Tag Archives: Independent Foreclosure Review

Foreclosed Homeowners Unresponsive To OCC-Ordered Mortgage Servicing Survey

Foreclosed Homeowners Unresponsive to OCC-Ordered Mortgage Servicing Survey OCC-Ordered Mortgage Servicing Survey – Not Many Takers

Remember a few months ago when we reported that foreclosed and pre-foreclosed mortgage would be receiving mortgage servicing surveys as ordered by the OCC? Independent consultants hired to review loans as part of federal consent orders signed with 14 mortgage servicers in April 2011 are encountering low participation rates from foreclosed borrowers.

The OCC mandated the audits to discover improprieties that could warrant compensation for affected consumers. However, the response rate has been far less than the 25 percent anticipated return rate.

OCC-Ordered Mortgage Servicing Survey- Frustrated With The System

Not to sound too sarcastic but could it be that current and foreclosed homeowners don’t trust the banks or the audit system or perhaps they simply don’t wish to continue dialogue with agencies and intuitions that they have been frustrated with in the past.

If anyone has completed their survey and would like to share your response and outcome then please feel free to contact us.

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Filed under Banks, Foreclosure, Mortgages

Had a Foreclosure or Loan Mod Go Wrong? Independent Foreclosure Review From the Feds

Anyone out there think that they have been wrongfully foreclosed upon? Robosigning? Improper notification? Bank fraud? Homeowners who had their primary residence foreclosed upon between January 1, 2009 and December 31, 2010, may be eligible for an Independent Foreclosure Review.

We got hold of a copy of this foreclosure review and thought that it must be a scam from some lawyer or shady organization. Turns out that this review stems from The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators). Did we mention shady companies?

This Independent Foreclosure Review will come from an independent consultant to identify eligible customers who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.

o qualify, a mortgage loan would need to meet the initial eligibility criteria:

•    The mortgage loan was serviced by one of the participating mortgage servicers.
•    The mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
•    The property was a primary residence.

Here is a good reason to check snail mail. Eligible customers will be mailed a letter by December 31, 2011 that explains the Independent Foreclosure Review process and a Request for Review Form that identifies various examples and options.

Anyone who has not received a letter in the mail can call 1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.–5 p.m. ET.

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Filed under Foreclosure, Loan Modifications, pre-foreclosure