FROM SHERROD BROWN'S NEWSLETTER: 7/31/2012
"If
you’re one of the thousands of Ohio families who has experienced the pain of
losing your home to a wrongful foreclosure, help could finally be on the way.
But you must act quickly.
Before the reports of widespread foreclosure
fraud two years ago, Ohio had 14 consecutive years of increased foreclosures.
Then, we discovered that many of the biggest
banks in the country simply didn’t follow the law and give people the chance
they deserved to keep their homes. We found that servicers used poorly
maintained, lost, or even forged documentation to evict homeowners.
Big banks tell us that these mistakes are
isolated and harmless. But these problems are not new.
Senator
Sherrod Brown with Housing
Secretary Donovan in Cleveland:
Too
many Ohioans were unjustifiably foreclosed on in recent years. That’s why it is
important that the more than 140,000 Ohioans whose homes were foreclosed on in
2009 and 2010 know about the free Independent Foreclosure Review (IFR) process.
The IFR process – enforced by the Office of
the Comptroller of the Currency and the Federal Reserve – awards financial
assistance to borrowers who were foreclosed on because of inaccuracies and oversights.
According to the Independent Foreclosure
Review website, borrowers are eligible for independent foreclosure review
if: (1) the property securing the loan
was the borrower’s primary residence; (2) the mortgage was in the foreclosure
process at any time between January 1, 2009 and December 31, 2010; and (3) the
mortgage was serviced by one of 27 IFR approved servicers. These servicers
include: America’s Servicing Co.; Aurora Loan Services; BAC Home Loans
Servicing; Bank of America; Beneficial; Chase; Citibank; CitiFinancial;
CitiMortgage; Countrywide; EMC; EverBank/EverHome Mortgage Company; Financial
Freedom; GMAC Mortgage; HFC; HSBC;
IndyMac Mortgage Services; MetLife Bank; National City Mortgage; PNC Mortgage; Sovereign Bank; SunTrust Mortgage;
U.S. Bank; Wachovia Mortgage; Washington Mutual (WaMu); Wells Fargo Bank, N.A.;
and Wilshire Credit Corporation.
And while it’s estimated that 147,000
Ohioans are eligible, as of now, only 6,000 have requested IFR reviews.
The good news is that it’s not too late.
With the application deadline extended to September 30, 2012, it is important
to spread the word to Ohio homeowners that they may be eligible to receive
compensation or other support.
For the families who were foreclosed on – even
when they were abiding by the terms of their mortgage or their modification
agreement, even after they requested assistance and submitted all the required
documentation on time, or even though they were protected by bankruptcy – IFR
can help.
The Independent Foreclosure Review process
may provide compensation in the form of a lump sum payment, a loan
modification, a suspended foreclosure, or even a corrected credit report.
While IFR is a good option for many
homeowners, it’s not a perfect process and I’m working to fix some serious
flaws in it. That’s why I sent a letter to the Office of the Comptroller of the
Currency requesting that homeowners have access to an appeal process that
ensures Ohioans can receive the assistance they deserve.
And
though not everyone will receive compensation, going through the IFR process is
free of charge and won’t prevent Ohioans from pursuing other options related to
foreclosure assistance.
If homeowners don’t take advantage of this
opportunity and participate in this program, then the banks will avoid making
payments for their wrongdoing. Our economy will never fully recover until we
stabilize the housing market – and that means restoring trust for both
homeowners and investors.
But it’s up to all of us to take action. By
raising awareness of the services the Independent Foreclosure Review process
provides, we can help Ohio homeowners receive the compensation they deserve.
Sincerely,
Sherrod Brown U.S. Senator"
Senator Sherrod Brown's Website
UPDATE - RELATED:
