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11/10/11

Independent Foreclosure Review Program

Under the terms of a settlement, Office of the Comptroller of Currency (OCC) and the Federal Reserve required 14 affected mortgage servicers to hire independent consultants to investigate foreclosures that were in process in 2009 and 2010 to determine which homeowners should have their foreclosures reviewed for possible wrongdoing by the servicer.

Beginning in November 2011, eligible homeowners will receive letters with further instructions.  These letters will include a code which will be used to verify a homeowner's eligibility for a review.  If you receive a letter informing you that you qualify for a review, make sure it features this code and confirm that it is part of this Independent Foreclosure Review and not a fake letter from a scammer.

Rust Consulting serves as the central administrator of the Independent Foreclosure Review. The firm has been hired to notify customers and receive Request for Review Forms. Rust will also respond to questions about the Independent Foreclosure Review.

This program is free. Do not pay money to any individual or company claiming to offer you assistance with a foreclosure review.  Beware of anyone who wants payment in exchange for providing access to the Independent Foreclosure Review, or any other foreclosure assistance program.

For more information on the OCC settlement and the foreclosure reviews, click here.     

To locate a HUD-approved housing counseling agency that can assist you for FREE, click here, or call the Homeowners’ HOPE hotline, at 1-888-995-HOPE.

For a list of warning signs and ways you can avoid loan scams, click here.

For 6 Things You Should Know to Spot and Avoid Scams, click here.