A December 31, 2012 deadline for the Independent Foreclosure
Review Program (IFRP) could affect thousands of eligible Milwaukee
mortgage holders who may have been victimized by improper lending
practices and/or services, according to Alderman Joe Davis, Sr.
Alderman Davis said anyone whose mortgage was in the
foreclosure process during 2009-2010 and believes they may have lost
money because of mortgage service provider errors should consider
looking into whether they are eligible for the IFRP. “Independent
parties will review each case, and I believe it just makes sense to see
if you qualify, especially if you believe your mortgage was not properly
serviced,” Alderman Davis said.
Alderman Davis, chair of the Common Council’s Community and
Economic Development Committee, will hold a joint news conference on the
matter with officials from Housing Resources, Inc. at 10 a.m. on
Wednesday, December 5, 2012 in the first floor rotunda at City Hall, 200
E. Wells St.
According to information provided by Housing Resources, Inc.
(HRI), it has been working diligently during the past several years to
assist homeowners with mortgage delinquency issues or those who are
facing foreclosure. Recently, HRI received notice that the Independent
Foreclosure Review will be ending at the end of 2012.
The Independent Foreclosure Review, according to HRI, is
being required as part of the consent order with federal bank
regulators. The Office of the Comptroller of the Currency (OCC), the
Office of Thrift Supervision (OTS) (independent bureaus of the U.S.
Department of the Treasury), and the Board of Governors of the Federal
Reserve System (FRB) issued the consent order against 14 mortgage
servicers and their affiliates. The Independent Foreclosure Review
applies to those servicers’ customers who were part of a foreclosure
action on their primary residence during the period of January 1, 2009
to December 31, 2010.
Alderman Davis said HRI has indicated that the purpose of
the review is to provide eligible borrowers with the opportunity to
request an independent review of their foreclosure process. If the
review finds that financial injury occurred as a result of errors,
misrepresentations or other deficiencies in the servicer’s foreclosure
process, the borrower may receive compensation or other remedy.
The participating mortgage servicers have been working with
federal banking regulators and independent third party consultants to
create a process that ensures all eligible borrowers are treated
consistently, and receive a fair and impartial review of their
foreclosure. The foreclosure process does not necessarily include the
final sale of the home. The homeowner can still be in their home and be
eligible. The mortgage loan may be eligible if the home was the owner’s
primary residence and was in the foreclosure process in 2009 or 2010
with one of the participating mortgage servicers.
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