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With the deadline to request an ""independent foreclosure review"":https://independentforeclosurereview.com/ nearing, the Federal Reserve Bank of Boston sent out a notice to encourage the public to take action.
[IMAGE]According to a release from the Boston Fed, there are over 135,000 eligible borrowers in New England, but only 5 percent of those who are eligible have actually applied.
In August, the deadline to request a free review was extended to December 31, 2012. The review is for borrowers who believe they incurred financial harm due to a foreclosure action.
[COLUMN_BREAK]If it is determined financial injury did occur, borrowers can receive up to $125,000, plus equity.
""Across New England, response rates have ranged from 5% to 7%, with the majority of eligible borrowers missing out on a vital opportunity,"" said Ana Patricia Muñoz, senior policy analyst at the Boston Fed. ""With so many homeowners in New England having struggled with foreclosure, we want to be sure that every eligible borrower knows about the program and has the opportunity to apply before the deadline.""
In order to be eligible, the foreclosure action had to occur between January 1, 2009 and December 31, 2010. Only primary residence qualify as well.
In addition, the loan must have been serviced by participating servicers. The list of servicers and the request form can be found ""online"":https://independentforeclosurereview.com/.
In April 2011, the Office of the Comptroller of the Currency (OCC), Federal Reserve, and the Office of Thrift Supervision (OTS) announced enforcement actions against servicers, which required them to retain independent consultants to review foreclosure actions between 2009 and 2010.
