County Announces Independent Foreclosure Review Program

Middlesex County Clerk Elaine M. Flynn encourages homeowners who were part of a home foreclosure between Jan. 1, 2009 and Dec. 31, 2010 to take advantage of a new review program being offered by the Federal government.

The Independent Foreclosure Review program is being offered through the Federal Office of the Comptroller of the Currency (OCC). Homeowners who were part of a foreclosure during that time period are eligible to request an independent review of their foreclosure process.

If the review finds that financial injury occurred to the homeowner as a result of errors, misrepresentations or other deficiencies in the servicer’s foreclosure process, the homeowner may be eligible for compensation. Where a borrower suffered financial injury as a result of such practices, the consent orders require remediation to be provided.

“If you underwent a foreclosure in 2009 or 2010, I urge you to take advantage of this process,” Flynn said. “This review will help determine if you suffered undue financial injury due to errors or other problems during your home foreclosure process.”

Under enforcement actions taken by the OCC, the Federal Reserve and the Office of Thrift Supervision in April 2011, 14 large mortgage services were required to correct deficiencies in their servicing and foreclosure processes and to engage independent firms to conduct a multi-faceted independent review of foreclosure actions that occurred in 2009 and 2010.

“I would like to thank the County Clerk for bringing attention to this program and for looking out for the best interests of our residents,” said Middlesex County Freeholder Blanquita B. Valenti chair of the County’s Community Services Committee.

“This program will help determine instances where our residents may have been mislead or faced undue costs during an already difficult time,” said Middlesex County Freeholder Director Christopher D. Rafano.  “Helping to spread the word about programs such as this, is another way we can serve our citizens.”

Nationally, more than four million letters were mailed to potentially eligible borrowers with request-for-review forms and instructions on how to complete and return them. If you did not receive a form in the mail, you can request a form by calling 888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. and Saturday from 8 a.m. to 5 p.m. The form needs to be returned by April 30, 2012.

Flynn added: “You can begin the process today by completing a form and making sure to submit it by the April 30, 2012 deadline.”

For additional information and answers to basic questions about the review process, visitwww.IndependentForeclosureReview.com.

-Middlesex County Clerk's Office