Independent Foreclosure Review
Hello I am Damian Falcone and this is the 4th video in our series on the Independent Foreclosure Review. In our last video we will talk about the application and the financial awards applicants are able to receive and in this episode we talk about some of the benefits and things to look for in evaluating possible service providers. This is Get Settled your source for consumer loss mitigation information.
After reviewing the application and its time-line for delivery many applicants will consider using a licensed housing counselor or attorney. First you should be able to receive a consultation and some help filling out your application free of charge. For those that believe a complete review of documentation would be beneficial you should look for someone with experience providing these services.
Based on the fact housing counselors and legal services were experiencing these same violations and refusals to process loss mitigation requests and in some cases held responsible for it you will likely be shopping from a short list when looking for a licensed service provider from 2009. We provide a list of licensed service providers on our website where we have seen more than 80% go out of business over the last 3-years. Presently we have 3 companies that have been licensed since 2009 when these violations were taking place.
Some reports have indicated an average financial award for the Independent foreclosure review will be approximately $2,000.00 while 1/3 of applicants could receive greater than $7,000.00. This will be affected by your level of financial injury and your ability to explain it to the independent consultant performing your review.
Housing Counselors and attorneys prepare similar explanations and examine mortgage documentation most often while representing homeowners in foreclosure mediation. They should also be able to express to you their experience with halting a foreclosure, receiving monetary sanctions against a lender, or other results their previous clients experienced as a result of mortgage servicing errors, misrepresentations, or other deficiencies. Thorough document review has been very valuable to some homeowners unfortunately it is time consuming and not likely to come from someone without much experience. Due to this, homeowners will likely be looking at fees for this type of service but will likely be able to find someone licensed willing to work on a % of what they get for you and possibly a small postage fee.
Information has been published and testimony has been presented to the Senate following review of your application a report will be provided to the lender. Based on this you should consider requesting if the licensed service provider is able to perform the services for your application without providing your current contact information in “Section #2”.
We offer free document preparation services at our website along with other free credit and debt management tools. Good Luck with your application I am Damian Falcone and this is Get Settled.