Independent Foreclosure Review Form
This is part two in our series on the Independent Foreclosure Review. In part 1 we discussed the eligibility requirements for the program. In this video we will discuss the application, examples of financial injury, wrongful foreclosure and a few things you should consider in maximizing your financial reward while protecting your rights. This is Get Settled your source for consumer loss mitigation information.
Many eligible applicants are likely not to have received this application due to a change in address. This is an actual application from 1 of my clients with the personal information removed. This shows your eligible property and mortgage information, your current name and contact information, servicer information, where you should mail your application, more property and mortgage information, and then you reach the actual application listed as “Section 2: Your Information”: There has been testimony provided to the US Senate that warns against “Your Information” listed in Section 2 being used by lenders as it was stated “to collect an otherwise uncollectible deficiency judgment. Homeowners are given no assurance that information they give to the consultants in Section 2 will not be used against them by the servicers…”and the testimony goes on to refer to it as “a classic and sleazy bait-and-switch collection technique”
(Skip to Graphic of Section 3)
“Section 3: Background” is possibly the most important section of the application. This is where you identify the financial harm you’ve experienced. Although this application only lists 6 examples of financial harm on page 1 of 5 there are twenty-two listed in the engagement letters from the OCC. You can view them at the OCC website listed here: http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/independent-review-foreclosure-letters.html
Unfortunately these examples can be challenging to understand but it is very important to explain your situation very well because the Independent consultant reviewing your application will likely only review for “Injuries” you identify. The present exception is for an application that leaves this section blank. In the case where Section 3 of the application is left blank the consultant will do a general review to attempt to identify the financial harm suffered.
Section 4: Signature requires your name and date and the requirement it be mailed by July 31, 2012 to the address listed below.
In part 3 of the Independent Foreclosure Review series we will talk about the monetary reward available to applicants while including examples from our files of loan documents showing Errors, Misrepresentations, or other Deficiencies. I am Damian Falcone and this is Get Settled.