Large mortgage servicers have been ordered by federal bank regulators to identify borrowers who were financially harmed by errors and improper practices during foreclosures that were in process in 2009 and 2010, and provide compensation or other remedy where financial harm is found.   

If you believe that you have been wronged in a foreclosure process during 2009 or 2010, you may request a free, independent review of your mortgage file through the Independent Foreclosure Review.  The deadline for requesting a review is December 31, 2012.  If the review finds that financial harm has occurred, you may receive compensation or other relief.  You give up nothing by requesting a review and do not waive any rights by accepting compensation through this program. 

The deadline for requesting an Independent Foreclosure Review is December 31, 2012.

Who is Eligible to Request a Review?
Borrowers do not need to have lost their home to participate but must have been part of a foreclosure action on their primary residence in 2009 or 2010 by one of the following companies:
 

How Can I Request a Review?
Borrowers may check their eligibility and request a review at www.independentforeclosurereview.com  or may call 1-888-952-9105 to request a form to be completed and returned by mail.  Reviews are free.  The deadline for requesting a review is December 31, 2012.

What Kind of Errors Result in Financial Harm?

Examples include, but are not limited to:

• Foreclosing on a borrower not in default;
• Failing to convert a qualified borrower to a permanent modification after successfully completing a written trial plan;
• Foreclosing prior to expiration 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;
• Failing to provide proper notification during foreclosure; or
• Foreclosing in violation of the Servicemembers Civil Relief Act or federal bankruptcy laws.

Note  you do not need to have lost your home to foreclosure to be eligible.

What Could I Get?
Remediation may include suspending a pending foreclosure or rescinding a completed foreclosure, reimbursing improper fees plus interest, providing a loan modification, correcting credit reports and other errors in the borrowers’ records or providing cash payments to compensate for financial harm.

Cash payments can range from small amounts up to $125,000 plus equity in the most severe cases.  Note that not all foreclosures involved errors and not all errors will lead to compensation. However, you give up nothing by requesting a review and do not waive any rights by accepting compensation through this program. 

How Will I Know if my Request for Review has been Received?
An acknowledgement letter will be sent within seven days after your request is received.  If you do not receive a letter acknowledging receipt of your review, call 1-888-952-9105 to inquire about the status of your request.

Don’t Fall for Scams by Paying for a Review, Free Help Is Available
If you need free help to complete the request for review form, contact a HUD-approved Housing Counseling Agency.  Information about HUD-approved agencies that can provide free assistance can be found here or by calling 1-888-995-HOPE (4673).

For more information about the Independent Foreclosure Review visit:

• The Independent Foreclosure Review (www.independentforeclosurereview.com)
• Office of the Comptroller of the Currency, a bureau of the U.S. Department of the Treasury (www.occ.gov/independentforeclosurereview)
• Board of Governors of the Federal Reserve System (http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm)

Other Foreclosure Assistance
A variety of assistance programs can help homeowners trying to prevent foreclosures or to receive compensation for problems that occurred in the foreclosure process.  Other programs include:

• The National Mortgage Settlement – The National Mortgage Settlement may provide relief or compensation for distressed homeowners through a settlement struck by the federal government, 49 state attorneys generals and five large mortgage companies.  To learn more about the settlement visit www.nationalmortgagesettlement.com.
• Making Home Affordable – Since 2009, the Making Home Affordable program has helped provide loan modifications and refinancing options to homeowners struggling to keep their homes.  For more information about the Making Home Affordable program visit www.makinghomeaffordable.gov.
   

Helpful Links about the Independent Foreclosure Review

Official Site
Frequently Asked Questions
Request Form Help Sheet
Tips to Complete the Form
Remediation Framework
Frequently Asked Questions about the Remediation Framework
Guide to Remediation Framework
Video Guide

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Guía de Consulta Rápida Sobre la Sistema de Reparación Financeria
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