Borrowers who lost their homes to foreclosure may be eligible for money or other remedy if the foreclosure was made out of error or misrepresentation by mortgage servicers. In response to complaints made by borrowers and consumer advocates regarding deceitful and erroneous foreclosure practices, federal banking regulators have been conducting an independent review to investigate any errors that may have been made by mortgage servicers during foreclosure processes.
Borrowers qualify for foreclosure review if they meet all of the following criteria:
- the borrower’s primary residence was the property securing the loan;
- the mortgage was in the process of foreclosure (initiated, pending or completed) at any time between January 1, 2009 and December 31, 2010; and
- the mortgage loan was serviced by one of the participating mortgage servicers. For a complete list of applicable mortgage servicers, click here.
Requests for reviews made by eligible borrowers currently going through the foreclosure process will receive priority attention, and may prevent foreclosure. Also eligible for relief are borrowers who entered a payment plan or modification program, borrowers who sold their home in a short sale and borrowers whose homes were slated for foreclosure but were able to become current on payments and avoid foreclosure.
Reviews will consider various errors potentially made during the foreclosure process, including whether the mortgage balance was listed incorrectly on mortgage statements and whether the mortgage payment and the fees charged by the mortgage servicer were incorrect. Errors will also be evaluated to include foreclosures that occurred after the borrower submitted all paperwork on time in expectation of a loan modification.
Visit www.IndependentForeclosureReview.com to request a review. Request forms may be mailed or submitted online. For help completing the form or any additional questions, call 1-888-952-9105. Reviews are free. All Requests for Review Forms must be submitted online or postmarked no later than December 31, 2012.
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