Independent Foreclosure Review Deadline is December 31st

Deadline to submit an application for an Independent Foreclosure Review (IFR) is December 31, 2012
 
In response to servicer misconduct, The Independent Foreclosure Review (IFR) is a  program mandated by The Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (federal bank regulators). 14 major loan servicers are now offering eligible borrowers a free and impartial Independent Foreclosure Review by an independent consultant to identify those who may have been financially injured due to errors, misrepresentations or other deficiencies in their foreclosure process. If the review finds that financial injury occurred, the customer may receive compensation or other remedy. 

In addition, the OCC and Fed have published a “Financial Remediation Framework”, which establishes baseline criteria for remediation to ensure consistency in the IFR process.  This framework mandates that “similarly situated” borrowers are treated consistently if third-party reviewers determine financial injury occurred.  The framework is also available to the public so that individuals that are considering submitting an IFR application can understand the process and what their compensation could be.  

A housing counselor can assist individuals with completing and filing a Request for Review form and respond to any questions or concerns they may have about the process. The Request for Review Form must be postmarked or submitted to the independent foreclosure review administrator by the deadline, December 31, 2012.  The review is free and there is no cost to apply

Please be aware of loan scams, as there is only one way to apply for an Independent Foreclosure Review.

Instructions to help fill out and submit an IFR are available in multiple languages, including: EnglishKoreanMandarinTagalogHmongVietnameseSpanishRussianCreole