Community Corner

Monmouth County Residents May Have Home Foreclosures Reviewed

Homeowners who underwent a foreclosure may be eligible for a free independent review of case

The following is a message from Monmouth County:

Homeowners who suffered foreclosures in 2009 and 2010 may be eligible for a free independent review of their case, says the Monmouth County Office of Consumer Affairs.

“If you underwent foreclosure action in 2009 or 2010, a review of your case may be a good idea,” said Monmouth County Consumer Affairs Director Annmarie Howley. “A review will determine whether an individual suffered financial injury and should receive compensation or other remedies due to errors or other problems during the home foreclosure process.”

Independent foreclosure reviews let borrowers who faced foreclosure on their primary residences between Jan. 1, 2009 and Dec. 31, 2010 request reviews of their cases if they believe they suffered financial injury as a result of errors in the foreclosure processes of these loan servicers:

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  • America’s Servicing Company
  • Aurora Loan Services
  • Beneficial
  • Chase
  • Citibank
  • CitiFinancial
  • Citi Mortgage
  • Country-Wide
  • EMC
  • EverBank/Everhome
  • Freedom Financial
  • GMAC Mortgage
  • HFC
  • HSBC
  • IndyMac Mortgage Services
  • MetLife Bank
  • National City
  • PNC Mortgage
  • Sovereign Bank
  • Sun-Trust Mortgage
  • U.S. Bank
  • Wachovia
  • Washington Mutual
  • Wells Fargo.

The reviews were ordered by the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve in April 2011 after federal regulators found unsafe and unsound mortgage servicing and foreclosure practices among these large, federally regulated mortgage servicers.

Situations that may have led to financial injury include, but are not limited to:

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  • The mortgage balance at the time of the foreclosure action was more than you actually owed.
  • Fees charged or mortgage payments were inaccurately calculated, processed or applied.
  • You were doing everything a modification agreement required but the foreclosure sale still happened.
  • The foreclosure action occurred while you were protected by bankruptcy.
  • A foreclosure proceeded on a military member in violation of Service members Civil Relief Act protections.

“You can start the process by completing a form and submitting it prior to the April 30, 2012 deadline,” Howley said. “You must obtain a review form from the Office of the Comptroller of Currency directly. Our staff may also be able to answer some general questions about this process, but getting the form is the first step.”

Nationally, more than 4 million letters were mailed to potentially eligible borrowers with request-for-review forms and instructions on how to complete and return them. The form lets you describe what you think went wrong. Simply answer the questions to tell your story, include any additional documents you think relevant and return the form by April 30, 2012.

If you believe you are eligible and have not received a form, you can request one 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.

For additional information and answers to basic questions about the review process, visit www.IndependentForeclosureReview.com. Reviews are conducted by independent consultants working under the direction of the federal regulators and may take several months to complete.

“The Consumer Affairs staff is available to assist consumers who believe they may have been a victim of fraud or unfair business practices,” Howley said. “Providing information and answering questions for residents is a large part of what we do.”

The office is open weekdays from 8:30 a.m. to 4:30 p.m. and is located in the Hall of Records Annex at One East Main Street in Freehold. You can stop by the office or contact the office by phone at 732-431-7900 or by emailing consumeraffairs@visitmonmouth.com.

The county’s Consumer Affairs department is a law enforcement agency, created and funded by the Monmouth County Board of Chosen Freeholders. It protects against consumer fraud and dishonest and unscrupulous business practices by enforcing the state Consumer Fraud Act and other regulations.


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