Questions About The Independent Foreclosure Review Agreement
***The OCC and Federal Reserve released additional guidance regarding the Independent Foreclosure Agreement payments on April 9, 2013. To view the newly announced payment categories, click here. To view the full announcement from April 9th, click here.
Over the past few days, we’ve received several comments on our blog from readers asking about the Independent Foreclosure Review (IFR) agreement and, specifically, the recent mailing of postcards to those who are eligible for compensation. First and foremost, we suggest that all those with questions visit the OCC’s website and read its list of “Independent Foreclosure Review Settlement Frequently Asked Questions,” which provides detailed answers to many of the questions that were posted on our blog. The FAQ also includes a breakdown of the servicers that are participating in the IFR agreement and those that are continuing with the review process.
Many of the questions we received were about the timing of the expected payments stemming from the IFR agreement with 13 major servicers. As we’ve previously posted, the over four million families who are expected to receive settlement checks from the IFR agreement were sent postcards over the last two weeks; these postcards provided further details on the anticipated payments. We urge those who believe they qualify for remediation via the settlement to check their mailboxes and open all mail that may pertain to the settlement. Additionally, it’s important to make sure that the program administrators have your current contact information, which you can verify by calling the payment administrator, Rust Consulting, at 888-952-9105.
Those who have received an IFR agreement check may have noticed that HPF’s Hotline number, 888-995-HOPE, is also listed in the accompanying letter. Homeowners who are still struggling financially or who are not sure how to best use their settlement payments to handle other debt issues are invited to call HPF to speak with a financial counselor. For more information on HPF counseling, read our previous blog post on the subject by clicking here.