Thursday, June 21, 2012

Foreclosure Review Deadline Extension and Details Released

The Office of the Comptroller of the Currency (OCC), one of the Federal regulators that took enforcement action against large residential mortgage servicers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing, announced today that they have extended the deadline for borrowers to request an Independent Foreclosure Review (IFR) until September 30th, 2012.

This announcement is so new that as of today, even the official IFR website still states that the deadline is July 31st.

More importantly, the OCC and the Fed have released a Financial Remediation Frameworkdocument which outlines the possible remedies borrowers can expect to receive - and the financial compensation they may be eligible for - as a result of the IFR process.

For months, consumers and their advocates have asked us - why bother??  And now the answer is clear... the financial 'remedy' consumers may receive if the independent review finds that their lender committed an error in their foreclosure process can be SUBSTANTIAL - - Up to $125,000 plus equity losses!

For additional information about IFR... view our past blog posts here and here.

If you were in the foreclosure process in 2009 or 2010... don't let this opportunity slip by.  Contact us today to learn more.

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