Your tip for today is the Independent Foreclosure Review.
Homeowners whose primary residence was part of a foreclosure action between January 1, 2009 and December 31, 2010 may be eligible for an Independent Foreclosure Review.
The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators) have required an Independent Foreclosure Review by an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.
- Your mortgage loan was serviced by one of the participating mortgage servicers.
- Your mortgage loan was active in the foreclosure process between January 1, 2009 and
December 31, 2010.
- The property was your primary residence.
Some examples of situations that may have led to financial injury…
- The mortgage balance amount at the time of the foreclosure action was more than you actually owed.
- You were doing everything the modification agreement required, but the foreclosure sale still happened.
- The foreclosure action occurred while you were protected by bankruptcy.
- You requested assistance/modification, submitted complete documents on time, and were waiting for a decision when the foreclosure sale occurred.
- Fees charged or mortgage payments were inaccurately calculated, processed, or applied.
- The foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9 months after the active duty ended and the service member did not waive his/her rights under the Service members Civil Relief Act.
Homeowners that meet the initial eligibility criteria will be mailed notification letters with an enclosed Request for Review Form by December 31, 2011 that explains the Independent Foreclosure Review process and a Request for Review Form that identifies some examples of situations that may have led to financial injury. The form must be completed and postmarked not later than April 30, 2012.
After submitting your form you’ll be sent an acknowledgement letter within one week. Your request will be reviewed and if it meets the eligibility requirements, it will be reviewed by an independent consultant.
Your servicer will provide relevant documents along with any findings and recommendations related to your request for review to the independent consultant for review. Your servicer may be asked to clarify or confirm facts and disclose reasons for events that occurred related to the foreclosure process. You could be asked to provide additional information or documentation. Because the review process will be a thorough and complete examination of many details and documents, the review could take several months. The Independent Foreclosure Review will determine whether financial injury has occurred as a result of errors and you will receive a letter with the findings of the review and information about possible compensation.
If you have questions, need a form, or need help completing the form you can call 1-888-952-9105.
The list of participating servicers includes:
America’s Servicing Co.
Aurora Loan Services
EverBank/EverHome Mortgage Company
IndyMac Mortgage Services
Wells Fargo Bank
If there are topics you would like to learn about, please email Drew and I at Info@TinaAndDrew.com again that’s Info@TinaAndDrew.com and we will bring them on-air in a future show during our Tips For Listens segment.
Join Drew and I for one of our up coming Buyer Power seminars.
Knowledge is power!