Foreclosure Prevention Networks of USA is communities of people who have made a commitment to work toward correcting the actions by the banking industry which were made to borrowers all across the country. Individuals requested action to be taken by our government for the deficient practices in mortgage loan servicing and foreclosure processing by completing an application with the Independent Foreclosure Review. The form of action requested was taken by over 450, 000 people across the United States. Independent Foreclosure Review was established to determine whether eligible homeowners suffered financial injury because of errors or other problems during their home foreclosure process between January 1, 2009 and December 31, 2010.
Eligible homeowners are asking what happens now?
We have gathered information from different sources to answer that question. We have submitted the most updated accurate info that could be found. Please review it and follow the process for your individual application that was submitted to the Independent Foreclosure Review during the time of submission that was given to everyone and closed on December 31, 2012. If your application was submitted, please follow through as stated below.
Correcting Foreclosure Practices Updated February 14, 2013
Independent Foreclosure Review
As part of April 2011 consent orders, federal regulators required servicers to engage independent firms to conduct a multi-faceted review of foreclosure actions in process in 2009 and 2010. That initiative included a process for eligible borrowers to request a review of their foreclosure if they believe the suffered financial injury as a result of errors on a foreclosure of their primary residence that was in process at any point in 2009 or 2010.
In January 2013, 13 mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $9.3 billion in cash payments and other assistance to help borrowers. The settlement concluded the Independent Foreclosure Review for these 10 servicers and will result in $3.6 billion in cash payments to nearly 4.2 million eligible borrowers and $5.7 billion in additional assistance.
To acquire about your application status.
If you are a homeowner working with a housing counselor, attorney or other third party who is assisting you with a Request for Review Form that has already been submitted, please call 1-888-952-9105. Be prepared to provide the following borrower and property information: the borrower(s) first name & last name and current mailing address; the Independent Foreclosure Review reference number (if available); the loan number and property address of the mortgage loan; the last 4 digits of borrower Social Security or Tax Identification Number (SSN/TIN)
Independent Foreclosure Review
As part of April 2011 consent orders, federal regulators required servicers to engage independent firms to conduct a multi-faceted review of foreclosure actions in process in 2009 and 2010. That initiative included a process for eligible borrowers to request a review of their foreclosure if they believe the suffered financial injury as a result of errors on a foreclosure of their primary residence that was in process at any point in 2009 or 2010.
In January 2013, 13 mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $9.3 billion in cash payments and other assistance to help borrowers. The settlement concluded the Independent Foreclosure Review for these 10 servicers and will result in $3.6 billion in cash payments to nearly 4.2 million eligible borrowers and $5.7 billion in additional assistance.
To acquire about your application status.
If you are a homeowner working with a housing counselor, attorney or other third party who is assisting you with a Request for Review Form that has already been submitted, please call 1-888-952-9105. Be prepared to provide the following borrower and property information: the borrower(s) first name & last name and current mailing address; the Independent Foreclosure Review reference number (if available); the loan number and property address of the mortgage loan; the last 4 digits of borrower Social Security or Tax Identification Number (SSN/TIN)