The Independent Foreclosure Review process has been extended again and is now available until September 30, 2012. There was some hesitation by consumer advocates about advising clients to participate in this process because any real benefit to the client was unclear. However, with the extension, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System have released some specific remedies depending upon the complaint. The list is attached. Now, how thorough the review process will be and how many of the actual errors will be found is still to be seen.
The notice letters should have already gone out to all eligible clients/borrowers. The loan must have been in the foreclosure process sometime between January 1, 2009 and December 31, 2010 with the loan securing the primary residence. In case you may have a client that should have received a notice and has not, these are the servicers involved:
- 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.
- Wilshire Credit Corporation
