Independent Foreclosure Review Deadline Looms and Underwater Homeowner Panel Today

Independent Foreclosure Review Deadline Looms and Underwater Homeowner Panel Today

Independent Foreclosure Review Deadline Looms and Underwater Homeowner Panel Today

Independent Foreclosure Review Expires December 31, 2012

With much of the focus on the expiration of the Mortgage Debt Forgiveness Relief Act many homeowners have forgotten (or ignored) the upcoming conclusion of the Independent Foreclosure Review.

Although the program has been in effect for some time, few people have taken the opportunity to apply. For those unaware of the program, homeowners who suffered through a foreclosure or incurred some negative action on their home can submit their case to the Office of the Comptroller of the Currency (OCC) for an independent third party review of the circumstances and practices surrounding the foreclosure, loan modification denial, etc.

Many people either have not heard about the review or have simply ignored the opportunity. Many homeowners report that they do not trust the system or feel that the review will not benefit them. The fact is that some people have received compensation as a result of the review however the numbers remain relatively few.

ForeclosureHelpSCC has put a petition on Change.Org, requesting that the Federal Reserve, OCC, and Office of Thrift Supervision postpone the deadline for applying for the review until two months after at least 215,000 homeowners have heard about the results of their cases.

Over 800,000 Homeowners Should Have Qualified For HAMP

A report released in November found that an additional 800,000 homeowners should have qualified for HAMP but didn’t because some of the large banks/servicers did not perform modifications at the same rate as their peers.

Speaking of HAMP, the Bay Area Resource Underwater Panel Event will take place tonight in San Mateo and via video stream. Anyone seeking info about the Mortgage Debt Forgiveness Relief Act, California Homeowners Bill of Rights, and the Independent Foreclosure Review or to figure out some options of what to with their underwater home should attend this free event.

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3 Comments

Filed under Events, Foreclosure, Loan Modifications, Mortgages, San Mateo county

3 responses to “Independent Foreclosure Review Deadline Looms and Underwater Homeowner Panel Today

  1. Lawrence Pilcher

    We filed a long time ago hoping that it would be well over by now. We were severley damaged by CitiMortgage even after paying them their requested money. I’m hoping that we haven’t been forgotten or misplaced like CitiMortgage did to us twice. Will you please check on our status? Thank you:
    Lawrence and Donna Pilcher
    house we lost 232 S. Lake (P.O. Box 729)
    Medical Lake, WA 99022
    Loan Number 0652962197
    Ref. Number 1201712396

    email Pilch440@aol.com
    cell 509-991-4631
    623-214-2888 apt #
    Thank you,
    Larry Pilcher

    • Hi Larry,

      Sorry to hear about your foreclosure issues. We can check on our side but the best thing may be to re-submit your request for review. I would suggest doing it on-line so that your review has less chance of being “lost”. Requests for review must be postmarked or submitted online by December 31, 2012. The reviews go to a 3rd party auditor not the bank (Citi in your case). Check this link for the review submission form https://independentforeclosurereview.com/

      In California, starting January 1, 2013, homeowners can also seek damages through the California Homeowners Bill of Rights. We know several good attorneys who have assisted homeowners with wrongdoings by the bank. I am not sure about Washington but we can check to see if we can refer someone up there to you.
      Please advise.

      Thank you for reading our blog.

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