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Office of the Comptroller of the Currency Publicizes Independent Foreclosure Reviews

Advertisements informing the public about the independent foreclosure reviews underway at 14 servicers hit the presses and the radio airwaves Wednesday.

Released by the Office of the Comptroller of the Currency (OCC), the advertisements inform the public that those who underwent foreclosure in 2009 and 2010 might be eligible for an independent review if there is reason to believe they suffered financially due to mistakes made by their servicers.

More than 4 million letters have already been sent to borrowers explaining the process. Borrowers may sign and return the forms by the end of April to be considered for review.

Those who did not receive a letter may request information and forms by visiting IndependentForeclosureReview.com, or calling 888.952.9105.

The reviews, which were mandated by the OCC in April, “will determine whether individuals suffered financial injury and should receive compensation or other remedies due to errors or other problems during their home foreclosure process,” stated the OCC in a press release Wednesday.

According to the release, those who were protected by bankruptcy, under the protection of the Servicemembers Civil Relief Act, performing according to a modification agreement, and those whose mortgage balances were more than they owed at the time of foreclosure could receive remunerations from their servicers.

Instances in which fees or monthly payments were inaccurately calculated may also require compensation from servicers.

The OCC’s advertisements made their way to the public through 7,000 small newspapers and 6,500 local radio stations.

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