Independent Foreclosure Review Update

For those homeowners who would like to participate in the Independent Foreclosure Review process initiated by the Federal Reserve System and the Office of the Comptroller of the Currency, they now have until July 31, 2012 to submit their requests. This will allow people an additional three months to determine whether or not they want to request a review and how to go about doing that.

In April of 2011, consent orders were entered between the above-named agencies and fourteen of the largest mortgage service lenders and two third-party vendors. The purpose was to require these servicers and vendors to be evaluated by independent groups to determine whether or not a homeowner suffered a financial loss because of faulty foreclosure proceedings. If the independent consultant determined that to be the case, they were then to determine the appropriate remedy available to the borrower.

The following is the criteria to be eligible for an Independent Foreclosure Review:

  • 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.

To see a complete list of the participating mortgage servicers, please click here: OCC: Correcting Foreclosure Practices.

While some of you may have already received a letter from your mortgage servicer regarding your potential review, it is important that you understand you will have to follow-up and request the Independent Foreclosure Review. You will not automatically be considered just because you received the informational letter from the servicer. If you have any questions or would like further guidance during your foreclosure, please call one of the experienced foreclosure defense attorneys at the Law Office of Tauna R. Bogle, P.A.