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.