Independent Foreclosure Review

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This topic has 7 voices, contains 17 replies, and was last updated by  TTrumble 425 days ago.

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April 10, 2013 at 10:38 am #7113

nyscubamann

I filled out the application for the Independent Foreclosure Review on NACA’s site. It used to be a link on the top of NACA’s homepage, before the deadline of 12/31/2012. Now, Independent Foreclosure Review claims they did not get it!!! They told me I am not ineligible for the funds from OCC and Federal Reserve!! And, no, I do not have a confirmation number.

April 10, 2013 at 2:05 pm #7118

nyscubamann

I have an email from NACA on 12/13/2012 that says:

Dear xxxxxxxxxx,

Thank you for completing on NACA’s website the Remedy application concerning lender’s wrongful acts including the Independent Foreclosure Review (“IFR”) application.

To determine your eligibility for the IFR and to complete the application as you authorized us, we are in need of the last four digits of your social security or ITIN number. Please click here to provide this information. If you have any questions or concerns contact us at Advocacy@naca.com or our IFR Hotline at 801-401-6222.

NACA continues to advocate for you. Please note that time is of the essence and your prompt response is required.

Thank You,

Bruce Marks
NACA CEO

I clicked on the link (at the time) and entered the last 4 of my ssn.

PLEASE HELP!!!

  • This reply was modified 474 days ago by  TTrumble.
April 11, 2013 at 9:39 am #7125

TTrumble

Hello nyscubamann,

First, please remember that our Forum and Social Media Guidelines state that you should NEVER post any personal information on the NACA Forum, including your name, since it is not restricted access and can be read by anyone on the internet.

Unfortunately, the Independent Foreclosure Review program was effectively gutted by another of the government’s endless “settlements” with the major lenders. Thirteen of the 16 lenders (including yours) signed an agreement to simply make payments to homeowners who were in some state of the foreclosure process during the calendar years of 2009 and 2010. The vast majority of those payments will be token amounts under $1,000. Few if any will receive the maximum $125,000, and nobody will have the opportunity to recover their home through the program.

In your particular case, if you are still in need of help, we need to create and submit a new proposal for modification to your servicer. Please contact NACA Member Services at 888-404-6222 to start the process.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

  • This reply was modified 474 days ago by  TTrumble.
April 11, 2013 at 9:47 am #7126

nyscubamann

Why wasn’t my application sent to the proper party after I filled it out on the NACA site? Even $1000 would be nice.

April 11, 2013 at 1:00 pm #7131

TTrumble

Hello nyscubamann,

When the settlement was reached it effectively ended the program and rendered all the applications we took useless. The individual reviews of each file were replaced with a “blanket” payment program based upon what your foreclosure status was during 2009 or 2010.

More details and a contact number to check your own status can be found in the following two articles:

http://www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-60.html

http://www.thestreet.com/story/11890787/1/borrowers-to-get-checks-under-foreclosure-deal-starting-april-12.html

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

April 11, 2013 at 4:10 pm #7139

nyscubamann

I called the contact numbers to check on the status and they (RUST) never received my application!!! I trusted NACA, since I have an email saying they would advocate on its members behalf and the applications were never submitted!! I am calling the OCC and Federal Reserve now to let them know my application, and potentially others, were not properly submitted for review. This is pretty serious $1000 or $125,000, it was not NACA’s decision to make as to whether or not I was eligible for this review and you have taken my chances away by not even submitting my application. You may want to alert Bruce!

April 15, 2013 at 5:31 pm #7175

TTrumble

Hello nyscubamann,

Before you call the OCC and Fed, you may want to have the facts straight. NACA submitted over 160,000 files for the IFR process, including every single member who contacted us about applying. Roughly 65,000 of them were rejected immediately as not meeting the guidelines for application. NACA did not make any decisions whether you should be submitted or not on any files whatsoever.

NACA took those rejected files and presented them to the Consumer Financial Protection Bureau as complaints against the lender. The CFPB tried to refuse the complaints, saying they didn’t have the infrastructure to handle them. If you’ll watch the video on the home page at http://www.naca.com, you’ll see how we responded to the CFPB not wanting to do their job. While the CFPB finally relented and agreed to look at the complaints, we have yet to hear any response, which is just one of the reasons we are opposing Richard Cordray’s nomination as CFPB Director.

In addition, the settlement that the 13 banks entered into put an end to the IFR process. Now, it was simply up to the banks to decide who should get some sort of compensation and how much. The “independent” part simply disappeared, much to the benefit of the banks.

If you feel you have to contact OCC and the Fed, go ahead and do so. You’ll only be filing a false complaint with the very people who are the ones actually responsible for you not being in Rust Consulting’s files.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

  • This reply was modified 469 days ago by  TTrumble.
  • This reply was modified 469 days ago by  TTrumble.
April 15, 2013 at 11:16 pm #7186

riolake

just got a check for $300.00

April 15, 2013 at 11:29 pm #7187

nyscubamann

Did you submit your application with NACA?

April 16, 2013 at 12:14 am #7188

bays220

Did anyone else get a check for $300? Are they sending disbursements by amount or by state-or does anyone know if there is any rhyme or reason to their “process”?

April 16, 2013 at 12:17 am #7189

bays220

Even though truly the $300 is a slap in the face in light of the homes that were lost and the harm that it caused many who will not be compensated little to none at all. But it is nice to know that there is a real check out there. I was beginning to wonder.

May 1, 2013 at 5:04 pm #7427

darleen

https://petitions.whitehouse.gov/petition/re-evaluate-independent-foreclosure-review-and-review-occ-and-federal-reserves-role/KpNg8Hzn

This link will take you to a white house petition that will give us a opproturnity to a real review as we were once promised. Darleen

May 18, 2013 at 11:17 am #7663

rjrensel

We received a letter stating we would receive a minimum of $880 and that it could be more but after months of waiting we received a check for $500. Money is money but it seems once again the big boys found to screw the little people once again. I hate to complain when I received money and so many people didn’t but the program was patently unfair in the base case and the rules of the game were change mid stream to help the banks and not those who truly suffered.

May 20, 2013 at 5:49 pm #7696

TTrumble

Hello rjrensel,

Right on the mark! The government has yet to come up with a truly successful program to help solve the mortgage crisis.

Tim Trumble
Online Operations, NACA
ttrumble@naca.com

May 20, 2013 at 6:30 pm #7704

darleen

I am going to write congress and I signed the petition to have a fair and honest review! Although I qualified for the modification and was granted the modification the bank foreclosed on me. All on the heels of my husbands passing. I received a letter based on the wrongful practices of the bank from the I .F. R. that I was likely entitled to 125,000. I have no money to sue the bank. I received 800.00 which I will include with the letter I write to congress. We put 20,000 down on our home and until my husband passed away our house payments were always made. I needed to consolidate our debt but the bank chose to send the approval letter to my deceased in-laws home. I had no idea and the bank refused to talk to my attorney that helped me settle things after my husband passed away. We are paying more for rent then our house payments were before I tried to modify. We are living in poverty now! Bottom line…. The I. F. R. worked for the banks and only cared to keep the government hushed by only providing for military families! Every time I told the I. F. R. my husband passed and we lived in S.D. they asked “Are you a military family?” NO! but I still deserve to be reasonable compensated and so do my two children! My husband and I spent our lives supporting military families through volunteer work and just because they serve should not give them special favor! The government should force the bank to give us a home and the money the bank owes us to settle should be our down payment!

  • This reply was modified 433 days ago by  TTrumble.
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