Foreclosure Victims Get Way to Fight Back

Posted on November 4, 2011

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Report Foreclosure Fraud

The Office of the Comptroller of the Currency (OCC) announced yesterday the beginning of the Independent Foreclosure Review; the OCC and the Federal Reserve had called for the review to start back in April 2010. This review, conducted by an independent agency, gives homeowners the opportunity to request a review of how the lender conducted the foreclosure of their primary residence.

To be eligible for the Review, interested parties must meet these three criteria:

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

According to the OCC announcement, the Independent Foreclosure Review is looking for “financial injury that occurred as a result of errors, misrepresentations or other deficiencies in the servicer’s foreclosure process.”

The language is vague, but the OCC provides some examples of the “financial injuries” it is looking for, including:

You were doing everything required by your temporary loan modification agreement but the lender still foreclosed.
You requested assistance or a loan modification, submitted all the documents requested by the lender on time, and in full, and were waiting for a decision on a permanent loan modification when the foreclosure sale occurred.

From CBS MoneyWatch

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