Wrongful Foreclosure Compensation Deadline Approaching

If you’re one of the millions of people who’ve faced losing your home through a wrongful foreclosure, you might get help, but you must act quickly. Homes that were foreclosed on in 2009 and 2010 should find out about the free Independent Foreclosure Review (IFR) process. The IFR process is by the Office of the Comptroller of the Currency and the Federal Reserve, will award financial assistance to borrowers who were foreclosed on because of inaccuracies and oversights.

According to the Independent Foreclosure Review website, borrowers are eligible for independent foreclosure review if: (1) the property securing the loan was the borrower’s primary residence; (2) the mortgage was in the foreclosure process at any time between January 1, 2009 and December 31, 2010; and (3) the mortgage was serviced by one of 27 IFR approved servicers. These servicers include: America’s Servicing Co.; Aurora Loan Services; BAC Home Loans 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.; and Wilshire Credit Corporation.

A small fraction of people have applied for this, and with the application deadline extended to September 30, 2012, it is important that potential claimants look into receiving compensation or other support, as soon as possible. This may apply to people who were foreclosed on – even when they were abiding by the terms of their mortgage or their modification agreement, or were protected by bankruptcy.

The Independent Foreclosure Review process may provide compensation in the form of a lump sum payment, a loan modification, a suspended foreclosure, or even a corrected credit report.

To find out more about the Independent Foreclosure Review process, visit the website https://independentforeclosurereview.com/.

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