Starting today, independent foreclosure reviews are being made available to more than 4.5 million people whose homes were foreclosed upon between January 1, 2009 and December 31, 2010. Those who were found to be financially harmed by a wrongful foreclosure may be eligible for compensation. The reviews are part of a series of compliance actions initiated by the Office of the Comptroller of the Currency. John Walsh, acting Comptroller of the Currency commented in a press release:
“The independent foreclosure review is a significant component of the mortgage servicers’ compliance with our enforcement actions. These requirements help ensure that the servicers provide appropriate compensation to borrowers who suffered financial harm as a result of improper practices identified in our enforcement actions.”
Some examples of financial injury due to errors, misrepresentations, or other deficiencies in the foreclosure process include:
- 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 reviews are available to those whose homes were serviced by one of the following servicers:
- America’s Servicing Co.
- Aurora Loan Services
- Bank of America
- Beneficial
- Chase
- Citibank
- CitiFinancial
- CitiMortgage
- Countrywide
- EMC
- Everbank/Everhome Mortgage Company
- GMAC Mortgage
- HFC
- HSBC
- IndyMac
- MetLife Bank
- PNC Mortgage
- Sovereign Bank
- Suntrust Mortgage
- U.S. Bank
- Wachovia
- Washington Mutual
- Well Fargo Bank, N.A.
In order to participate, the former homeowner must submit a request for review form no later than April 30, 2012. If you have questions about the program, need help completing the form you received in the mail, or believe you should be eligible for the program and did not receive a letter in the mail, you may call 1-888-952-9105. For complete information on these foreclosure reviews, you can see the FAQ on the independentforeclosurereview.com website.
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