August 23, 2012 By Christie J. McCravy

We all know that many in our community were affected by the housing crisis. Foreclosures affected households from the West Louisville to Lake Forest. But did you know that there is a federal program that may provide compensation for some who lost or nearly lost their homes? If this is you or someone you know, please read on.

Last year the federal government implemented a program called the Independent Foreclosure Review. The program gives those who were in foreclosure (whether you lost your home or not) an opportunity for a free second look. According to the website www.independentforeclosurereview.com, the Independent Foreclosure Review is monitored by federal bank regulators, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, to ensure a fair and impartial process.

I know what you’re saying….that ship has sailed and I have moved on with my life. That may be, but wouldn’t it be wonderful to learn that the process really was unfair and you get a check in the mail for some of your troubles? I won’t insult you and say all of your troubles. No one can belittle the pain and suffering you endured during the process. But at least there are those who recognize that everyone was NOT treated fairly and impartially.

The program is legitimate and all you have to do is go to the website to submit an application. 27 major financial institutions, including Bank of America, Wells Fargo, GMAC, and National City (go to the website for a complete list) are all participating. There is no need for you to do anything else, just submit the application. The application then opens the door for a free review process. The deadline to submit an application has been extended to December 31, 2012.

As a housing professional and advocate, I must admit that I am disappointed in the program’s lack of response to consumers about results. The program began was announced and 2011 and to date, there are no real success stories to speak of. People – testimonials, speak volumes in adding credibility! From what I understand, the applications have yet to be processed because the deadline keeps being extended. The monitoring team (Federal Reserve Bank, Office of the Comptroller and the banks) fail to realize that when someone has been wronged, the only way to right the wrong is to SHOW that you are serious about making amends. Creating a program doesn’t make anything believable. But having someone talk about receiving compensation as a result of the program WILL!

If you were in foreclosure in 2009 or 2010, please submit an application. What do you have to lose?