Foreclosure Review

We briefly mentioned this program when its original announcement was issued a few months ago. Now, it's official and in action! The Office of the Controller of the Currency (OCC) has begun a series of 6,500 radio and 7,000 small town newspaper advertisements announcing the possibility of independent reviews of foreclosures for those who lost their homes to foreclosure in 2009 or 2010, and feel that the foreclosure was erroneous. Under the program, over four million letters to former homeowners have been sent out. The letters inform the homeowners that they may complete forms for the review and return them to the OCC by the end of April, and they will be considered for review of their foreclosure. Homeowners who feel wronged that did not receive the letter and form may request one via the internet: www.IndependentForeclosureReview.com or by calling (888)952-9105. Those who are found to have been wronged will be entitled to compensation or "other" remedies, although what exactly hasn't been specified. Return of their lost homes is not considered likely to be one of the possible remedies.