Those seeking a review of foreclosure actions on their homes in 2009 and 2010 have received a 90-day extension on requesting the so-called Independent Foreclosure Review ordered by bank regulators.
The new deadline for returning “Request for Review” forms is July 31, 2012. The deadline was formerly April 30.
Errors or misrepresentations in these foreclosures could result in compensation or other remedies for the borrowers.
The Independent Review Process represents a separate eligibility process from one that will emerge for the $25 billion mortgage settlement between state and federal authorities and the top five U.S. lenders announced Feb. 9. The eligibility process tied to the settlement has yet to be fully determined.
The Office of the Comptroller of the Currency (OCC) and the Federal Reserve extended the deadline for the 2009 and 2010 foreclosure reviews to provide more time to increase awareness of how eligible homeowners can request a review – and “to encourage the broadest participation possible.”
Under enforcement actions issued in April 2011, the OCC, Federal Reserve, and the Office of Thrift Supervision required 14 large mortgage servicers to retain independent consultants to perform “comprehensive reviews” of foreclosure activity in 2009 and 2010.
The mortgage services are required to identify borrowers “who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process.”
If the review finds that “financial injury occurred,” the borrower may receive compensation. Borrowers are eligible for an Independent Foreclosure Review if they meet the following basic 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 securing the mortgage loan was the borrower’s primary residence.
Participating mortgage servicers include: America’s Servicing Company, 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, U.S. Bank, Wachovia Mortgage, Washington Mutual, Wells Fargo, and Wilshire Credit Corporation.
There are no costs associated with being included in the review. For more information, borrowers can call 888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.–5 p.m. ET or visit these Web pages for the Federal Reserve or OCC.