A new toll free hotline has been set up by mortgage providers and bank regulators for homeowners who have been foreclosed on and are entitled to a review of their cases.

The Office of the Comptroller of the Currency has already begun sending out letters to approximately 4.5 million borrowers who were being foreclosed on between 2009 and 2010.

Of course given the fact that many of these borrowers are now displaced many of them may not even receive this correspondence. So all borrowers who believe that they may be entitled to a review of their foreclosure case may call this new toll free number which is 888-952-9105.

While it is definitely worth calling the new toll free foreclosure review hotline, borrowers should be realistic about the probable outcome. While regulators have ordered mortgage companies and banks to compensate borrowers who suffered injury due to improper foreclosures, no dollar amount has been set and it appears to be up to the lenders who committed the mistakes or fraud to determine the amount. Ironically it is also up to these same lenders who made these loans and who acted incorrectly to actually review or oversee these reviews. Clearly this does not provide much motivation for them to find issues or pay out any compensation.

However, with money possibly on the table it is definitely worth the time for borrowers to call the toll free hotline and see if they can put in a claim. Those who believe robo-signing went on in their cases, those who were in the process of applying for a loan modification or who had filed bankruptcy and members of the military on active duty during this time period are the most likely to benefit and receive compensation.