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.

Will the Home Mortgage Crisis ever end ??????

The financial press last week reported on two important and interesting developments in the Federal government’s response to the historic and catastrophic residential mortgage crisis. With foreclosures again on the rise, the financial press announced that the White House has floated a plan to pressure the mortgage lenders into offering reductions in principal as part of certain mortgage modifications. At the same time it is reported that the Republican leadership in the House of Representatives is going to formulate a bill to try to end the Federal Governments mortgage modification programs.

The housing crisis effects all of us. There can be no national economic recovery until there is a recovery in the housing market. Even if you own a home and are paying your mortgage on-time the fact that others in your community are facing foreclosure or have already been forced out of their homes adversely effects the value of every property in the community. We all have a great stake in the health of the housing market.

The current federal efforts to rehabilitate the housing market(TARP and the administrations HAMP program, among others), have been more aimed at saving the big banks than restoring sanity to the residential real estate market. It seems to me that the only solution is to force the mortgage lenders to recognize the losses in their portfolio’s immediately. What better way that to compel them to write down the principal on underwater home mortgages.

I urge everyone who has a stake in restoring sanity to the real estate market(this is, in reality, all of us) to let the White House and Congress know that you support efforts to compel the residential real estate lenders to write-off or write-down mortgage balances which are in excess of the current value of the property. The Republicans are correct that the current Federal efforts to stabilize the residential real estate market(HAMP program) are not working, the solution is not, however, to kill the programs, but rather to review, modify and amend the programs to make them more effective in accomplishing the goal of stabilizing the values of property in the residential real estate market. Write down of underwater mortgage is the key to moving towards a solution.

Please contact the White House and the Republican leaders in Congress and let them know what you think.

Can I file for Bankruptcy?

Over the many years we have been assisting families and individuals who are in financial difficulty we have served people from all walks of life and from all over the State of New Jersey.  Can I file for bankruptcy is a question I’ve heard from clients including doctors, nurses, lawyers, accountants, computer professionals, tradesmen, laborers, office workers, government workers, teachers, politicians and people from just about every occupation.  We have helped retired people, disabled people, persons who are in jail and persons who are institutionalized.   Congress has created the Bankruptcy Code to provide relief for the “honest, but unfortunate debtor”.

Our clients have come from all over the State of New Jersey however, our office in the Green Brook New Jersey, at the meeting point of the Union, Somerset and Middlesex counties has proven to be very convenient from people who live within a 7 to 10 mile radius of our office. We have served individuals from Green Brook, Dunellen, Plainfield, North Plainfield, South Plainfield, Warren, Watchung, Middlesex, Bound Brook, South Bound Brook, Piscataway, Somerville, New Brunswick, South Brunswick, North Brunswick, Somerset, Raritan, Manville, Hillsborough and many of the other communities which are located within 15 to 20 min. of our office.

The current national financial crisis has forced many families and individuals into extraordinarily difficult economic situations. Many families who have previously never had a late payment are now facing substantial arrearages on their mortgages and an inability to pay their utilities and other debts as they come due. Many of these individuals and families suffer daily under a barrage of telephone calls from collection agencies and collection attorneys demanding payment of bills which it is impossible for them to pay.

If you are being harassed by creditor phone calls at work or at home, if you are afraid to pick up the telephone for fear that there will be a rude collection agent on the other end then you need to speak with us as quickly as possible. A bankruptcy filing may allow you the peace of mind and a fresh start in your financial affairs which you are seeking.

If you are feeling the crushing and relentless pressure of debt collectors and collection attorneys, if you are faced with collection lawsuits, judgments, wage garnishments, or bank levies you need to speak with us as quickly as you can to determine whether or not a bankruptcy filing will bring you relief.