I have posted here and here about Independent Foreclosure Review. If your home was in foreclosure in 2009 or 2010, here are some of the basic errors and problems that the review will attempt to uncover and for which you may receive compensation:
- foreclosing in violation of the Servicemembers Civil Relief Act;
- foreclosing on a borrower who was not in default on the mortgage;
- failing to convert a qualified borrower to a permanent modification after completion of a written modified payment plan;
- foreclosing prior to expiration of a written modified payment plan;
- denying a loan modification application that should have been approved;
- failing to offer loan modification options as required by an applicable program;
- giving a borrower a loan modification with a higher interest rate than should have been charged;
- foreclosing in violation of federal bankruptcy laws;
- failing to provide necessary notifications during the foreclosure process;
- fees charged or mortgage payments were inaccurately calculated, processed or applied;
- the balance or arrearage reported by the loan servicer at the time of the foreclosure was more than owed;
- committing errors that resulted in other financial injury.
Unfortunately, the review process will not address many other important problems such as those related to loan origination and predatory lending, issues with mortgage servicing not related to foreclosure, and some problems with the loan modification review process. Nonetheless, the independent review is free of charge and, if you qualify, I encourage any homeowner who was in the foreclosure process in 2009 or 2010, irrespective of how that process terminated, to apply.