Part of the agreement is that those underwater are supposed to receive principle reductions. CAll your servicers and ask for a review of your account.
CHECK OUT ALSO: FEDERAL RESERVE:Independent Foreclosure Review or the Independent Foreclosure Review Site. for the application
Review Process
Information about the review process, including how to request an independent review, was mailed to potentially eligible borrowers in November and December 2011. If you believe that you meet the three criteria but have not received a mailing, call 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. (ET), and Saturday from 8 a.m. to 5 p.m. (ET). Individuals can also get more information about the review through a website set up by the servicers, www.IndependentForeclosureReview.com . A list of Frequently Asked Questions and Answers are available on the website.
Individuals will be sent an acknowledgement letter from the review administrator within one week after their request for an independent review is received. Individuals will be notified in writing of the results of the review. Because the review process will be a thorough and complete examination of many details and documents, it could take several months to complete the review.
Deadline to Request a Review
Requests for review by the servicers’ independent consultants must be postmarked or submitted online by September 30, 2012.1 Borrowers are encouraged to carefully consider the information about the review program to determine if they are eligible to participate.
In an article Saturday morning CNN gave the scoop on those underwater homeowners and those foreclosed on wrongfully. Here is an excerpt – it is an article well worth checking out. Servicemen who were on active duty should pay close attention
>>>CNN Article>>>completed a trial modification or while they were in the midst of the trial period, they will receive the value of their home's equity at the time of foreclosure, plus $125,000. If they were able to get their home back, they'll get $15,000.
Related: America's hardest hit neighborhoodsHomeowners to receive up to $125,000 for foreclosure abuses - Jun. 21, 2012
If the foreclosure was stopped, lenders must complete the permanent modification and pay $5,000 to borrowers. If the lender can't provide modified mortgages, the compensation rises to $35,000.
Errors and other issues with loan modification applications: If a lender mistakenly denied a modification application, failed to follow up on an application or ask the borrower to submit a modification application as required under the Home Affordable Modification Program, or didn't process the application quickly enough, then the borrower is entitled to compensation.
Check out CNN’s related article of what the Foreclosure Agreement means to YOU
Good luck and post your success stories here in comments
2 comments:
FOR some reason my friend could not post her response: HERE is a response from actual experience in application for review.>>>>>>>>I returned the Independent Foreclosure Review within two weeks of receiving it in February 2012. About three weeks later the "acknowledgement" letter was received, then nothing. On May 1, I sent a second packet to the Review board. It included a full & complete copy of the McCaffrey Securitization Report & the Horner Document Exam and a letter stating (among other things) that I believed I had been "duped into executing documents that appear to be part of a scheme to issue unregulated securities under false pretenses". I have still not gotten any response from the Review board. They do not give any solid time frames for resolution, so I will be calling every few weeks to check up on them. Send everything Certified Mail with a Return Receipt so there is no question they have received your documents. I am not sure if this will in fact result in anything, seems right now to be only a "show" for the public...but we shall see. I do believe that no matter what happens, it is worth the effort to lodge this complaint.
Loan Modification programs help to reduce your monthly payments and makes it affordable.
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