A home foreclosure is a terrible experience - one that nobody wants to go through, but if your home was foreclosed between January 1, 2009 and December 31, 2010, it’s possible that you can recoup some of the losses you incurred.
The Independent Foreclosure Review, established by the Federal Reserve and the Office of the Comptroller of the Currency, requires servicers to set up a process wherein an independent consultant can check their files for errors made during the foreclosure process.
Eligibility criteria include:
1. Mortgage must have been serviced by one of the lenders shown below
2. The foreclosure process must have been initiated between January 1, 2009 and December 31, 2010
3. The foreclosure must have been on your primary residence
Also note that:
It’s not necessary that your home was sold, or that you live in it to be eligible for this free review.
The process can take several months, and when it’s complete, you’ll receive a letter showing the results of the review.
The deadline for requesting a review has been extended yet again - borrowers have until December 31, 2012 to request a review of their foreclosure action.
Examples of problems (according to the Independent Foreclosure Review website) which could result in financial remuneration include:
Requesting a review doesn’t prevent you from taking part in another action in relation to your foreclosure, nor can a servicer require you to sign a waiver of your rights to pursue claims to receive compensation under the Independent Foreclosure Review.
Servicers taking part in the Independent Foreclosure Review: