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If your primary residence was involved in a
foreclosure process
between January 1, 2009, and December 31, 2010,you may qualify for a
FREE Independent Foreclosure Review.
The Independent Foreclosure Review will determine whether individual
borrowers suffered financial injury and should receive compensation
or other remedy because of errors or other problems during their
home foreclosure process.
You must have been a customer of one of the mortgage servicers
listed below:
America’s Servicing Co.
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome
Mortgage Company
Financial Freedom
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.
Wilshire Credit Corporation
Eligible customers were mailed a letter explaining the Independent
Foreclosure Review process and a Request for Review Form. If you
believe that you are eligible to participate in the program, you may
call the number below to ask for a Request for Review Form. All
Request for Review Forms must be postmarked no later than July 31,
2012.
For more information about the FREE foreclosure review,
visit IndependentForeclosureReview.com or call 1-888-952-9105
Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.– 5 p.m.
ET.
The Independent Foreclosure Review is monitored by federal bank
regulators, the Office of the Comptroller of the Currency and the
Board of Governors of the Federal Reserve System, to ensure a fair
and impartial process.
Watch out for scams—there is only one Independent Foreclosure
Review.
Beware of anyone who asks you to pay a fee for any foreclosure
review service,such as completing the Request for Review Form.
This information is accurate as of the date of printing and is
subject to change without notice. |
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Independent Foreclosure Review
Frequently Asked Questions and Answers1 What is the Independent
Foreclosure Review?
As part of a consent order with federal bank regulators, the Office
of the Comptroller of the Currency (OCC),the Office of Thrift
Supervision (OTS) (independent bureaus of the U.S.Department of the
Treasury), and the Board of Governors of the Federal Reserve System,
fourteen mortgage servicers and their affiliates have identified
customers who were part of a foreclosure action on their primary
residence during the period of January 1, 2009 to December 31, 2010.
The Independent Foreclosure Review is providing homeowners the
opportunity to request an independent review of their foreclosure
process. If the review finds that financial injury occurred because
of the servicer’s errors, misrepresentations or other deficiencies
in the foreclosure process, the customer may receive compensation or
other remedy.
2 What is a foreclosure action?
What foreclosure actions are part of the Independent Foreclosure
Review?
Foreclosure actions include any of the following occurrences on a
primary residence between the dates of January 1, 2009 and December
31, 2010:
- The property was sold due to a foreclosure judgment.
- The mortgage loan was referred into the foreclosure process but
was removed from the process because payments were brought
up-to-date or the borrower entered a payment plan or modification
program.
- The mortgage loan was referred into the foreclosure process, but
the home was sold or the borrower participated in a short sale or
chose a deed-in-lieu or other program to avoid foreclosure.
- The mortgage loan was referred into the foreclosure process and
remains delinquent but the foreclosure sale has not yet taken place.
3 How do I know if I am eligible for the Independent Foreclosure
Review?
Your loan must first meet the following initial eligibility
criteria:
- 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.
If your mortgage loan does not meet the initial eligibility criteria
outlined above, you can still have your mortgage concerns considered
by calling or writing your servicer directly.
4 What are some examples of financial injury due to errors,
misrepresentations or other deficiencies in the foreclosure process?
Listed below are examples of situations that may have led to
financial injury. This list does not include all situations.
- 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 servicemember
did not waive his/her rights under the Servicemembers Civil Relief
Act.
5 How does my mortgage loan get reviewed as part of the Independent
Foreclosure Review?
Homeowners meeting the initial eligibility criteria were mailed
notification letters with an enclosed Request for Review Form. If
you believe that you may have been financially injured, you must
submit a Request for Review Form postmarked no later than July 31,
2012. Forms postmarked after this date will not be eligible for the
Independent Foreclosure Review.If you have more than one mortgage
account that meets the initial eligibility criteria for an
independent review, you were mailed a separate letter for each.You
will need to submit a separate Request for Review Form for each
account. It is important that you complete the form to the best of
your ability. All information you provide may be useful.
6 How can I submit the Request for Review Form?
Homeowners meeting the initial eligibility criteria were mailed
notification letters with an enclosed Request for Review Form. If
you received the notification letter, you can send in your Request
for Review Form in the prepaid envelope provided, postmarked no
later than July 31, 2012. If your loan is part of the initial
eligible population and you need a new form by mail, have questions,
or need help completing the form you have received in the mail, call
1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or
Saturday, 8 a.m.–5 p.m. ET.
7 Who can submit or sign the Request for Review Form?
Either the borrower or a co-borrower of the mortgage loan can submit
and sign the form. The borrower signing the Request for Review Form
should be authorized by all borrowers to proceed with the request
for review. In the event of a finding of financial injury, any
possible compensation or remedy will take into consideration all
borrowers listed on the loan, either directly or to their trusts or
estates.
8 Do I need an attorney to request or submit the Request for Review
Form?
No. However, if your mortgage loan meets the initial eligibility
criteria and you are currently represented by an attorney with
respect to a foreclosure or bankruptcy case regarding your mortgage;
please refer to your attorney.The Independent Foreclosure Review is
free. Beware of anyone who asks you to pay a fee in exchange for a
service to complete the Request for Review Form.
9 If I have already submitted a complaint to my servicer, do I need
to submit a separate Request for Review Form to participate in this
process?
If your mortgage loan meets the initial eligibility criteria, you
should submit a Request for Review Form to ensure your foreclosure
action is included in the Independent Foreclosure Review process.
10 What happens during the review process?
You will be sent an acknowledgement letter within one week after
your Request for Review Form is received by the independent review
administrator. Your request will be reviewed for inclusion in the
Independent Foreclosure Review.If your request 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, misrepresentations or other
deficiencies in the foreclosure process. You will receive a letter
with the findings of the review and information about possible
compensation or other remedy.
11 If I request an Independent Foreclosure Review, is there a cost
or will there be a negative impact to my credit?
The Independent Foreclosure Review is a free program. Beware of
anyone who asks you to pay a fee in exchange for a service to
complete the Request for Review Form. The review will not have an
impact on your credit report or any other options you may pursue
related to your foreclosure.
12 Where can I call if I need help completing the form or have any
questions about the review process?
Call 1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or
Saturday, 8 a.m.–5 p.m. ET. If you have already submitted a Request
for Review Form, please have your Reference Number available to
expedite your call.
13 How are military servicemembers affected by the Independent
Foreclosure Review?
In the review, servicers are required to include all loans covered
by the Servicemembers Civil Relief Act that meet the qualifying
criteria. However, servicemembers or co-borrowers may also request a
review through this process. Financial injury may have occurred if
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.
14 I’m still working with my servicer to prevent a foreclosure sale.
Will I still be able to work with them?
Yes, continue to work with your servicer. Participating in the
review will not impact any effort to prevent a foreclosure sale. The
review is not intended to replace current active efforts with your
servicer.
15 How long will the review process take and when can I expect a
response?
You will be sent an acknowledgement letter within one week after
your Request for Review Form is received by the independent review
administrator. Because the review process will examine many details
and documents, the review could take several months. The Independent
Foreclosure Review will determine if financial injury occurred
because of the servicer’s errors, misrepresentations or other
deficiencies in the foreclosure process. You will receive a letter
with the findings of the review and information about possible
compensation or other remedy. Not every finding will result in
compensation or other remedy.
If you have additional questions, please call
1-888-952-9105
Monday through Friday
8 a.m.–10 p.m. ET or Saturday
8 a.m.–5 p.m. ET. |
