INDEPENDENT FORECLOSURE REVIEW PROGRAM ENDS 12/31/2012

INDEPENDENT FORECLOSURE REVIEW PROCESS
EXPIRES DECEMBER 31, 2012

We are writing to remind all of our friend and clients that the deadline to file a Request for an Independent Foreclosure Review is December 31, 2012.

If you had a foreclosure in process(initiated, pending or completed) between January 1, 2009 and December 31, 2010; and the property securing the loan was your principal residence and the mortgage was serviced by one of the lenders identified on the following link, we urge you to request an Independent review.

Link to list of lenders who must offer the Independent Foreclosure Review is at the Federal Reserve Governors website explanation of the program, listing of lenders informative video

http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm

These reviews were ordered by the Federal Reserve and the Office of the Comptroller of the Currency in a effort to give homeowners who were unfairly treated and financially harmed by the actions of the listed banks and opportunity to make a financial recovery from the banks for the errors, misrepresentation or other deficiencies that may have occurred during the foreclosure process.

A very informative short video which further explains the program is noted above.  If you think you are eligible, we urge you to apply for a Review.

The deadline is December 31, 2012.  You can make the request over the internet.

An Independent Foreclosure Review process has been set up by Order of the Board of Governors of the Federal Reserve System and by the Office of the Comptroller of the Currency.

Additional information can be obtained from the Borrowers Quick Reference at the website below:

    http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/framework-summary.html

Before you complete your application be sure to review the on the  Request for Review Help Sheet on following website:

 http://www.federalreserve.gov/consumerinfo/files/independent-foreclosure-review-form-help-sheet.pdf

To submit an application go to:

   https://independentforeclosurereview.com/

Once again, we urge everyone who believes that they are eligible request a review.  There is no fee for the review.

You May be Eligible for Foreclosure Aid

Were you active in the foreclosure process anywhere from January 1, 2009 and December 31, 2010?  If so, you may be eligible for the Independent Foreclosure Review, a program created by the federal governement between the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Office of Thrift Supervision. 

The program is designed to determine whether consumers suffered financial injury through errors, misrepresentations or other deficient practices on the part of the mortgage companies.  If eligible, you may have received a notice in the mail from your mortgage servicer but we encourage you to look at the requiremetns and proactively and seek it out on your own, or with our help.  Some of the eligibility requirements are that the mortgage must have been ACTIVE in the foreclosure process from January 1, 2009 and December 31, 2010.  Also, the mortgage must have been serviced by one of the following servicers:

  • America’s Servicing Co.
  • Aurora Loan Services
  • BAC Home Loans Servicing
  • Bank of America
  • Beneficial
  • Chase
  • Citibank
  • CitiFinancial
  • CitiMortgage
  • Countrywide
  • EMC
  • EverBank/EverHome Mortgage Company
  • Financial Freedom
  • GMAC Mortgage
  • HFC
  • HSBC
  • IndyMac Mortgage Services
  • MetLife Bank
  • National City Mortgage
  • PNC Mortgage
  • Sovereign Bank
  • SunTrust Mortgage
  • U.S. Bank
  • Wachovia Mortgage
  • Washington Mutual (WaMu)
  • Wells Fargo Bank, N.A.
  • Wilshire Credit Corporation

If you qualify for this program, you could receive payments to remedy the financial injury you may have suffered during the foreclosure process. 

 This program is another chance to get some releif from an unfair foreclosure.   To get more information, please go to https://independentforeclosurereview.com/.   As always, if you have questions about forclsoure, bankruptcy, debt consolidation or other financial issues, please contact the Stephen M. Goldberg, P.C. Law Offices at 732-752-8834.  We are here to lend an ear and help you sort through your financial and legal troubles. 

There are other programs out there, to read more, go to a few previous blog posts on HAMP and the National Mortgage Settlement.

Student Loan Debt – A Growing Problem

If you are in college or putting a child through college, you are already familiar with the high costs of tuition.  With many people struggling to make ends meet but not willing to forgo a college education, they turn to loans.  There are two types of student loans available: federal and private.  Federal student loans are more heavily regulated and come directly from the government with a fixed interest rate.  Also, these loans have payment plans that are usually tied to the consumer’s income and even deferment programs for hardship situations.  Unfortunately, the amount available to an individual is not usually enough to cover all tuition costs, so the consumer turns to private loans.  Private student loans make up about 15% of the $1 trillion in outstanding student debt and do not come with any protective provisions.  Private loans aren’t guaranteed by the government and usually have higher rates because the borrowers are young, with little or no credit history.  These loans are big business for banks like Sallie Mae (SLM), J.P. Morgan, Discover, Wells Fargo, CitiBank, and Bank of America, because they are able to borrow the money from the Federal Reserve for almost 0% and then charge the consumer as much as 9%. 

If you have student loans, unfortunately they are a debt that cannot be discharged through a bankruptcy.  However, if you have other debts, bankruptcy may be able to free you from those crushing debts and allow you to focus on paying off those student loans.  Furthermore, there are some rumblings in the media that there may be relief as Congressmen are alerted to this growing issue.  Watch this space for more information! 

If you have questions about debt, debt consolidation, bankruptcy, loans, foreclosure or other legal issues, do not hesitate to reach out to us.  We are here to help you figure out a course of action and find relief!  Please call us any time: 732-752-8834.

New Mortgage Modifications on the Horizon

If you have been thinking about seeking a modification for your current mortgage, now is the time to act. Also, if you had previously sought a modification for your mortgage but were rejected, the landscape is changing and we recommend that you try again. A few new laws and other events have happened as the federal government recognizes that this mortgage crisis is too big to ignore.

In March, you may have heard of the National Mortgage Settlement, which was reached as a result of the misbehavior on the part of the 5 large mortgages servicers: JPMorgan, Ally/GMAC, Bank of America, Citi, and Wells Fargo. The outcome was a $25 billion settlement, $837 million earmarked for New Jersey, but now we are finally seeing that money impact distressed consumers. If your loan originated with the 5 institutions above and f you are in need of a loan modification now, are current on your mortgage but underwater, or if you have lost your home to foreclosure, there may be money available to you. Go to http://nationalmortgagesettlement.com for more information and to see if this is the right solution for you. You can also go to https://www.mortgageoversight.com/where-can-i-find-help/ to be directed to assistance specific to your own situation.

Another program is the Home Affordable Modification Program (HAMP), which as of Friday, June 1, 2012, has been expanded to include more distressed homeowners. HAMP is for consumers who are employed, but struggling to make their monthly mortgage payment, if eligible, homeowners are able to reduce their monthly payment. Even if you previously did not qualify for HAMP, the requirements have been expanded, so you may qualify now.

All of this information can be quite confusing for consumers. We have over 20 years of experience assisting clients with issues like this and as always, we are happy to help you navigate these new options. Please give us a call at 732-752-8834 or email us at stephengoldberg@smgpc.com. Finally, beware of scammers who are posing as representatives of these programs, make sure you use a reliable source for information for any of these programs.