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Independent Foreclosure Review - FAQ

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IndependentForeclosureReview
Q1.WhatistheIndependentForeclosureReview?
Aspartofaconsentorderwithfederalbankregulators,theOfficeoftheComptrolleroftheCurrency (OCC),theOfficeofThriftSupervision(OTS)(independentbureausoftheU.S.Departmentofthe Treasury),ortheBoardofGovernorsoftheFederalReserveSystem,fourteenmortgageservicersand theiraffiliatesareidentifyingcustomerswhowerepartofaforeclosureactionontheirprimary residenceduringtheperiodofJanuary1,2009toDecember31,2010. TheIndependentForeclosureReviewisprovidinghomeownerstheopportunitytorequestan independentreviewoftheirforeclosureprocess.Ifthereviewfindsthatfinancialinjuryoccurredasa resultoferrors,misrepresentations,orotherdeficienciesintheservicersforeclosureprocess,the customermayreceivecompensationorotherremedy.

Q2.Whatisaforeclosureaction?WhatforeclosureactionsarepartoftheIndependent ForeclosureReview?
Foreclosureactionsincludeanyofthefollowingoccurrencesonaprimaryresidencebetweenthedates ofJanuary1,2009andDecember31,2010: Thepropertywassoldduetoaforeclosurejudgment. Themortgageloanwasreferredintotheforeclosureprocessbutwasremovedfromthe processbecausepaymentswerebroughtuptodateortheborrowerenteredapaymentplan ormodificationprogram. Themortgageloanwasreferredintotheforeclosureprocess,butthehomewassoldorthe borrowerparticipatedinashortsaleorchoseadeedinlieuorotherprogramtoavoid foreclosure. Themortgageloanwasreferredintotheforeclosureprocessandremainsdelinquentbutthe foreclosuresalehasnotyettakenplace.

Q3.HowdoIknowifIameligiblefortheIndependentForeclosureReview?
Yourloanmustfirstmeetthefollowinginitialeligibilitycriteria: Yourmortgageloanwasservicedbyoneoftheparticipatingmortgageservicerslistedbelow. YourmortgageloanwasactiveintheforeclosureprocessbetweenJanuary1,2009and December31,2010. Thepropertywasyourprimaryresidence. Ifyourmortgageloandoesnotmeettheinitialeligibilitycriteriaoutlinedabove,youcanstillhaveyour mortgageconcernsconsideredbycallingorwritingyourservicerdirectly.

Q4.Whoaretheparticipatingservicers?Whatmortgageservicersandtheiraffiliatesare partoftheIndependentForeclosureReviewprocess?
Thelistofparticipatingservicersincludes: AmericasServicingCo. AuroraLoanServices BankofAmerica

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Beneficial Chase Citibank CitiFinancial CitiMortgage Countrywide EMC EverBank/EverHomeMortgageCompany GMACMortgage HFC HSBC IndyMacMortgageServices MetLifeBank NationalCityMortgage PNCMortgage SovereignBank SunTrustMortgage U.S.Bank WachoviaMortgage WashingtonMutual(WaMu) WellsFargoBank,N.A.

Q5.Whataresomeexamplesoffinancialinjuryduetoerrors,misrepresentations,or otherdeficienciesintheforeclosureprocess?
Listedbelowareexamplesofsituationsthatmayhaveledtofinancialinjury.Thislistdoesnotinclude allsituations. Themortgagebalanceamountatthetimeoftheforeclosureactionwasmorethanyou actuallyowed. Youweredoingeverythingthemodificationagreementrequired,buttheforeclosuresalestill happened. Theforeclosureactionoccurredwhileyouwereprotectedbybankruptcy. Yourequestedassistance/modification,submittedcompletedocumentsontime,andwere waitingforadecisionwhentheforeclosuresaleoccurred. Feeschargedormortgagepaymentswereinaccuratelycalculated,processed,orapplied. Theforeclosureactionoccurredonamortgagethatwasobtainedbeforeactivedutymilitary servicebeganandwhileonactiveduty,orwithin9monthsaftertheactivedutyendedandthe servicememberdidnotwaivehis/herrightsundertheServicemembersCivilReliefAct.

Q6.HowdoesmymortgageloangetreviewedaspartoftheIndependentForeclosure Review?
Homeownersmeetingtheinitialeligibilitycriteriawillbemailednotificationletterswithanenclosed RequestforReviewFormbeforetheendof2011. Ifyoubelievethatyoumayhavebeenfinanciallyinjured,youmustsubmitaRequestforReviewForm postmarkednolaterthanApril30,2012.Formspostmarkedafterthisdatewillnotbeeligibleforthe IndependentForeclosureReview. Ifyouhavemorethanonemortgageaccountthatmeetstheinitialeligibilitycriteriaforanindependent review,youwillreceiveaseparateletterforeach.YouwillneedtosubmitaseparateRequestfor

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ReviewFormforeachaccount.Itisimportantthatyoucompletetheformtothebestofyourability.All informationyouprovidemaybeuseful.

Q7.HowcanIsubmittheRequestforReviewForm?
Homeownersmeetingtheinitialeligibilitycriteriawillbemailednotificationletterswithanenclosed RequestforReviewFormbeforetheendof2011.Ifyoureceivedthenotificationletter,youcansendin yourRequestforReviewFormintheprepaidenvelopeprovided,postmarkednolaterthanApril30, 2012. Ifyourloanispartoftheinitialeligiblepopulationandyouneedanewformbymail,havequestions,or needhelpcompletingtheformyouhavereceivedinthemail,call18889529105,Mondaythrough Friday,8a.m.10p.m.ETorSaturday,8a.m.5p.m.ET.

Q8.WhocansubmitorsigntheRequestforReviewForm?
Eithertheborroweroracoborrowerofthemortgageloancansubmitandsigntheform.Theborrower signingtheRequestforReviewFormshouldbeauthorizedbyallborrowerstoproceedwiththerequest forreview.Intheeventofafindingoffinancialinjury,anypossiblecompensationorremedywilltake intoconsiderationallborrowerslistedontheloan,eitherdirectlyortotheirtrustsorestates.

Q9.Whatifoneoftheborrowershasdiedorisinjuredordebilitated?
Anyborrower,coborrowerorattorneyinfactcansigntheform.Intheeventofafindingoffinancial injury,anypossiblecompensationorotherremedywilltakeintoaccountallborrowerslistedonthe mortgageloaneitherdirectlyortotheirtrustsorestates.

Q10.DoIneedanattorneytorequestorsubmittheRequestforReviewForm?
No.Ifyourmortgageloanmeetstheinitialeligibilitycriteriaandyouarecurrentlyrepresentedbyan attorneywithrespecttoaforeclosureorbankruptcycaseregardingyourmortgage;pleaserefertoyour attorney. TheIndependentForeclosureReviewisfree.Bewareofanyonewhoasksyoutopayafeeinexchange foraservicetocompletetheRequestforReviewForm.

Q11.IfIhavealreadysubmittedacomplainttomyservicer,doIneedtosubmita separateRequestforReviewFormtoparticipateinthisprocess?
Ifyourmortgageloanmeetstheinitialeligibilitycriteria,youshouldsubmitaRequestforReviewForm toensureyourforeclosureactionisincludedintheIndependentForeclosureReviewprocess.

Q12.Whathappensduringthereviewprocess?
YouwillbesentanacknowledgementletterwithinoneweekafteryourRequestforReviewFormis receivedbytheindependentreviewadministrator.Yourrequestwillbereviewedforinclusioninthe IndependentForeclosureReview.Ifyourrequestmeetstheeligibilityrequirements,itwillbereviewed byanindependentconsultant. Yourservicerwillproviderelevantdocumentsalongwithanyfindingsandrecommendationsrelatedto yourrequestforreviewtotheindependentconsultantforreview.Yourservicermaybeaskedtoclarify orconfirmfactsanddisclosereasonsforeventsthatoccurredrelatedtotheforeclosureprocess.You couldbeaskedtoprovideadditionalinformationordocumentation.Becausethereviewprocesswillbe

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athoroughandcompleteexaminationofmanydetailsanddocuments,thereviewcouldtakeseveral months. TheIndependentForeclosureReviewwilldeterminewhetherfinancialinjuryhasoccurredasaresultof errors,misrepresentationsorotherdeficienciesintheforeclosureprocess.Youwillreceivealetterwith thefindingsofthereviewandinformationaboutpossiblecompensationorotherremedy.

Q13.HowdoIknowwhomyserviceris?HowdoIfindthem?
Thecompanyyousentyourmonthlymortgagepaymentstoisyourmortgageservicer.Itisnot necessarilythecompanywhosenameisontheactualforeclosuredocuments(althoughinmostcases, itis).Ifyoudontrememberthenameoftheservicerforyourforeclosedproperty,wesuggestyou reviewcancelledchecks,bankstatements,onlinestatementsorotherrecordsforthisinformation. IfyouarestillunsureofwhoyourmortgageservicerisordonotseetheirnamelistedinQ4,pleasecall 18889529105,MondaythroughFriday,8a.m.10p.m.ETorSaturday,8a.m.5p.m.ET.

Q14.IfIrequestanIndependentForeclosureReview,isthereacostorwilltherebea negativeimpacttomycredit?
TheIndependentForeclosureReviewisafreeprogram.Bewareofanyonewhoasksyoutopayafeein exchangeforaservicetocompletetheRequestforReviewForm. Thereviewwillnothaveanimpactonyourcreditreportoranyotheroptionsyoumaypursuerelated toyourforeclosure.

Q15.WherecanIcallifIneedhelpcompletingtheformorhaveanyquestionsaboutthe reviewprocess?
Call18889529105MondaythroughFriday,8a.m.10p.m.ETorSaturday,8a.m.5p.m.ET.Ifyou havealreadysubmittedaRequestforReviewForm,pleasehaveyourReferenceNumberavailableto expediteyourcall.

Q16.HowaremilitaryservicemembersaffectedbytheIndependentForeclosure Review?
ServicersarerequiredtoincludeinthereviewallloanscoveredbytheServicemembersCivilReliefAct thatmeetthequalifyingcriteria.However,servicemembersorcoborrowersmayalsorequestareview throughthisprocess.Financialinjurymayhaveoccurrediftheforeclosureactionoccurredona mortgagethatwasobtainedbeforeactivedutymilitaryservicebeganandwhileonactiveduty,or within9monthsaftertheactivedutyended.

Q17.HowamIaffectedifIsubmitaRequestforReviewFormwhileinactive bankruptcy?
IfyousubmitaRequestforReviewFormandareviewisconductedofyourforeclosureprocess,thiswill havenoimpactonyourbankruptcy.TheletterbeingsenttoyouabouttheIndependentForeclosure Reviewisnotanattempttocollectadebt.Ifyouareinbankruptcy,pleasereferthislettertoyour attorney.

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Q18.Imstillworkingwithmyservicertopreventaforeclosuresale.WillIstillbeableto workwiththem?
Yes,continuetoworkwithyourservicer.Participatinginthereviewwillnotimpactanyeffortto preventaforeclosuresale.Thereviewisnotintendedtoreplacecurrentactiveeffortswithyour servicer.

Q19.HowlongwillthereviewprocesstakeandwhencanIexpectaresponse?
YouwillbesentanacknowledgementletterwithinoneweekafteryourRequestforReviewFormis receivedbytheindependentreviewadministrator.Becausethereviewprocesswillexaminemany detailsanddocuments,thereviewcouldtakeseveralmonths.TheIndependentForeclosureReviewwill determineiffinancialinjuryoccurredasaresultoftheservicerserrors,misrepresentationsorother deficienciesintheforeclosureprocess.Youwillreceivealetterwiththefindingsofthereviewand informationaboutpossiblecompensationorotherremedy.Noteveryfindingwillresultin compensationorotherremedy.

Q20.WhathappensifthereviewfindsthatIwasfinanciallyinjuredasaresultoferrors, misrepresentationsorotherdeficienciesintheforeclosureprocess?
Youwillreceivealetterwiththefindingsofthereviewandinformationaboutpossiblecompensationor otherremedy.Thecompensationorotherremedyyoumayreceivewillbedeterminedbyyourspecific situation.Noteveryfindingwillresultincompensationorotherremedy.

Q21.WhathappensifthereviewfindsthatIwasnotfinanciallyinjuredasaresultof errors,misrepresentationsorotherdeficienciesintheforeclosureprocess?
Youwillreceivealetterwiththefindingsofthereview.Noteveryfindingwillresultincompensationor otherremedy.

Q22.WhatifIdisagreewiththeeligibilityrequirementsortheresultoftheIndependent ForeclosureReview?
ThedecisionofthereviewisconsideredfinalandthereisnofurtherrecoursewithintheIndependent ForeclosureReviewprocess.TheIndependentForeclosureReviewwillnothaveanimpactonanyother optionsyoumaypursuerelatedtotheforeclosureprocessofyourmortgageloan.

Q23.DoesfilingaRequestforReviewFormpreventmefromfilingotherlitigationor actionagainsttheservicer?
No.SubmittingarequestforanIndependentForeclosureReviewwillnotprecludeyoufromanyother optionsyoumaypursuerelatedtoyourforeclosure.

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