Independant Foreclosure Review

Were you in foreclosure in 2009 or 2010?
You may be eligible for compensation or other remedy.

Independant Foreclosure Review
If your primary residence was involved in a foreclosure process between January 1, 2009, and December 31, 2010, you may qualify for a FREE Independent Foreclosure Review.

The Independent Foreclosure Review will determine whether individual borrowers suffered financial injury and should receive compensation or other remedy because of errors or other problems during their home foreclosure process. If the review finds that financial injury occurred, the borrower may receive remediation such as lump-sum payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records. Lump-sum payments can range from $500 to, in the most egregious cases, $125,000 plus equity.

You must have been a customer of one of the mortgage servicers listed below:

America’s Servicing Co.
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome
Mortgage Company
Financial Freedom

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.
Wilshire Credit Corporation
How to request a review
Eligible customers were mailed a letter explaining the Independent Foreclosure Review process and a Request for Review Form. If you believe that you are eligible to participate in the program, you may call the number below to ask for a Request for Review Form. All Request for Review Forms must be postmarked no later than December 31, 2012.

For more information about the FREE foreclosure review, visit IndependentForeclosureReview.com or call 1-888-952-9105
Monday through Friday, 8am – 10pm. ET or Saturday, 8am – 5pm ET.

The Independent Foreclosure Review is monitored by federal bank regulators, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, to ensure a fair and impartial process.

Watch out for scams – there is only one Independent Foreclosure Review.
Beware of anyone who asks you to pay a fee for any foreclosure review service,
such as completing the Request for Review Form.

Frequently Asked Questions
What is the Independent Foreclosure Review?
What is a foreclosure action? What foreclosure actions are part of the Independent Foreclosure Review?
How do I know if I am eligible for the Independent Foreclosure Review?
What are some examples of financial injury due to errors, misrepresentations or other deficiencies in the foreclosure process?
How does my mortgage loan get reviewed as part of the Independent Foreclosure Review?
How can I submit the Request for Review Form?
Who can submit or sign the Request for Review Form?
Do I need an attorney to request or submit the Request for Review Form?
If I have already submitted a complaint to my servicer, do I need to submit a separate Request for Review Form to participate in this process?
What happens during the review process?
If I request an Independent Foreclosure Review, is there a cost or will there be a negative impact to my credit?
Where can I call if I need help completing the form or have any questions about the review process?
How are military servicemembers affected by the Independent Foreclosure Review?
I’m still working with my servicer to prevent a foreclosure sale. Will I still be able to work with them?
How long will the review process take and when can I expect a response?
Q: What is the Independent Foreclosure Review?
A: As part of a consent order with federal bank regulators, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS) (independent bureaus of the U.S. Department of the Treasury), and the Board of Governors of the Federal Reserve System, fourteen mortgage servicers and their affiliates have identified customers who were part of a foreclosure action on their primary residence during the period of January 1, 2009 to December 31, 2010. The Independent Foreclosure Review is providing homeowners the opportunity to request an independent review of their foreclosure process. If the review finds that financial injury occurred because of the servicer’s errors, misrepresentations or other deficiencies in the foreclosure process, the customer may receive compensation or other remedy.

RETURN TO TOP
Q: What is a foreclosure action? What foreclosure actions are part
of the Independent Foreclosure Review?
A: Foreclosure actions include any of the following occurrences on a primary residence between the dates of January 1, 2009 and December 31, 2010:

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.
RETURN TO TOP
Q: How do I know if I am eligible for the Independent Foreclosure Review?
A: Your loan must first meet the following initial eligibility criteria:

Your mortgage loan was serviced by one of the participating mortgage servicers.
Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
The property was your primary residence.
If your mortgage loan does not meet the initial eligibility criteria outlined above, you can still have your mortgage concerns considered by calling or writing your servicer directly.

RETURN TO TOP
Q: What are some examples of financial injury due to errors, misrepresentations or other deficiencies in the foreclosure process?
A: Listed below are examples of situations that may have led to financial injury. This list does not include all situations.

The mortgage balance amount at the time of the foreclosure action was more than you actually owed.
You were doing everything the modification agreement required, but the foreclosure sale still happened.
The foreclosure action occurred while you were protected by bankruptcy.
You requested assistance/modification, submitted complete documents on time, and were waiting for a decision when the foreclosure sale occurred.
Fees charged or mortgage payments were inaccurately calculated, processed, or applied.
The foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9 months after the active duty ended and the servicemember did not waive his/her rights under the Servicemembers Civil Relief Act.
RETURN TO TOP
Q: How does my mortgage loan get reviewed as part of the Independent Foreclosure Review?
A: Homeowners meeting the initial eligibility criteria were mailed notification letters with an enclosed Request for Review Form.

If you believe that you may have been financially injured, you must submit a Request for Review Form postmarked no later than July 31, 2012. Forms postmarked after this date will not be eligible for the Independent Foreclosure Review.

If you have more than one mortgage account that meets the initial eligibility criteria for an independent review, you were mailed a separate letter for each. You will need to submit a separate Request for Review Form for each account. It is important that you complete the form to the best of your ability. All information you provide may be useful.

RETURN TO TOP
Q: How can I submit the Request for Review Form?
A: Homeowners meeting the initial eligibility criteria were mailed notification letters with an enclosed Request for Review Form. If you received the notification letter, you can send in your Request for Review Form in the prepaid envelope provided, postmarked no later than July 31, 2012.

If your loan is part of the initial eligible population and you need a new form by mail, have questions, or need help completing the form you have received in the mail, call 1-888-952-9105, M-F, 8am to 10pm ET or Sat, 8am to 5pm ET.

RETURN TO TOP
Q: Who can submit or sign the Request for Review Form?
A: Either the borrower or a co-borrower of the mortgage loan can submit and sign the form. The borrower signing the Request for Review Form should be authorized by all borrowers to proceed with the request for review. In the event of a finding of financial injury, any possible compensation or remedy will take into consideration all borrowers listed on the loan, either directly or to their trusts or estates.

RETURN TO TOP
Q: Do I need an attorney to request or submit the Request for Review Form?
A: No. However, if your mortgage loan meets the initial eligibility criteria and you are currently represented by an attorney with respect to a foreclosure or bankruptcy case regarding your mortgage; please refer to your attorney.

The Independent Foreclosure Review is free. Beware of anyone who asks you to pay a fee in exchange for a service to complete the Request for Review Form.

RETURN TO TOP
Q: If I have already submitted a complaint to my servicer, do I need to
submit a separate Request for Review Form to participate in this process?
A: If your mortgage loan meets the initial eligibility criteria, you should submit a Request for Review Form to ensure your foreclosure action is included in the Independent Foreclosure Review process.

RETURN TO TOP
Q: What happens during the review process?
A: You will be sent an acknowledgement letter within one week after your Request for Review Form is received by the independent review administrator. Your request will be reviewed for inclusion in the Independent Foreclosure Review. If your request meets the eligibility requirements, it will be reviewed by an independent consultant.

Your servicer will provide relevant documents along with any findings and recommendations related to your request for review to the independent consultant for review. Your servicer may be asked to clarify or confirm facts and disclose reasons for events that occurred related to the foreclosure process. You could be asked to provide additional information or documentation. Because the review process will be a thorough and complete examination of many details and documents, the review could take several months.

The Independent Foreclosure Review will determine whether financial injury has occurred as a result of errors, misrepresentations or other deficiencies in the foreclosure process. You will receive a letter with the findings of the review and information about possible compensation or other remedy.

RETURN TO TOP
Q: If I request an Independent Foreclosure Review, is there a cost or will there be a negative impact to my credit?
A: The Independent Foreclosure Review is a free program. Beware of anyone who asks you to pay a fee in exchange for a service to complete the Request for Review Form.

The review will not have an impact on your credit report or any other options you may pursue related to your foreclosure.

RETURN TO TOP
Q: Where can I call if I need help completing the form or have any questions about the review process?
A: Call 1-888-952-9105, Monday through Friday, 8 a.m. – 10 p.m. ET or Saturday, 8 a.m. – 5 p.m. ET. If you have already submitted a Request for Review Form, please have your Reference Number available to expedite your call.

RETURN TO TOP
Q: How are military servicemembers affected by the Independent Foreclosure Review?
A: In the review, servicers are required to include all loans covered by the Servicemembers Civil Relief Act that meet the qualifying criteria. However, servicemembers or co-borrowers may also request a review through this process. Financial injury may have occurred if the foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9 months after the active duty ended.

RETURN TO TOP
Q: I’m still working with my servicer to prevent a foreclosure sale. Will I still be able to work with them?
A: Yes, continue to work with your servicer. Participating in the review will not impact any effort to prevent a foreclosure sale. The review is not intended to replace current active efforts with your servicer.

RETURN TO TOP
Q: How long will the review process take and when can I expect a response?
A: You will be sent an acknowledgement letter within one week after your Request for Review Form is received by the independent review administrator. Because the review process will examine many details and documents, the review could take several months. The Independent Foreclosure Review will determine if financial injury occurred because of the servicer’s errors, misrepresentations or other deficiencies in the foreclosure process. You will receive a letter with the findings of the review and information about possible compensation or other remedy. Not every finding will result in compensation or other remedy.

RETURN TO TOP
This information is accurate as of the date of printing and is subject to change without notice.