SILVAR  :  Newsroom  : Real Estate Articles

Real Estate Articles

REALTOR®: REALTORS® issue reminder about Dec. 31 deadline for free, impartial foreclosure review

Wednesday, November 21, 2012

The Silicon Valley Association of REALTORS® is reminding homeowners that Dec. 31, 2012 is the deadline for eligible borrowers to request an impartial foreclosure review through the Independent Foreclosure Review. Reviews are free and federal regulators are monitoring the process to ensure they are conducted in a thorough and impartial manner.

Eligible borrowers include those people whose primary homes were involved in a foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following participating mortgage companies: 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.

In August, the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System directed mortgage servicers to conduct additional outreach to increase awareness of the Independent Foreclosure Review. As part of enforcement actions issued in April 2011, the agencies required 14 large mortgage servicers to retain 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 injury occurred, the borrower may receive remediation such as lump-sum payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records. Lump-sum payments can range from smaller amounts for less serious errors to $125,000 plus equity in the most egregious cases.

Requesting a review does not preclude borrowers from taking other actions related to their foreclosures. Servicers are not permitted to require a borrower to sign a waiver of the borrower's ability to pursue claims against the servicer in order to receive compensation under the Independent Foreclosure Review.

Silicon Valley Association of REALTORS® president Suzanne Yost cautions borrowers about fake offers of foreclosure reviews. "The foreclosure review process is free to eligible borrowers. Borrowers should watch out for scams. There is only one Independent Foreclosure Review. Beware of anyone who asks you to pay a fee for any foreclosure review service," said Yost.

All requests for review forms must be submitted online or postmarked no later than Dec. 31, 2012. For more information, including how to apply online, visit

http://www.independentforeclosurereview.com.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

» Back to Real Estate Articles

Site Navigation