September 6, 2012

speier
Dear Neighbor,

As the recovery continues both across our nation and right here at home, far too many of our friends and neighbors are still struggling to hold on to their homes. I know how stressful both the modification and refinance processes can be, which is why several members of my district office staff are available to assist you. I’ve heard far too many stories about missing paperwork and modification battles that drag on for months, if not years. If you, your friends, or any member of your family who live in our community are struggling with this process, please contact my office at (650) 342-0300, and my team will do its very best to assist you.

In addition, if you lost your home or were in any stage of foreclosure in 2009 or 2010, you may be eligible for an impartial review of that process and, if improprieties are found, a possible a lump-sum payment or other remedy. This process is made possible due to an enforcement action by bank regulators taken against 14 large servicers in April 2011. An independent foreclosure review system has been set up and lump sum payments for eligible borrowers can range from $500 for improper fees and errors, to $125,000 in the most egregious cases. You may have received a letter from your servicer and believed it was a scam, but I encourage you to examine your options. Applications must be either submitted online or postmarked by December 31, 2012, so please don’t delay in beginning the process if you think you might qualify.

To be eligible:

  • The mortgage must have been in the foreclosure process between January 1, 2009 and December 31, 2010

  • The property must have been the primary residence

  • The mortgage must have been serviced by one of the mortgage companies covered by the regulators’ orders. To find out if your servicer is one of the 14 that were affected and for answers to frequently asked questions, visit the Office of the Comptroller of the Currency website here: www.occ.gov/independentforeclosurereview

Borrowers who are interested in receiving an independent foreclosure review can begin the process online here: www.independentforeclosurereview.com. Note that there is no fee associated with the review, borrowers do not give up any legal rights by being evaluated, and this process is separate from the settlement by the state Attorney General with many of the same banks earlier this year. Again, if you have additional questions about this or any other issue, do not hesitate to contact my district office at (650) 342-0300.

All the best,

jackie

Washington D.C. Office
211 Cannon House Office Building
Washington, DC 20515
Phone: (202) 225-3531
Fax: (202) 226-4183
San Mateo Office
400 S. El Camino Real, Suite 410
San Mateo, CA 94402
Phone: (650) 342-0300
Fax: (650) 375-8270