Correcting Foreclosure Practices
Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million qualified borrowers, representing more than 90 percent of the overall amount available for circulation.
Checks connected to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No additional checks will be provided.
In June 2016, the Office of the Comptroller of the Currency (OCC) escheated roughly $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an additional $4 million to state authorities by February 2017 to finish the IFR Payment Agreement program. Eligible customers and their successors may declare unclaimed funds obliged to them through their states' escheatment procedures. Each state has different timelines, but it may be 6 months or more after the funds are escheated to the states before the respective state has the ability to supply payments under their unclaimed residential or commercial property procedures. There is no time limitation within which qualified individuals must request funds under the states' unclaimed funds procedures.
Foreclosure Prevention Assistance
Regulators motivate customers needing foreclosure avoidance help to work directly with their servicer or call the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development authorized not-for-profit company that can offer complimentary assistance.
Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was dispersed to more than 3.6 million qualified borrowers, representing more than 90 percent of the overall amount available for circulation.
Checks connected to OCC-regulated banks covered by the IFR Payment Agreement expired December 31, 2016. No additional checks will be provided.
In June 2016, the Office of the Comptroller of the Currency (OCC) escheated roughly $270 million to state authorities, in connection with the agency-supervised payments under the Independent Foreclosure Review (IFR) Payment Agreement. The OCC expects to escheat an additional $4 million to state authorities by February 2017 to finish the IFR Payment Agreement program. Eligible customers and their successors may declare unclaimed funds obliged to them through their states' escheatment procedures. Each state has different timelines, but it may be 6 months or more after the funds are escheated to the states before the respective state has the ability to supply payments under their unclaimed residential or commercial property procedures. There is no time limitation within which qualified individuals must request funds under the states' unclaimed funds procedures.
Foreclosure Prevention Assistance
Regulators motivate customers needing foreclosure avoidance help to work directly with their servicer or call the Homeowner's HOPE Hotline at 888-995-HOPE (4673) (or at Making Home Affordable) to be put in touch with a U.S. Department of Housing and Urban Development authorized not-for-profit company that can offer complimentary assistance.