Postpone The Independent Foreclosure Review Deadline Until After 215,000 Reviews Have Been Released

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The ForeclosureHelpSCC Consortium is sponsoring a petition on Change.org, requesting that the deadline for the Independent Foreclosure Review is postponed past the current deadline of December 31, 2012.  ForeclosureHelpSCC is requesting the regulators to postpone the deadline until two months after at least 215,000 homeowners have been informed about the results of their review.  This represents only five percent of the 4.3 million homeowners who were in foreclosure from 2009-2010.

For context, a report released in November found that 800,000 more homeowners should have received modifications under the Making Home Affordable program but did not because of a few large servicers who modified loans at a much lower rate than  their peers.

The Independent Foreclosure Review was created after three regulators (the Federal Reserve, the Office of the Comptroller Currency, and the Office of Thrift Supervision) conducted reviews at 14 large banks and servicers and found: “critical weaknesses in servicers’ foreclosure governance processes, foreclosure document preparation processes, and oversight and monitoring of third-party vendors, including foreclosure attorneys.

ForeclosureHelpSCC is asking regulators to extend the deadline because we are concerned that not enough homeowners have learned about the program and applied for it.  Beyond the weaknesses in the marketing plan and outreach highlighted by the GAO in a report earlier this year, we are also concerned that the results of the reviews (for homeowners who have already applied) have not been released.  We believe that releasing the results would be a powerful way to create word-of-mouth marketing about the program for homeowners who were harmed by their bank or servicers and who could be eligible to receive compensation as a result.

To sign the petition, click on this link: “Postpone the Deadline for the Independent Foreclosure Review Until 215,000 Cases Have Been Released”

To learn more about eligibility for the Independent Foreclosure Review, visit this website: www.independentforeclosurereview.com or call: call 1-888-952-9105.

If you are a homeowner living in San Jose or Sunnyvale and are struggling with your mortgage, please contact ForeclosureHelpSCC, a program funded by the City of San Jose and the City of Sunnyvale at (408)-293-6000 or visit our website: www.foreclosurehelpscc.org.  Our HUD-approved counselors can help you evaluate your options, learn more about federal and state programs that may help you with your mortgage issues, and will help you create a plan forward.

Please note: All content included in the ForeclosureHelpSCC blog is provided for information only and should NOT be considered legal or tax advice. If you have any questions, please feel free to contact us on our hotline: (408)-293-6000, or visit our website: www.foreclosurehelpscc.org or send us an email: help@foreclosurehelpscc.org.

Si usted es dueño de una casa en San José o en Sunnyvale y están luchando con su hipoteca, por favor póngase en contacto con ForeclosureHelpSCC, un programa financiado por la ciudad de San José y la ciudad de Sunnyvale, al (408) -293- 6000, o visite nuestro sitio: www.foreclosurehelpscc.org. Nuestros consejeros aprobados por HUD puede ayudarle a evaluar sus opciones, aprender más acerca de los programas federales y estatales que pueden ayudarle con sus problemas de hipoteca, y le ayudará a crear un plan para seguir.

Por favor, tenga en cuenta: Todos los contenidos incluidos en el blog ForeclosureHelpSCC se proporciona únicamente a título informativo y no debe ser considerada como consejo legal o fiscal. Si usted tiene alguna pregunta, por favor no dude en contactarnos a nuestra línea directa: (408) -293-6000, o visite nuestro sitio: www.foreclosurehelpscc.org o envíenos un correo electrónico: help@foreclosurehelpscc.org.

2 thoughts on “Postpone The Independent Foreclosure Review Deadline Until After 215,000 Reviews Have Been Released

  1. Everyone was notified in a timely manner and why should the ones who completed the review be punished for complying with the review. No brainer!!

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