December 31, 2012 is the deadline for eligible borrowers to request a free, impartial foreclosure review through the Independent Foreclosure Review. Eligible borrowers include those people whose primary homes were involved in a foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the participating mortgage companies listed at

In August, the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System directed mortgage servicers to conduct additional outreach to increase awareness of the Independent Foreclosure Review. As part of enforcement actions issued in April 2011, the agencies required 14 large mortgage servicers to retain independent consultants to conduct a comprehensive review of foreclosure activity in 2009 and 2010 to identify borrowers who may have been financially injured due to errors, misrepresentations, or other deficiencies in the foreclosure process. If the review finds that financial injury occurred, the borrower may receive remediation such as lump-sum payments, suspension or rescission of a foreclosure, a loan modification or other loss mitigation assistance, correction of credit reports, or correction of deficiency amounts and records. Lump-sum payments can range from smaller amounts for less serious errors to $125,000 plus equity in the most egregious cases.

Reviews are free and federal regulators are monitoring the process to ensure they are conducted in a thorough and impartial manner. Requesting a review does not preclude borrowers from taking other actions related to their foreclosures. Servicers are not permitted to require a borrower to sign a waiver of the borrower’s ability to pursue claims against the servicer in order to receive compensation under the Independent Foreclosure Review.

For more information about the foreclosure review, including how to apply online, visit