Federal Bank Regulators have mandated a review process for homes subject to foreclosure in 2009 and 2010. The Independent ForeclosureReview (IFR) is currently being offered to certain homeowners who meet a laundry list of criteria. The IFR is just one step the federal government is taking with respect to the massive foreclosure dockets sweeping the country. Homeowners can be screened to see if they are eligible through the IFR website. If the homeowner can prove “financial injury” then they may be compensated, financially or through “other remedies”. The “injury” required, as well as the compensation available, is still very vague. Though the review process has been started, no compensation has yet been doled out. Eligible homeowners were supposed to have been mailed an informational letter by December 31, 2011, though many who received the letter thought it was a scam. The application must be completed by April 30, 2012.
Those who are eligible must have been involved in a foreclosure action on their primary residence from January 1, 2009 to December 31, 2010, and had their loan serviced by one of the following mortgage companies:
Aurora Loan Services
BAC Home Loans Servicing
Bank of America
EverBank/EverHome Mortgage Company
IndyMac Mortgage Services
National City Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.
Wilshire Credit Corporation
Connecticut Attorney General George Jepsen and Banking Commissioner Howard F. Pitkin are urging affected homeowners to have theirsituation reviewed. For more information visit the IFR website at http://independentforeclosurereview.com/