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Independent Foreclosure Review

Discussion in 'Foreclosures' started by shayl475, Nov 4, 2011.

  1. shayl475

    shayl475 LoanSafe Member

    I received my official letter today asking if I wanted a foreclosure review. At first, I thought foreclosure was a nightmare but it ended up being the best thing that has happened to me in a very long time. For those who are fighting, however, you might want to take a look at this. Foreclosure victims get new help from feds - CBS News
  2. Cat Damiano

    Cat Damiano Mortgage Wars

    Very interesting, thanks for sharing. It seems this is too little, too late for so many homeowners that lost their homes between that timeframe already.
    Last edited: Nov 4, 2011
  3. DesertMe

    DesertMe LoanSafe Member

    It is for me...Where were they 2 years ago when after 25 years with Skank of America, I was told "Sorry nothing we can or WILL do"..All PR moves from a bank under fire for it's greed, in yet another political year. Gee, what are they going to do ? Send us all a check for $50 and say "It's all good now " ?
  4. Annie Mac

    Annie Mac LoanSafe Member

    As I went to the Chase website to download forms to prepare yet one more application packet, I saw for the first time the small box in the margin about the Independent Foreclosure Review. During 2009, when Washington Mutual was my servicer, sure enough, they refused to accept a check, when I was late with payment, I still have the check and the envelope it came in....and the notice the following month of foreclosure. They could not provide me with a printout of fees, but, I I have been in "Active Foreclosure" more or less since then...along with several denials, at least half a dozen complete applications and the numerous faxing of the same documents over and over. After three years of run-around, how could this review board make sense of it? At the rate Washington Mutual and Chase has "lost" documents what is left? I am not sure how many of us are in this window of time, and still with the process, but I would really like to hear from others and get a perspective on whether this is worth the time, or just another hoop to distract one from the actual Loan Mod process. They have not foreclosed on me, I am still actively seeking a Loan Mod, but it is a lot of wear and tear on one's life. Is this truly a viable program, worth exploring, or is it an apologetic attempt to set things right? I invite some feedback.
  5. shayl475

    shayl475 LoanSafe Member

    If you are eligible for a review you should get a letter in the mail with a mortgage loan number, reference number, address, and other information including a review form with a bunch of questions to fill out. I'm not going to do it, I'm thrilled with the end results of this nightmare and am happy it is over but I hope this works for others out there who are in need of a review.
  6. freedomwon

    freedomwon LoanSafe Member

    I suspect this is another example of where the OCC will deem the bank in charge of conducting their own internal investigation. Once the investigation is complete, the bank sends a letter to the OCC of their findings. The OCC has just given it a fancy name calling it "an independent foreclosure review".

    Annie Mac - Right there plain as day, Chase has a box you can check to request the "independent review"? That's not sounding so "independent" to me. That sounds like giving the bank an opportunity to manipulate files, make them disappear or whatever they deem necessary to conceal the truth.

    While the criteria to request a review is made clear, the outcome & who will get financial compensation & how much they might receive is real sketchy at best. In fact, from what I gather, even if their findings from the review show harm was done, not all reviews will provide financial compensation to the homeowner.

    It reminds me of when the banks received their TARP funds but there were no firm guidelines or regulations on how the money was to be used. Every once in a while as a result of the "independent review" findings, a homeowner will be thrown a bone to show the American people that something is being done about this foreclosure crisis.
  7. cheri

    cheri LoanSafe Member

    I read something that they are doing reviews on people who were already foreclosed, they said if you were foreclosed from 2009 to 2010 to have it reviewed and you can be eligible for the banks to owe you money if they were found wrong to foreclose and you did qualify for a loan mod. I forget where I saw this article ? was it Gov site?? I have to check it out. Feedoms, I hope all is well with you!
  8. freedomwon

    freedomwon LoanSafe Member

    Hi Cheri - It can be anywhere in the foreclosure process. You don't need to be already foreclosed upon. Here's the criteria to be eligible for a review:

    To be eligible for the Review, interested parties must meet these three criteria:
    • Their mortgage loan was serviced by one of the participating mortgage servicers.
    • Their mortgage loan was active in the foreclosure process between January 1, 2009, and December 31, 2010.
    • The property was the borrower's primary residence.
  9. shayl475

    shayl475 LoanSafe Member

    It's always a day late and a dollar short. Honestly though if one person gets something from this I will be happy.
  10. triplesmiles

    triplesmiles LoanSafe Member

    I am in this situation with wells fargo. i qualify and will request review. i wonder how it will affect court rulings.
  11. shayl475

    shayl475 LoanSafe Member

    Let us know if you have any luck, I'm really curious to know if these programs are improving and if they will help anyone.
  12. freedomwon

    freedomwon LoanSafe Member

  13. Fleur

    Fleur LoanSafe Member

    Yesterday, I called the Independent Foreclosure Review phone number: (888) 952-9105 to ask some questions and want to share with you all what I found out so far:

    1.) This review board is relying on the banks to provide it with the names/addresses/loan numbers of the homeowners to mail the letters out to--each is assigned a reference number. For me, they had 2 reference numbers....I asked it each reference number represented each attempt by Chase to foreclosure on our home & the response was YES. I said, well then, your review board is missing a 3rd reference number for me. What this means is: this review board will only investigate a "reference number." So, if a homeowner has had more than one foreclosure attempt, he/she needs to request a "reference number" for each foreclosure attempt in order for this review board to get the "full picture to evaluate its findings." I hope I was able to explain this well enough...I didn't understand this "gapping loophole" as I read verbage I read on FAQs.

    2) Letters are mailed out in stages (e.g. 4, 000 on one date; 8,000 on another date, etc.); my letter is scheduled to mailed out December 12, 2011, but you CAN REQUEST IT TO BE MAILED NOW. I would suggest you do this because the more time you have to prepare the answers the better for you and your possible outcome.

    3.) Since "financial compensation" will no doubt be limited, try to think about other forms of compensation you want from your servicer, then request it and justify it when you return your form to this independent review board. Why not? Give them your request to consider and let them tell you no and justify why not--make them do some real work/review (also copy the OCC, Treasurey Dept. State AG, Senators & Congress man/woman. For me, I want Chase to help repair our credit scores since they helped quickly flush down the toilet. Our partipating in the HAMP Loan Mod process (reporting to credit agencies we were 180 days not paying our mortgage when we were making each trial payment on time, coupled with the BK to stop the foreclosure, which we immediately had dismissed after finding out the mod was approved) our credit worthiness both personally and for our small business. We can not get a line-of credit or an SBA loan to help us keep our business afloat. Who's talking about Jobs, Jobs, Jobs? :sad:

    This is just small part of my experience:
    Chase attempted to foreclose on our home 3 times while being considered for a HAMP Loan Modification. The 3rd time, we were forced to tell our lawyer to "push the electronic button to declare BK" literally 6 minutes before the time of "auction/sale" to save our home. Then, 2 minutes later Chase's foreclosure-mill law firm returned my many calls & faxes to tell me the foreclosure sale was put on hold. The next day, a Chase rep returned my many phone calls & faxes to tell me the sale was put on hold and that we were "approved" for a loan modification. It took a lot of will power for me, with a doubt given from above, not to curse these folks into oblivion. The final HAMP Loan Mod was supposed to take effect December 1, 2010 but never did. Chase claimed it was not approved by the Investor (Freddie Mac), which I later learned was NOT true. I finally did get the HAMP Loan Mod, after making formal compaints to just about every local, state & federal representative and financial regulator.

    Annie Mac--you hang in there; and please don't be afraid to fight back...hard.

    Shyl475--You are so right. However, I honest believe "we the people" can/will benefit if they genuinely & consistantly put pressue to get positive results from this group of "financial gansters."

    And, I honestly believe they're "banking" on all of us now being so emotionally, physically & financially drained that we won't have the will power to hold these financial gansters accountable for criminal deeds.
  14. sherby

    sherby LoanSafe Member

    I received my Independent review letter today. Honestly I don't know the entire process was horrible
    and will this review be more stress? My husband and I never received help from the bank. I called several
    times and all I got was 1000 questions. I was even told after they ran our income that we wouldn't qualify
    for a modification because we dont make enough money even though at that point we had still been paying.
    We were sinking fast and stopped paying all our other bills to pay our mortgage. The GMAC rep on the phone
    Just said stop paying and maybe we will help you. Guess what we ended up having to because we
    couldn't get refinanced or a loan mod and 2 months later we had a notice on our door that we had less
    than 60 days to go. I contacted an attorney and he said take that letter seriously. So they got rid of us
    in with in 4 months. Maybe because we put 60k down and paid faithfully for 4 years.
    Then they leave it in our name for over a year and the county sends us a letter that we owe
    property taxes. I call the county and even though the bank bought it back they left it in our
    names. They ended up selling it to some people for 100k when we owed 240k...we didn't have
    time to re-act or money to pay the mounting late fees. We ended up filing BK. It's. Horrible
    I think about loosing our home and I cry, they traumatized my kids. They didn't want to
    help us. We were scared and had no time to do anything.I gave up, does this mean I have no
    case? I always thought we were scammed. They wanted our house they got a lot of money
    out of us. Our credit is ruined, we have rent and it has made me bitter.
  15. overthere1

    overthere1 LoanSafe Member

    Hello-I received my Independent Foreclosure Review this week with BoA.
    My question is in 2 parts. 1) Whether I am safe from being foreclosed upon till the review board makes its
    determination on my file? Up until September 2011, I was having my loan modification handled
    by an attorney's office out of NY who has now been disbarred! I also had another file apparently
    open due to my own efforts for a loan mod.
    2) Should I reopen another request for a Loan Mod-because I am not sure where I stand with BoA as of right
    now. I sent a QWR about a month ago, but haven't received any info.
    Any input is appreciated.
  16. Tarin Myhairout

    Tarin Myhairout LoanSafe Member

    Hello Sherby.

    Welcome to the Forum - I am glad you joined us.

    I am so sorry about what happened to you; and very, very angry. I don't think anyone really knows what will come out of the Foreclosure Review, and no one can promise you anything.

    However; I believe there are people who should have their stories told, and you are among them.

    A foreclosure should never have happened like this, and you and your family continue to suffer from it. It is clear from your post just how traumatic this experience has been.

    Only you can decide whether or not it is worth it to be part of the Review. I don't know very much about the actual process at this point (nobody does) but at least in the initial stages, it appears to be simply a matter of filing that request to be made part of it.

    You know pretty well what this cost you in financial terms, and the financial part is all they are going to address.

    If you don't ask, no one will do anything.

    As I see it,this is an opportunity for you to fight back in one of the few ways left to you without hiring a private attorney to sue on your behalf.

    I don't think it needs to be an all-or-nothing-decision at this point. You could return the form and ask to be part of the Review now, and if later it gets to be too much, you can opt out.

    Only you can determine what is right for you and your family. Please do let us know what you decide.

    All my Best to you and your family,

  17. Cat Damiano

    Cat Damiano Mortgage Wars

    Hi sherby,

    Welcome to the forum and thank you for joining........

    The review itself shouldn't be stressful, it will however put a microscope on GMAC and other lenders and their foreclosure practices. This is your chance to have your say as to what happened. What happened to you definitely falls under what the OCC's review team will be looking for, which is, errors, misrepresentations or other deficiencies in these servicers foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy.

    Here are the Frequently Asked Questions on the Foreclosure Review Process that freedomwon had posted above in case you may have missed it.

    Independent Foreclosure Review - FAQ
  18. Heids

    Heids LoanSafe Member

    Triplesmiles, I just got my letter from OCC today. We are with WF and will also be getting a review. Should be interesting.
  19. maryseas

    maryseas LoanSafe Member

    I received a letter today as well. No doubt I've been damaged, but due to fraud by BAC, and not by mistakes. This process requires I dig into my files to again provide hours of painful recollection of a very horrible process they put me through. And from what I can tell the Bank will provide answers to what I tell the reviewer, and in some cases the bank may call to collect more information from me at the reviewers direction. Really!!! The very Bank that screwed it up so bad in the first place is going to "collect" more information to try to correct this??? Gee, sending them the information over 15 times wasn't enough for them to get the modification done right the first time, but now the OCC and Independent Reviewer thinks the Bank will be able to correctly get the information the second time so they (BAC) can make accurate recommendations for how to repair the damage to me? OH PLEASE!!! Give me a break! How can anyone possibly take this process seriously. IF THERE IS ANY CHANCE THAT THIS PROCESS MIGHT ACTUALLY DO SOME GOOD TO HOLD THESE JERKS ACCOUNTABLE, PLEASE LET ME KNOW. Otherwise this looks like just another bureaucratic attempt to let the Treasury Department off the hook for failing to represent the interests of the American public.
  20. freedomwon

    freedomwon LoanSafe Member

    maryseas & all others on this thread, I received the independent foreclosure review form as well. Please weight your options carefully before submitting. On the back side of page 1, under consent order details, pay careful attention to the following:

    As part of this order, the mortgage servicer has hired an independent consultant to independently review certain residential foreclosure actions regarding individual borrowers.

    So, maryseas, BofA gets to choose who they hire! Does this sound very "independent" to you? And by the way, Rust Consulting, the company we all called to get our independent review form in the first place specializes in claims administration with the goal of reducing the cost per claim for their clients. Rust was contracted by the OCC and is supposed to oversee the independent consultants (a separate company) that each mortgage servicer has hired. Here's a link to their site http://www.rustconsulting.com/Legal_Sector/Class_Action/Property.aspx

    If anyone out there has the time, it would be beneficial to get the bottom of who or what company BofA has hired as their independent consultant. Ahhh darn!.....Rust just closed 10 minutes ago. Only open till 5pm eastern time on Saturdays. I think I'll call Monday & ask them. I encourage others to do the same.

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