Updates on Independent Foreclosure Review

Following 2 of the programs deadlines the office of the comptroller of the currency released guidance that will be used in determining the compensation (or other remedy) for the financial injury experienced by borrowers going through the Independent Foreclosure Review Program.

Good news for those that have yet to submit their applications is there has been another extension of the program to accept applications until September 30, 2012.

The guidance was designed so borrowers that experienced financial injury will be treated similarly.  It identifies:

  • Lump-sum payments ranging from $500.00 to $125,000.00;
  • Suspension or rescission of a foreclosure;
  • Loan Modification or Loss Mitigation assistance;
  • Correction of Credit Reports; or
  • Correction of Deficiency Amounts and Records.

More examples of financial injury have been provided including:

  • Denying a borrower’s 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 under the relevant loan modification program;
  • Not providing a borrower with proper notification during the foreclosure process;
  • Foreclosing on a borrower 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 successful completion of a written modified payment plan that was supposed to lead to permanent modification;
  • Foreclosing on a borrower prior to expiration of a written modified payment plan that leads to permanent modification, while borrower was performing all requirements of the written plan;
  • Foreclosing on a borrower in violation of federal bankruptcy laws; and
  • Committing errors that did not result in foreclosure, but resulted in other financial injury.

Another answer homeowners received as a result of the published guidance was A servicer is not permitted to require a borrower to sign a waiver of the borrower’s ability to pursue claims against the servicer in order to receive compensation under the Independent Foreclosure Review.  This is different than the compensation provided to victims of 911 and the oil spill in the Gulf of Mexico.

For more see our Independent Foreclosure Review video series on our website and Youtube https://www.falconcreditmanagement.com/independent-foreclosure-review .

This entry was posted in Credit Repair, Independent Foreclosure Review, News and tagged . Bookmark the permalink.

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