Last week the Federal Reserve released a video on the Independent Foreclosure Review. The video aims to help borrowers who believe they were financially harmed during foreclosure processes between 2009 and 2010. Because we hear from consumers each day who have questions and concerns regarding their mortgages and foreclosures, we want to pass on good information they may find useful.
Many borrowers across the country have gone through foreclosure in recent years. Sometimes consumers went through the process with unanswered questions and concerns about how their foreclosure was handled. And in some cases, there were major errors made by servicers that led to foreclosures that could have been avoided. Because of these practices, the Independent Foreclosure Review has been established to assist borrowers in getting answers and possibly compensation. The Federal Reserve has set up a website for you to . The Federal Reserve offers an English language video and a Spanish language video that provide greater details, but here are the basics:
- Your mortgage must have been serviced by a participating servicer.
- Your foreclosure must have been initiated, processed, and/or completed between January 1, 2009 and December 31, 2010.
- The foreclosure had to be for your primary residence.
Please note that there are absolutely no fees attached to this process. Beware of anyone who asks you to give them money.
To submit complaints, inquiries, feedback, or to tell the CFPB about an experience you’ve had with your mortgage, you can call our toll-free phone number at 1-855-411-CFPB (2372) or submit a complaint online. Consumers who are experiencing problems because they are unable to pay their mortgage can also call us at 1-855-411-CFPB and we will connect them with local housing experts who can provide free and professional advice.