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Dear Kim: Am I Eligible
For An Independent Foreclosure Review?

Founded in 1951, the National Foundation for Credit Counseling is the largest serving nonprofit financial counseling organization. Find various topics in this blog, including personal finance, credit counseling, housing, budgeting and student loan help. Click here to speak with an NFCC-certified Consumer Credit Counselor.

By Kim Cole

Dear Kim,

Back in 2010 my house went into foreclosure due to financial difficulty stemming from my job loss. We called Novadebt and worked with your housing department and received a modification on the mortgage after I was able to find work a few months later. Everything has been going fine, but I received a strange letter in the mail and was wondering if you could tell me what it is. The letter states that I am eligible for an “Independent Foreclosure Review.” It sounds very official and is from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency. It asks me to respond. Should I? There are so many scams out there, I want to be careful.

Thank you,


Dear Juliana,

I am thrilled to hear that everything is going well with your mortgage and home. I am also glad to hear that you are skeptical about the foreclosure scams that are out there but this is not a scam. The Independent Foreclosure Review is a review, conducted by an independent agency, giving homeowners the opportunity to request a review of how the lender conducted the foreclosure process of their primary residence. The eligibility requirements are, the mortgage must have been active in the foreclosure process between January 1, 2009, and December 31, 2010, the property securing the loan must have been the primary residence, and the mortgage must have been serviced by one of the mortgage companies listed below: 

  • America’s Servicing Company
  • Aurora Loan Services
  • Bank of America
  • Beneficial
  • Chase
  • Citibank
  • CitiFinancial
  • CitiMortgage
  • Countrywide
  • PNC
  • Sovereign Bank
  • SunTrust Mortgage
  • U.S. Bank
  • Wachovia
  • Washington Mutual
  • Wells Fargo
  • EMC
  • Everbank/Everhome
  • Freedom Financial
  • GMAC Mortgage
  • HFC
  • HSBC
  • IndyMac Mortgage Services
  • Metlife Bank
  • National City 

In my opinion, you should move forward with the review process. It will not impact your current modification with your mortgage company/servicer. It is a free service to you, and it would be in your best interest to have a third party review your previous pending foreclosure to make sure that there were no errors in the process. You can respond directly to the letter or go to www.independentforeclosurereview.com and file the Request for Review Form. You will receive a letter within approximately one week advising you that your request was received. Please allow several months for the investigation. Under no circumstances should you pay anyone who offers this review for a fee. The Request for Review Form must be postmarked no later than April 30th 2012.

Good Luck!


Kimberly Cole is Education Outreach Coordinator with Novadebt. Novadebt is a member of the National Foundation for Credit Counseling.

Views expressed are the personal views of the author, and do not represent the views of the National Foundation for Credit Counseling, its employees, its members, or its clients

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