Deadline Approaches for Homeowners Seeking Foreclosure Reviews

Nov. 30, 2012 / By

New America Media, News Report, Anna Challet, Posted: Nov 29, 2012

Well over 4 million homeowners affected by the foreclosure crisis are eligible for an independent review of their cases – but only a small percentage of them have requested one through a recently available federal program, and the deadline to do so is looming.

The Independent Foreclosure Review (IFR) allows eligible current and former homeowners to have their foreclosure files reviewed by independent consultants. Homeowners who were financially harmed by abuses or errors of their mortgage servicers will be eligible for compensation.

As of September 2012, 18 percent of eligible homeowners in California had responded to the mailing about the IFR, which is run by the Federal Reserve Bank and the Office of the Comptroller of the Currency (OCC). Nationally, the response rate is only 7 percent. The deadline to request a review is December 31.

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New America Media is the country's first and largest national collaboration and advocate of 3,000 ethnic news organizations. Over 57 million ethnic adults connect to each other, to home countries and to America through 3000+ ethnic media outlets, the fastest growing sector of American journalism. Founded by the nonprofit Pacific News Service in 1996, NAM is headquartered in California with offices in New York and Washington D.C., and partnerships with journalism schools to grow local associations of ethnic media.