The Federal Reserve released a video Wednesday explaining how borrowers who feel they were financially hurt during the mortgage foreclosure process in 2009 and 2010 can apply for a free, independent foreclosure file review.
The video arrives after the Office of the Comptroller of the Currency launched a round of advertising and outreach in April related to the foreclosure reviews under way with large mortgage servicers.
The reviews are a result of consent orders signed by the OCC, Federal Reserve and the 14 largest mortgage servicers in April 2011.
Borrower responsed to the process is slow-going. Roughly 4.3 million borrowers could be eligible for a review if they were in the foreclosure process at some point in 2009 or 2010. Borrowers are eligible for a review if their mortgage loan servicer is participating in the independent foreclosure review.
Servicers and their independent consultants received roughly 121,000 review request forms through March, according to the OCC. Borrowers have until July 31 to request a review.
The video reminds borrowers that, as part of the enforcement actions taken in April 2011 by federal banking regulatory agencies, they might be eligible to receive compensation if the independent review finds evidence of direct financial injury due to servicer error.
The deadline to request a foreclosure review is July 31. For more information, borrowers should call 888-952-9105 or click here.