UPDATE: Foreclosure-review period extended

It was nearly one year ago when we informed you that the government may owe you money:

Did you receive a foreclosure notice while making trial payments under HAMP?

Did you provide the proper paperwork for a modification but were still denied?

Were you a victim of the “robo-signing” scandal?

If so, you may qualify for restitution when millions of foreclosure cases are soon reviewed.

Originally slated to end on July 31, consumers now have until the end of this year to submit a request for a foreclosure review at http://www.independentforeclosurereview.com.

From the OCC:

As part of enforcement actions issued in April 2011, the agencies required 14 large mortgage servicers to retain independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process. If the review finds that financial injury occurred, the borrower may receive remediation such as lump-sum payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records. Lump-sum payments can range from $ 500 to, in the most egregious cases, $ 125,000 plus equity, according to guidance issued by the agencies.

Requesting a review does not preclude borrowers from taking other actions related to their foreclosures. A servicer is not permitted to require a borrower to sign a waiver of the borrower’s ability to pursue claims against the servicer in order to receive compensation under the Independent Foreclosure Review.

How to request a review

To request a foreclosure review, you must log onto http://www.independentforeclosurereview.com and first check your eligibility. You must be a customer of one of the following servicers:

If you are, your next steps are to fill out and submit a “Request for Review Complaint Form.” Forms must be sent online or postmarked before Dec. 31.

For general questions or for help completing the form, call 1-877-465-0428.


HSH Associates Financial News Blog

Related Posts

© 2018 Learn About Mortgage. All rights reserved. Site Admin · Entries RSS · Comments RSS
Powered by WordPress · Designed by Theme Junkie