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Deadline to Request Independent Foreclosure Review Extended Again

The deadline to request an ""Independent Foreclosure Review"":https://independentforeclosurereview.com/ got its second extension in less than two months.

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On June 21, the deadline was pushed back from July 31 to September 30, 2012. Now, borrowers have until until December 31, 2012 to request a foreclosure review, the ""Office of the Comptroller of the Currency"":http://www.occ.gov/index.html (OCC) and the ""Fed"":http://www.federalreserve.gov/ announced Thursday.

In June, the OCC reported 193,630 people had requested a free independent review.

The review is for those who believe they suffered financial harm due to errors in a foreclosure action in 2009 or 2010.

According to the joint statement, the deadline extension provides more time to increase awareness about the review and to encourage most participation possible.

As part of enforcement actions issued in April 2011, the OCC called for 14 mortgage servicers to hire independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process.

If the review finds that financial hard did result from an error, the borrower may be compensated through a lump-sum payment, which can range from $500 to $125,000, plus equity, according to guidance issued by the agencies.

Other forms of compensation include rescission of one's foreclosure, correction of credit reports, or a loan modification.

The independent foreclosure review is separate from the national mortgage settlement reached between federal and state officials and five of the largest servicers.

About Author: Esther Cho

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