Oregon AG Warns of Foreclosure Review Scam

""Oregon Attorney General"":http://www.doj.state.or.us John Kroger has issued a public warning to consumers in the state to be on the lookout for scammers portending to offer independent foreclosure reviews as part of the mandate to major mortgage servicers issued by the ""Office of the Comptroller of the Currency"":http://www.occ.gov (OCC) and the ""Federal Reserve"":http://www.federalreserve.gov.

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In April 2011, the regulators handed down enforcement actions to 14 servicers, instructing them to identify consumers who faced foreclosure between January 1, 2009 and December 31, 2010 â€" a directive resulting from the robo-signing issues that surfaced in the fall of 2010.

Borrowers involved in a foreclosure action during that two-year span can request a case review by an indepen-

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dent consultant to determine if they suffered financial injury as a result of deficiencies in the foreclosure process.

These ""independent foreclosure reviews"":http://www.independentforeclosurereview.com/ began in November. Eligible borrowers should have received a letter by the end of 2011 detailing the process.

There is no cost associated with the federal government's independent foreclosure review program.

Unfortunately, Kroger's office says scam artists are also contacting Oregon consumers and offering to conduct an ""independent foreclosure home loan review"" or a ""securitization review"" for a fee.

Kroger is warning constituents to beware of anyone who wants payment to assist with an independent foreclosure review or any other foreclosure prevention program.

""If you receive a letter suggesting that you qualify for compensation or received a grant without having requested an independent review from the federal government, it is a scam,"" according to the warning issued by Kroger's office.

The bulletin stresses that a government agency will never request personal or financial information through email, and that any claims guaranteeing a mortgage modification or a stop to the foreclosure process should be a red flag.