Independent Foreclosure Review

Highlights

  • Auditors can award money damages or other remedies if the foreclosure did not follow state laws.
  • This review will impact thousands of former homeowners.
  • Former homeowners must complete & return a form by April 30, 2012.
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Was Your Primary Residence Foreclosed Between Jan. 1, 2009 and Dec. 31, 2010? If so, You May be Eligible for a Review.

Was your primary residence foreclosed on between January 1, 2009 and December 31, 2010? If so, and your home loan was serviced by one of the following mortgage servicers listed below, you may be eligible for a foreclosure review.

  • 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 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.

The Office of the Comptroller of the Currency (OCC) announced what it calls the "Independent Foreclosure Review." Review will be conducted by independent consultants hired by the mortgage servicers but who will report to the OCC. The review will give homeowners the opportunity to request a review of how the lender conducted the foreclosure of their primary residence. If the review finds that financial injury occurred, the customer may receive compensation or another remedy. The OCC and the Federal Reserve called for the review to start back in April 2010.

According to the OCC, customers will be mailed a letter by December 31, 2011 that explains the process and a Request for Review Form that identifies some examples of situations that may have led to financial injury. The form must be returned by April 30, 2012.

To learn more about the Independent Foreclosure Review, see the OCC's Frequently asked questions and answers page and Interagency Review of Foreclosure Policies and Practices

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