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Foreclosure victims may be eligible for compensation [UPDATED]
Published 10:23am Monday, November 19, 2012 Updated 12:26pm Monday, November 19, 2012Area residents who experienced home foreclosure in 2009-2010 have until Dec. 31, to request an independent assessment of whether they deserve monetary compensation for foreclosure processing deficiencies.
According to the Federal Reserve Bank of Minneapolis, more than 350 Otter Tail County households may be eligible for a free and impartial third-party review of whether their mortgage servicer handled their foreclosure inappropriately.
This program, known as the Independent Foreclosure Review (IFR), is part of an enforcement action against 14 major mortgage servicers by the Federal Reserve and the Office of the Comptroller of the Currency.
These reviews are not just for those who lost their homes to foreclosure, according to Dorothy Bridges, senior vice president at the Federal Reserve Bank of Minneapolis.
If your mortgage was serviced by one of the 14 covered servicers and was involved in any part of the foreclosure process during 2009-2010, from initial filing to sale or redemption period, you can request an independent review.
An impartial expert will re-examine each case, according to Bridges, and recommend whether compensation is warranted for mortgage servicer deficiencies that resulted in financial harm to the borrower.
And you have nothing to losem there’s absolutely no charge of any kind for these reviews, and you don’t sign away any rights to pursue separate legal actions, Bridges said.
If you or someone you know may be eligible, view the informational video on the Federal Reserve’s IFR webpage http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm.
This website also provides further information, including a list of the 14 mortgage servicers included in the program and
instructions on how to request a review by the Dec. 31 deadline.
To avoid scams, Bridges recommends using these official sites and absolutely avoiding any person or organization who asks you to pay anything for this review.
AgCountry Farm Credit Services to Award $24,000 in Scholarships in 2013 AgCountry Farm Credit Services will award twenty-four $1,000 scholarships to high school seniors from eastern North Dakota and northwest and west central Minnesota who plan to enroll in college next fall.
Applicants must be from a farming/ranching family or plan to pursue a career in farming or some other aspect of agriculture. Scholarships will be given away to Minnesota residents in Becker, Beltrami, Big Stone, Clay, Clearwater, Douglas, Grant, Hubbard, Kittson, Koochiching, Lake of the Woods, Mahnomen, Marshall, Norman, Otter Tail, Pennington, Polk, Pope, Red Lake, Roseau, Stevens, Todd, Traverse, Wadena or Wilkin counties.
In North Dakota scholarships will be awarded to residents in Barnes, Cass, Cavalier, Dickey, Grand Forks, Griggs, LaMoure, Nelson, Pembina, Ramsey, Ransom, Richland, Sargent, Steele, Stutsman, Towner, Traill, or Walsh Counties.
Selection is based on academic record, personal attributes, vocational promise, leadership and financial need.
The deadline for applications is March 1, 2013 and recipients will be announced in early April. Students may obtain scholarship application forms from their high school counselor, at any AgCountry Farm Credit Services office, or from AgCountry’s web site – www.agcountry.com.�
