More on the “Independent Foreclosure Review” process – Independent Consultants Cannot Contact Borrowers

From: Charles Cox [mailto:charles@bayliving.com]
Sent: Friday, December 16, 2011 9:34 AM
To: Charles Cox
Subject: More on the "Independent Foreclosure Review" process – Independent Consultants Cannot Contact Borrowers

OCC Says Independent Consultants Can’t Contact Borrowers

The independent consultants hired by bank servicers to review and assess the claims of millions of borrowers who may have been harmed in the foreclosure process will not be able to contact these borrowers directly or even talk with housing counselors, according to testimony at a Senate Banking subcommittee on Tuesday.

The consultants will be operating in a “vacuum,” and without access to the actual borrowers, said Alys Cohen of the National Consumer Law Review.

Promontory Financial Group managing director Konrad Alt told subcommittee chairman Robert Menendez, D-N.J., that his foreclosure review teams must ask the servicer to contact the borrower if they need additional information about a claim.

Sen. Menendez noted that the claim forms are in narrative form and consumers are unlikely to provide all the necessary information to back up their claims. It would be “very difficult to judge their claims without additional information,” he said.

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Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

One thought on “More on the “Independent Foreclosure Review” process – Independent Consultants Cannot Contact Borrowers”

  1. Attorneys are allowed to represent their clients.
    I have already submitted my review along with supporting documents.
    I submitted my incomplete life of loan history that includes my corportate advances of over $5500 , my permanent modification as well as my verification that shows I owe $958,000 but the permanent mod new loan balance starts at $1,019,000 with an additional balloon note added to that of $244,000 totalling a new balance of over $$1,200,000. when I clearly only owe $958,000! Additionally my home is worth $658,000!!
    I also included several of my verifications that Chase sent me saying Us Bank was my investor, Chase was my investor, WMMSC was my investor, JP morgan chase was my investor.
    What this form is looking for is to see if we have been financially harmed and to see if our servicer has added fees that are illegal.
    In my case I believe they have.
    Additionally we paid 12 months of trial paymenets on time at 31% of our gross income then when it came to our permanet mod our payment jumped up double with $100k in foreclosure fees and $244,000 balloon note.

    I happen to work for an attorney and know what to look for. I disputeted this and did not accept this crazy mod. My concern is a non informed homeowner may have jumped at the chance to get a loan mod.

    There was also two paragraphs that clearly stated that I know that if my note was lost I now allow jp morgan chase to be our new owner of our note (in so many words).

    I signed my revew the same day and sent it in with supporting docs.

    Your attorneys can help you.

    Home owners should dispute and ask their servicers for supporting documentation

    Reply

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