Borrowers Can Now Request An Independent Foreclosure Review

On November 1, 2011, the Federal Reserve Board announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by specific participating institutions in 2009 and 2010 can now request an independent review and potentially receive compensation. Servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.

Borrowers are eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010, whether or not the foreclosure was completed. The review is intended to determine if those borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies. The Federal Reserve will monitor the implementation of the program and the servicers’ outreach efforts.

To apply for a review, individuals may call 888-952-9105, Monday through Friday from 8 am to 10 pm (ET), and Saturday from 8 am to 5 pm (ET). Requests for review by the servicers’ independent consultants must be received by April 30, 2012. There are no costs associated with being included in the review.

For more information, visit the Independent Foreclosure Review Web site at http://independentforeclosurereview.com

You can also download a document with a summary of the Web site information. (Word file)

About MAAPL

The Mass. Alliance Against Predatory Lending (MAAPL) is a coalition of over 60 housing counseling agencies, legal services groups, social service agencies, and community-based social action groups that have joined together to address the foreclosure crisis in Massachusetts.

MAAPL collects and distributes timely information on the foreclosure crisis and its effects to the public and to its member groups, drafts and supports legislation that provides important protections to homeowners and tenants facing foreclosure and eviction, documents the impact of the foreclosure crisis on local communities, networks with related organizations throughout the Commonwealth, and provides tools and information to help people navigate the legal system and advocate on their own behalf more effectively when challenging a foreclosure or eviction in court

This entry was posted in For Your Information. Bookmark the permalink.