Independent Foreclosure Review
Many people have called our office because they are/were in foreclosure and recently received an Independent Foreclosure Review check. Most of them ask the following questions:
Why am I receiving this Independent Foreclosure Review Check?
An agreement, providing for Independent Foreclosure Review, was reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with several mortgage servicers.
The Independent Foreclosure Review is supposed to determine whether homeowners, who were in foreclosure between January 1, 2009 and December 31, 2010, suffered financial injury because of “errors” made by their mortgage servicer during the home foreclosure process .
This agreement includes the following Mortgage servicers, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The above Servicers have agreed to pay a total of $3.6 billion in cash payments to eligible borrowers. The payment amounts appear to vary.
And the #1 question…
Can I cash my Independent Foreclosure Review Check?
The checks we have seen state the following:
- The payment is final.
- There is no process to appeal.
- “By cashing or depositing the check, you do not waive any legal claims against your servicer and you may pursue additional actions related to your foreclosure.”
Therefore, it does not appear that you have anything to lose by cashing your Independent Foreclosure Review check. HOWEVER, you should seek legal advice from an attorney who is fully aware of your current situation.
Foreclosure Defense Attorneys in Mineola
The above is not legal advice, but the Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you! Call (516) 858-2620 to schedule an appointment with an attorney.