Marking the latest attempt to boost participation in a somewhat neglected foreclosure review program, the Federal Reserve recently released a video that explains the program.
Announced during settlement negotiations between the government and mortgage servicers over foreclosure abuses, the Office of the Comptroller of the Currency rolled out the program last year in order to provide wronged borrowers with an opportunity to seek redress.
The program covers a swath of more than 4 million homeowners who were foreclosed on between 2009 and the end of 2010, but so far participation has lagged. Only 25 percent of borrowers who were mailed questionnaires asking them about their foreclosure experience had responded as of April, the Office of the Comptroller of the Currency said.
Acting in response to the weak participation, the Office of the Comptroller of the Currency and the Federal Reserve announced in April that they were extending the deadline from April 20 to July 31, 2012, for qualified borrowers to request an investigation of their foreclosure experience. The video below, which spells out eligibility requirements and explains the process of a review, appears to be the Federal Reserve's latest attempt to raise awareness of the program.
Learn more about the program, which is free, by visiting http://independentforeclosurereview.com/, or calling 1-888-952-9105.
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