1) Deadline Extended For Free Foreclosure Review
(NAPS)—There’s good news for
some victims of foreclosure. They
now have until December 31 to
request a free review and could
receive compensation if errors are
found.
Ordered by federal bank regula­
tors—the Office of the Comptroller
of the Currency and the Board of
Governors of the Federal Reserve
System—consultants will review
each file to identify borrowers who
suffered financial injury as a result
of foreclosure errors. Where finan­
cial injury is found, regulators have
directed mortgage servicers to fix
the errors and provide compensa­
tion or other remedy. Regulators are
overseeing the reviews and will
approve plans to compensate
affected borrowers.
Can I Request a Review?
To be eligible, the mortgage
must have been in the process of
foreclosure in 2009 or 2010, in ­
volve your primary residence, and
serviced by one of the companies
listed at independentforeclosure
review.com. You do not need to
have lost your home to participate.
What Kind of Errors Result
in Financial Injury?
Some examples include:
• Foreclosing in violation of
the Servicemembers Civil Relief
Act or federal bankruptcy laws;
• Foreclosing on a borrower
not in default;
• Failing to convert a qualified
borrower to a permanent modifi­
cation after successfully complet­
ing a written trial plan;
• Foreclosing prior to expira­
tion of a written payment plan,
while the borrower was meeting
the terms of that plan;
• Rejecting a loan modification
application that should have been
approved;
• Charging a higher interest
rate in a loan modification than
should have been charged; and
• Failing to provide proper
notification during foreclosure.
What Could I Get?
In June, regulators published
Borrowers now have until
December 31, 2012 to request an
independent foreclosure review.
possible compensation. For cer­
tain errors, compensation may
include payments from $500 for
s m al l er
er r or s
i nvol vi ng
improper fees to $125,000 plus
equity for the worst cases involv­
ing the loss of the home. Other
remedies may include suspend­
ing or rescinding a foreclosure,
reimbursing fees, modifying a
mortgage loan and correcting
credit reports.
How Can I Participate?
Borrowers can check eligibility
and request a review at indepen
dentforeclosurereview.com or call
(888) 952-9105 to request a form
and return it by mail.
How Long Do Reviews Take?
More than 225,000 people have
requested a review. Reviews are
detailed and will take several
months to complete. Not all fore­
closures involve errors and not all
errors lead to compensation. You
give up nothing by requesting a
review and do not waive any
rights to additional action by
accepting compensation through
this program. Remember, reviews
are free, fair and impartial.
Get more information at inde
pendentforeclosurereview.com or
www.occ.gov/independentforeclosu
rereview, from the Office of the
Comptroller of the Currency, a
bureau of the U.S. Department of
the Treasury.
Did You Know?
There’s good news for borrowers seeking a review of their mort­
gage foreclosures under the federal banking agencies’ Independent
Foreclosure Review. They now have until December 31, 2012 to sub­
mit their requests. There are no costs associated with this request
for review. Learn more at www.independentforeclosurereview.com.
There’s good news for borrowers
seeking a review of their mortgage
foreclosures under the federal
banking agencies’ Independent
Foreclosure Review. /// Deadline
Extended For Free Foreclosure
Review