Homeowners could cash in on banks' foreclosure mistakes

PHOENIX (KPHO) -

If your home went into foreclosure in 2009 or 2010, you may be entitled to compensation.

New information is coming out that major banks may have made mistakes, by pushing people into foreclosure when they're homes could have been saved.

Bank of America, Chase and Wells Fargo are among the banks accused of making mistakes on millions of mortgages across the country, according to federal investigators.

"It's just plain wrong," said Sara Jones of Glendale.

"In any other business you'd be held accountable," said Tom Tinker of Phoenix. "I definitely think they should be held accountable."

Federal regulators are now planning a wide-spread review process that will give current and former homeowners a chance to have their foreclosure cases examined to determine whether they should be compensated for the banks mistakes.

The types of mistakes include miscalculating mortgage payments, pushing people into default prematurely and foreclosing on homeowners who were in the process of a loan modification.

Read on.