Victims of bad foreclosure practices get more time to apply for review and possible compensation

dennis-norman-st-louis-realtor-foreclosures-Last November I wrote about how victims of wrongful foreclosure could apply for an independent review of their file and possibly receive compensation under a new presented by acting Comptroller of the Currency, John Walsh. The deadline to apply for this was to be April 30, 2012, however, today, the Office of the Comptroller of the Currency announced they have extended the deadline to apply three months until July 31, 2012.

Who is eligible?

To meet the initial criteria to qualify, your mortgage loan would need to meet the following criteria:

  • Your mortgage loan was serviced by one of the participating mortgage servicers.
  • Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
  • The property was your primary residence.

Will you be notified if you are eligible?

Back in November, mortgage servicers that are part of this program (see below for an updated list) began mailing out letters to eligible borrowers. However, if you have moved, or they do not have your correct address, the letter may not make it to you.

Which lenders/servicers are involved?

  • America’s Servicing Co.
  • Aurora Loan Services
  • BAC Home Loan 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
  • SunTrust Mortgage
  • U.S. Bank
  • Wachovia Mortgage
  • Washington Mutual (WaMu)
  • Wells Fargo Bank, N.A.
  • Wilshire Credit Corporation

How to apply for a review of your file if you feel you are a victim of an improper foreclosure proceeding:

  • Call 1-888-952-9105, Monday through Friday, 8 a.m.–10 p.m. ET or Saturday, 8 a.m.–5 p.m. ET. This will put you in touch with a representative of the independent review and they will take your information over the phone (I think), help you fill out a claim form (if you received one in the mail) or send you a form.
  • Visit the Board of Governors of the Federal Reserve System website on Independent Foreclosure Review by clicking here.
  • The deadline for filing a claim is than July 31, 2012.

 

 

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