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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5 Comments

Filed under Foreclosure, Loan Modifications, pre-foreclosure

5 responses to “Had a Foreclosure or Loan Mod Go Wrong? Independent Foreclosure Review From the Feds

  1. Bo Khatib

    Just have a competent and Honest attorney explain how to present the case, or at least direct us to an attorney who is willing to help (with the so-calledf independent foreclosure review) on a contingency. We have no money to spend on anything but the nessecities. Please help. Merry Christmas.

    • ladyrock

      Hi Bo,

      Thank you for your comment on our blog post.

      In response to your question on our blog post about the independent
      foreclosure review –

      Have you received your independent foreclosure review paperwork?
      The independent foreclosure review is fairly easy to complete.

      Do you feel that there has been fraud in your loan mod or foreclosure process?

      Depending on your situation, we can refer you to a real estate
      attorney who may be able to help.

  2. Bo Khatib

    Ladyrock, Thanks for the reply. I do not trust this whole process for the following reasons: The servicers/banks “designed” the forms; the open-ended questions are designed to trick& trap the homeowner into saying something that will work to their advantage (i.e. deny compensation or minimize it); the servicers are extremely cozy with the reviewers, who have been, are now, and will in the future be their customer; and, most important, the program is “contaminated” (supervised) by attorneys from fraudclosure mills, i.e. Mendieta (from David Stern’s mill) and others. I’ll be grateful for input from a competent attorney. Tonight is Christmas Eve. So, if you celebrate Merry Christmas; if not, Happy Holidays.

    • ladyrock

      Hi,

      You can certainly do a short sale if your property needs a lot of work or is in turn key condition. Many times we use property condition to help determine value. We often use detailed repair worksheets to help as leverage if a valuation dispute arises with the bank or servicer. Let us know if you have any further questions.

  3. Pingback: NFHA Files Complaint Against U.S. Bank for Discrimination | Resource Blog

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