Home owners who went through a foreclosure could get up to $125,000 if their mortgage servicer made mistakes. So why are so few asking for an independent foreclosure review?

There’s a big payout waiting for some of the 4.3 million home owners (and former home owners) whose mortgage servicers made mistakes during the foreclosure process or during a mortgage loan workout.

Thanks to a settlement between 14 mortgage servicers and the federal government, a home owner who was caught up in the foreclosure wave of 2009 and 2010 could receive up to $125,000.

The six-figure checks will go to home owners who were hurt the most, but even those who were only slightly harmed could get as much as $15,000 if an independent foreclosure reviewer finds in their favor.

The catch? You have to fill out a form to ask for an independent foreclosure review of your case.

Foreclosure review rules

The rules for who can ask for a foreclosure review are simple. These three things tell you whether you can get your foreclosure reviewed:

• You sent mortgage payments to one of the 14 servicers that are part of the deal.

• Your foreclosure was started, pending, or completed between Jan. 1, 2009 and Dec. 31, 2010.

• Your troubled loan was for your primary residence and not a vacation or second home.

If you can answer yes to those three questions, call 888-952-9105 right now and ask them to send you the form to request a free foreclosure review. Worst-case scenario: You fill out yet another form and don’t get anything for your trouble.

Real Estate Needs? Email Regina at Regina@ReginaWallace.com