
1,031
Lawrence
244
Lebanon
222
Lehigh
1,450
Luzerne
1,017
Lycoming
187
McKean
29
Mercer
217
Mifflin
57
Monroe
2,725
Montgomery
2,030
Montour
21
Northampton
1,295
Northumberland
102
Perry
112
Philadelphia
5,993
Pike
797
Potter
16
Schuylkill
282
Snyder
34
Somerset
110
Sullivan
4
Susquehanna
69
Tioga
22
Union
41
Venango
36
Warren
52
Washington
525
Wayne
365
Westmoreland
862
Wyoming
38
York
1,579
Statewide
36,687
Source: Corelogic