Were you or a client in foreclosure at anytime in 2009 or 2010? You need to read this blog.
As a result of a consent decree between federal bank regulators including the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) , and the Board of Governors of the Federal Reserve System, Home owners who had their homes foreclosed on from January 1, 2009 through December 31, 2010 will have the opportunity to have the foreclosure reviewed regardless of the fact that the home has been resold to another owner.
Calls by us to the toll free number 888-952-0105, netted mostly information also found on the website www.independentforeclosurereview.com and uncertainty as to how foreclosed homeowners are to apply for a review.
The person we spoke to stated that they ( The Independent Foreclosure Review Group) were selected to provide an independent review of the foreclosure process. Foreclosures found to have the following "problems" could be eligible for assistance although it is not clear what that assistance would take.
When we asked for information on how to apply, we were directed to the Financial Services Roundtable ( www.fsround.com for additional information. The Financial Services Roundtable is a trade association which includes loan servicers.
Servicers participating in this program include the following (from the www.independentforeclosurereview.org ):
- America’s Servicing Co.
- Aurora Loan Services
- Bank of America
- Beneficial
- Chase
- Citibank
- CitiFinancial
- CitiMortgage
- Countrywide
- EMC
- EverBank/EverHome Mortgage Company
- 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.
Reasons for remedy's quoted from from the Review's Website Include:
- 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.
The property must have been owner occupied, serviced by one of the above listed participating servicers and in the foreclosure process sometime between January 1, 2009 and December 31, 2010
While it is only the first day of the roll out of the program, we would have hoped for firmer information from the group that is going to be doing the reviewing.
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