Independent Foreclosure Review process
Homeowners who had a
mortgage loan on a primary residence and who believe were financially harmed
during the mortgage foreclosure process by GMAC Mortgage, HSBC Finance
Corporation, SunTrust Mortgage, or EMC Mortgage in 2009 or 2010 can request an
independent review and potentially receive compensation.
The review is intended
to determine if borrowers suffered financial harm directly resulting from
errors, misrepresentations, or other deficiencies that may have occurred during
the foreclosure process. The servicers are required to compensate borrowers for
financial injury resulting from deficiencies in their foreclosure processes.
A number of servicers
supervised by the Office of the Comptroller of the Currency (OCC) are also
required to conduct independent reviews.
Borrowers are eligible
for an independent foreclosure review if
- the property securing the loan was the
borrower's primary residence;
- the mortgage was in the foreclosure process
(initiated, pending, or completed) at any time between January 1, 2009,
and December 31, 2010; and
- the mortgage was serviced by one of the
mortgage servicers listed here.
There are no costs
associated with being included in the review; the review is a free program.
Borrowers should beware of anyone who wants payment to assist with the
independent foreclosure review or any other foreclosure assistance program.
Requests for review by
the servicers’ independent consultants must be received by April 30,
2012. Borrowers are encouraged to carefully consider the information
about the review program to determine if they are eligible to
participate.
More info