If you were foreclosed upon between Jan 1, 2009 and Dec. 31, 2010 and you occupied your home, then you will qualify for an Independent Foreclosure Review. Homeowners are encouraged to apply for the Review on or by July 31, 2012.
Independent Foreclosure Review
You are eligible to receive an Independent Foreclosure Review provided you were foreclosed upon within that time frame. It is NOT limited to homeowners who lost their homes.
Let’s make it clear, you are eligible regardless what the reason. For example:
- if you were attempting to get a foreclosure, but didn’t, you are eligible;
- you may still be in foreclosure; you are eligible
- maybe you sold your home as a short sale, you are eligible
AN INDEPENDENT FORECLOSURE REVIEW IS FREE
Here is a list of mortgage servicers and their consultants that you should contact if you were in your home in the time period listed above
|Mortgage Servicers||Their Consultants|
|America’s Servicing Co.||Promontory Financial Group|
|Aurora Loan Services||Allon Hill, LLC|
|BAC (a subsidiary of Bank of America)||Promontory Financial Group|
|Bank of America||Promontory Financial Group|
|Beneficial||Ernst & Young, LLP|
|Chase||Deloitte & Touche, LLP|
|Citibank||Pricewaterhouse Coopers, LLC|
|CitiFinancial||Pricewaterhouse Coopers, LLC|
|CitiMortgage||Pricewaterhouse Coopers, LLC|
|Countrywide||Promontory Financial Group|
|EMC Mortgage||Deloitte & Touche, LLP|
|EverBank/Everhome Mortgage||Clayton Services, LLC|
|HFC (now HFC Beneficial)||Ernst & Young, LLP|
|Home Loan Services (a subsidiary of Bank of America)||Promontory Financial Group|
|HSBC||Ernst & Young, LLP|
|IndyMac Mortgage Services (part of OneWest Bank)||Navigant Consulting, Inc.|
|Litton Loan Servicing*|
|MetLife Bank||Ernst & Young, LLP|
|National City Mortgage||Promontory Financial Group|
|PNC Mortgage||Promontory Financial Group|
|Sovereign Bank||Treliant Risk Advisors, LLC|
|U.S. Bank||Pricewaterhouse Coopers, LLC|
|Wachovia Mortgage||Promontory Financial Group|
|Washington Mutual (WaMu)||Deloitte & Touche, LLP|
|Wells Fargo Bank||Promontory Financial Group|
|Wilshire Credit (a subsidiary of Bank of America)||Promontory Financial Group|
Can I get an Independent Foreclosure Review?
The banks will hire independent consultants to handle the independent foreclosure reviews. The reviews will be supervised by the regulators and not the banks.
When must I send in my Request for Review?
You may submit a request for review form postmarked no later than July 31, 2012. If you have not received a form from one of the mortgage servicers, you can request a form by calling
Mon to Fri 8:00 a.m. to 10:00 p.m. on
Saturday 8:00 a.m. to 5:00 p.m.
How can I receive compensation for my Lenders errors?
This is not a comprehensive list, but here are a few examples of errors made by lenders
- Documentation and Legal Issues:
- You lender did not follow the proper legal foreclosure proceedings such as (Notice of Default or Notice of Trustee’s Sale).
- Lack of properly documented ownership of the mortgage and promissory note when the foreclosure began.
- Incorrect and Miscalculated Charges and Fees:
- You lender showed a higher loan balance than what was actually owed.
- Your lender charged illegal penalties and false fees.
- Improper foreclosure due to incorrect mortgage payments shown by your lender.
- If the foreclosure happened for the following reasons:
- You were being considered for a loan modification and waiting for a decision.
- You were making payments on a temporary trial modification.
- You were making payments on a permanent modification agreement.
- You were not considered at all for a modification.
- You were under bankruptcy protection.
- You were in the military and on active duty and your lender violated the Servicemembers Civil Relief Act.
How long will it take?
You will receive an acknowledgment letter within one week. You may be contacted later for more information. It may take several months because the review will examine details and documents. It is not clear how long the process will take, however at some point you should receive a letter that will discuss your compensation offer and the results of the review.
Will the Request for Review stop my foreclosure?
Submitting a complaint does not automatically stop the foreclosure, however, once the form has been submitted you will receive expedited attention, according to the OCC.
How much compensation can I expect?
You may or may not receive cash. It has not been clearly stated the exact terms of financial compensation. The regulators guidelines are focused on “financial injury” and this could be in the form of no cash, but such things as repairing your credit, etc.
If I don’t agree with the findings of the review, can I appeal?