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If you experienced foreclosure, please read this carefully.

You may have heard recently about the federal government’s enforcement actions against some of the nation’s largest mortgage services, including Bank of America. 

At issue, deficient servicing practices.

If you suffered direct financial injury as the result of an IMPROPER foreclosure, and you meet specific requirements, then you should submit a “Request for Review,” which is a form.  An independent foreclosure reviewer will determine whether you were harmed.  If you were financially damaged, you will receive compensation.   CCCS of Central Oklahoma can help you complete the necessary form, free of charge.

Bank of America will send you the form, and you should submit it if you meet the following guidelines:

  • You must have experienced foreclosure.  It does not matter whether the foreclosure was completed or not. 
  • Your foreclosure must have started, been conducted, or completed during the time period of 1/1/2009 and 12/31/2010.
  • Your mortgage had to be serviced by one of 14 servicers or affiliates.  Bank of America is included in that list.  (A complete list is provided at the end of this letter.)
  • You must have occupied the property as your primary residence (lived there 6 months and one day out of each year).  No investment properties, rental properties or vacation homes will be considered.

 ***Forms must be postmarked no later than July 31, 2012.***

 

If you aren’t sure if you qualify, then you should submit a form just in case.

Once you submit the form, the actual review may take months, depending on volume and the extent of unplanned complexities.

If it’s found that you were improperly foreclosed, causing you financial harm, then Bank of America will provide you with compensation.  The amount awarded is still being determined.

Bank of America will send you the form.  If you do not receive a form in the mail, then you should call Bank of America and ask for one.  Bank of America’s main number is 1-800-669-6650.

Though CCCS of Central Oklahoma has no decision making authority in this process, we can help you complete the required form and help you with questions. You can call and schedule an appointment so you can sit down with a Certified Consumer Credit Counselor and complete the document.  There is no charge for this service.

Each case will be reviewed by an independent reviewer, which is Rust Consulting.  Rust Consulting will review your information and determine whether you suffered direct financial harm from the mortgage company’s actions.  Once the review is complete, Rust Consulting will notify you of their results by sending you a letter.

Additional information about the Independent Foreclosure Review can be found at: www.independentforeclosurereview.com or by calling 1-888-952-9105.  

Once you receive your form, call CCCS to schedule an appointment and we will help you complete the documents.  You can schedule your appointment by calling 405-789-2227 or 800-364-2227.

Please note:  submission of the form does not stop a pending foreclosure process or pending foreclosure sale.  If you are behind on your mortgage now, you should continue to try and resolve your mortgage delinquency as soon as you can.  In addition to helping you with the form discussed above, CCCS of Central Oklahoma can help you identify ways to resolve an existing mortgage delinquency.

CCCS of Central Oklahoma has been helping Oklahoma’s since 1967.  We are a non-profit, United Way organization dedicated to helping people help themselves become financially strong through counseling, debt management and education.  Call today so we can help you!

Complete List of Covered Mortgage Servicers

America‘s Servicing Company

Countrywide

National City Mortgage

Aurora Loan Services

EMC Mortgage Corporation

PNC Mortgage

BAC Home Loans Servicing

EverBank/EverHome Mortgage Company

Sovereign Bank

Bank of America

Financial Freedom

SunTrust Mortgage

Beneficial

GMAC Mortgage

U.S. Bank

Chase

HFC

Wachovia Mortgage

Citibank

HSBC

Washington Mutual (WaMu)

CitiFinancial

IndyMac Mortgage Services

Wells Fargo Bank, N.A.

CitiMortgage

MetLife Bank

Wilshire Credit Corporation

CCCS is a non-profit Credit Counseling agency with offices in Oklahoma City, Bethany, Enid, Stillwater and Tinker Air Force Base. Contact us at http://www.cccsok.org or 1-800-364-2227

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One comment on “If you experienced foreclosure, please read this carefully.

  1. […] If you experienced foreclosure, please read this carefully. (cccsofcentraloklahoma.wordpress.com) […]

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