Independent Foreclosure Review Payment Agreement Details

Office of the Comptroller of the Currency

Independent Foreclosure Review Payment Agreement Details

The table below provides number of eligible borrowers and payment amounts in each category for borrowers covered by the Independent Foreclosure Review Payment Agreement. The agreement was announced in January 2013 between federal banking regulators — the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System — and 11 mortgage servicers. More information about these agreements is available from the regulators’ Web sites — and The table contains only standard payout amounts; it does not include amounts for lost equity, which borrowers in the first and third categories may receive in addition to the standard payout amounts, or the payments calculated on a case-by-case basis in the second category. This table excludes borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley.



Independent Foreclosure Review Payment Agreement Details


57 Responses to “Independent Foreclosure Review Payment Agreement Details”
  1. mike says:

    I paid 12,000 to get back in my house and in 6 months I had a sheriff sale on my door giving me 30 days to get out of the house what catagory do I fall under?

  2. O. Taylor says:

    This has been the most quiet cover up of all time by the banking industry AND the government overseers. How the government can bail the banks out then make them accountable to pay chump change to foreclosed homeowners should be all over the media. But, nope, time is spent simply voicing opinions on the web to one another. Uh, I don’t think anyone is listening folks. How do we get this to the media? If we all put up $100, this could be front news in the Washington Post (where the legislators, policy makers and federal government live). Otherwise, just breathe in and take it! By the way, has anyone heard the 411 on Morgan Stanley (i.e. Saxon, etc.)

  3. Jean Mccants says:

    OMG , the reply from P. V. is on point. Reading this was like re-living the drama that I went threw with Well Fargo. Them telling you let them work out something and get back with you. Their get back with you turn out to be a letter on denied modification of your loan. This happened to me six time and it went on for 1 1/2 years. So P.V. I feel your pain.

  4. p.v says:

    I used to have a loan with wells fargo that was foreclosed on in Dec. 2011. I am writing because of the way that my paperwork and payments were handled. I originally called Wells Fargo before I was behind to ask for advice because I was recently laid off from work and they were the biggest payment I had. I was told by them that they could not give me advice until I was behind on my mortgage at least 1 month (so much for being proactive). Whenever I had went behind 1 month they told me that they could put me in a loan modification which was around $350 less a month than what I was currently paying to help out. I did this for 2 months whenever I called to let them know that I was good and that I could resume my payments and I was told that I could not do that and I needed to stay on the plan until the end and they will give me options at that time. almost a year goes by with me sending in paperwork every month and talking to them every month along with my reduced payment every month. I went to see if I could get a small vehicle loan because my truck blew its engine. I found out from the loan officer that I was actually in foreclosure which I knew nothing about, because I was making my payments every month and was never served with any foreclosure paperwork. I called Wells Fargo about this and they said that they could not find any paperwork on me or on my foreclosure and this was in Oct 2010. I then called my contact at Wells Fargo(I think Jesicca at the time because every month I had a new contact) to ask her about it and she said that I am still in my modification so it must be some kind of mistake. 1 month later in Nov of 2010, I received a letter from wells fargo saying that I got declined from my loan modification and I either had to pay at the time either $5000.00 or let it go into foreclosure. 2 days later I was called again to do another loan modification but this time I was not allowed to send any payments in and I asked them where all of my past payments are at they told me they were used to pay interest, and fees due to the modification, so that means none of the money went towards me principle and it made it look like I have not been making any payment even though every month I did. I found out that was not how they were supossed to do it due to the Michael Jones vs. Wells fargo lawsuit in April of 2012 were he was awarded 3.1 million due to the exact same thing that they were doing to me. During this next loan modification I was called and told after 2 months that I have been approved and the paperwork is on its way. I waited 2 weeks and nothing ever showed so I called back and was told that she forgot to send it out and to send in my new declaration statement and my new hardship letter and she would get it rushed through. I waited 2 more weeks and called back and told that I was declined because now they said I made to much money to qualify. but if I would like to keep the house I would need to pay close to $10,000 to keep the house or let it get foreclosed on.
    As you can see I did everything in my power and I did everything that they told me and never missed a payment . They actually made a house that I could afford into a house that I could not afford. Because of the foreclosure on my credit I am not able to get the jobs that I once was able to get due to having bad credit during my background check. I feel my case was not handled in the proper manner and there was no communication regarding my case. Each time I called and spoke with a Wells Fargo representative, my case either could not be found or I was given multiple different answers from various reps.

    after all of that I receive a check for a little 500$. that does not seem at all right

  5. Elissa says:

    Must be nice all you bankers sitting pretty in homes that you took money out of peoples pockets….Shame on all of you…Go to church.

  6. ken says:

    there should be a way to determine the exact amount we are getting. Even searching by reference numbers would have been great. Waiting Again!

  7. joel says:

    OCC and bank regulators should have few catergory like:
    Servicemen or normal homeowner lost their home thru foreclosure should get $125K whether they also apply for bk chapt 7
    Peope who apply for bk chapter 13 as well as modification as well as as short sale had been approved should get less since they still lived there

    People whose modification are denied nor no response but lost their home foreclosure should also get #125K

  8. another sad sad day, to think this could ever be a fair situation…shame on me once again

    • E. Riley says:

      I am a widow of a veteran that gave his life for these crooks only to have them take the home he thought he was providing for me. I guess I will be one of the people who get the $300 even though I did not owe Wells Fargo one penny and I tried to do what was right and repay the loan after my husband’s death even when they refused to talk to me and even went so far as to add “Accidental Death” insurance to the loan payments I was making starting two weeks after his death.

  9. Not that it helps with the losing of our home, we ended up having to file bankruptcy because our mortgage was so upside down.. we went through the whole thing starting in 2009 and was discharged in Feb 2010. Beneficial Home Finance never did the paperwork to process the foreclosure, so when we went to buy a new home, after having rebuilt our credit and finances for 3 years, we were told that the mortgage was still in our names and the foreclosure was still on our credit report. The rule for most mortgages is that you have to be out of bankruptcy for 2 years and foreclosure for 2 and have a sparkling credit record since the bankruptcy. We had to go through fight after fight to get BHF to finally finish the paperwork and then it ended up being a deed in lieu of foreclosure, just to get our names off the mortgage. Fortunately once it was off our credit report the broker we were working with was able to explain to the lender the situation and we were approved for the mortgage, however we had to wait a year and a half longer than we should have, paying an exorbitant amount of rent for a very small apartment, before we could finally get on with our lives.. All of this to say, it is not impossible for you to get another mortgage loan. We even have a good rate (4%), but we did end up losing quite a bit both in rent and equity in a house we would have bought in 2011 if we could have been able to. So no the probably $500 we will get will not be the ideal, because we fall under none of the categories listed, but we were able to get into a beautiful home finally in Aug 2012 and I just want to be done with the whole thing.. no matter what they do they cannot make up for the financial loss that all of the people involved have suffered, or from the emotional loss of having to fight with the banks every other day until something finally got done.

  10. HQ says:

    A quick calculation only shows $3.4 billion…where is the rest of the $$$? This is such total crap!!

  11. pamelag says:

    no category for force placed insurance?

  12. Tim Runyon says:

    This settlement is another joke of many by these banks. The AGs should NEVER have settled with them!!!
    My 75 year old mother with emphysema was foreclosed on, supposed to be reinstated(they wanted $4500 in attorneys fees…not $800-2000 like Freddie Mac said on my recording). So we hired a lawyer with our reinstatement money and have spent $8k so far. My attorney says it will cost another $10k to do depositions on the queen of the robo-signers and others who committed fraud. Why do we have to prove what they’ve already admitted to? Some judges in TX are deciding against MERS and others are NOT. What about securities fraud? I saw a young man who was hired by Chase with NO banking experience talk about how they paid him and others $1k bonuses to put people into foreclosure and purposely denied them loan mods. Why didn’t he speak up while he was making all that money? I’m all for the military, but there are a LOT of people who are suffering just as much and deserve more than a few hundred dollars. It took my senator 3 weeks to call. I found out today that bank lobbyists meet our senators and congressman everyday. No wonder they don’t have time to call back. I called John McCain’s office, because he’s one of the few people who seem to care. Call your senators and Congressmen and attorney generals!!! Good luck and I hope we can all sleep better one day.
    I did hear that a derivatives exec is in a lot of trouble. Good! We should fire everyone of our people who won’t work for us.

  13. Rhonda says:

    I am having trouble figuring out which category I fall in? We were still paying the payment they told us to pay under the trial period for the Loan modification for 9 months that was supposed to be completed on 3 months when we got the letter saying we were denied .. I am confused ? Please help!

  14. Carol says:

    shame on the people who work for the OCC and these banks who are doing their bidding

  15. D says:

    Does anyone know why One West did not settle?

  16. conne walls says:

    How are they going to notify people who no longer live in the home….Why is this not in the Medias eyes as is other things…Also can you be in 2 categories?

  17. Cathy says:

    I am so upset. My category falls under “other” but if the time was taken to review my file, they would see that B of A completely screwed me. After 3 months of fighting with them EVERY day, I finally had to throw up my hands and say take my house. I built my house on land I saved and paid for, lived there for 8 years only to have idiots mess up my payments (that I was paying). This is a complete and total joke.

    • Pissedoffformerhomeowner says:

      a) home borrowers are being reimbursed that never went through the review process
      b) the pay out table has changed since the initial payback framework
      c) This is complete fraud and a waste of time and money. Regardless of compensation if the homeowner doesnt get their credit report repaired the financial pain will continue and their ability to own a property will never be a reality again.

      Claims to further legal actions are not waved. However we all know any individual lawsuit will be mired in legal paperwork and delayed for years.

      Complete BS and to think our government was “all over this” 4 years ago, but now there is hardly a ripple of attention.

  18. Robert or Rob says:

    This is a Sad Day,hearing the BAD NEWS about the IFR Settlements Payment Amounts; Which for most amount to (0) & or a couple of hundred dollars. However, I’m EXCITED that they are taking care of our Military (Who All Places Their Lives On The Line For Each One Of Us Daily). Congratulations, to everyone who will receive $125,000.00 for the Damage they received. Me on the other hand, it looks like I will receive (0). Oh Well, this is what I expected from the Banking Institutions / I Never got my Hopes up to High. Good Luck to everyone / Take Care, & God Bless. Signing Out – Rob

  19. Lori says:

    $300.00 really, that’s some BS!!

  20. Ken says:

    What an insult.

  21. charley rice says:

    There are 5 major Banks left Bank of America, Wells Fargo Bank, Citi Bank, JP Morgan Chase, and GMAC Bank ALL of these Banks were indited on December 23, 2010 by the Attorney General were GUILTY of Foreclosure Fraud.

    These Banks should NOT be in the Courts and should be Sanctioned and their Lawyers should also be Disbarred now for bringing ANY foreclosure action because there “NOT the REAL PARTY in INTEREST.”

    Because the 2008 TARP has Bailed out ALL THE PARTIES ABOVE and NOW THEY’RE Double Dipping on your Defective Assets!

    Your Subprime LENDER on your Deed of Trust was your Real Party in INTEREST and NOW they NO LONGER EXIST.

    Which means YOUR Deed of TRUST is a Cancelled Defective Instrument Contract ever since your lender was GONE.



    OPPS now they’re just TOO embarrassed to admit that THEY ALL MADE SERIOUS ERRORS IN JUDGMENTS… The Courts have to Rescind, Restitution and give Relief or it’s an Obstruction of Justice. THE HAVE TO DO A RECUSAL OF ALL JUDGES if they refuse to do whats right

    The JUDGES can’t NO LONGER hide this mess that they made and soon the house of cards are going to quickly crumble down.

    FOR the BAILOUT BANKS TO DOUBLE DIP and to commit grand theft on your home for unjust enrichment, steal your equity, home, just to give you peanuts.

    This is a slap in the face.

    Furthermore they are NOT your REAL LENDER and it violates 5 MRSA which means.

    “A loan may be defined as the delivery by one party to,and the receipt by another of a sum of money. See: Kirkland v. Bailes, 155 S.E. 2d 701. (Yet the Federal Reserve Bank of Chicago says in Modern Money Mechanics that banks make loans by promising to lend.) (However a promise to lend cannot be enforced. In order to constitute a loan, money must be loaned, but banks make loans by promising to lend, and promise to lend cannot be enforced.) 5 MRSA

    THIS is REAL case law they’re DECEPTION that you owe them is now over.


    Now the PEOPLE don’t want that chump change;

    The PEOPLE always had the power to Fire and Elect so,


    There is NO Immunity to a cop that keeps a homeowner from their land.

  22. JohnR says:

    I see al those who were illegally foreclosed on (ie.. robo signed/back dated assignments, etc., get nothing. Thanks again!

  23. Derek W says:

    Now the question is who gets the first “waves” of payments? And how often are payments going to be issued? There is also no clear indication on the dates. My parents foreclosure started in 2009, completed in 2011, then rescinded by the courts in late 2012, and the modification was finally done earlier this year. They could qualify for $500 on up to $50,000 depending on the dates the “independent reviewers” use.

  24. Sarah says:

    We’ll announce a few lottery winners and propagandize to cover our illegitimacy. Fools. To many families this was never about money, this was about a place to live, a place to raise children, privacy, pride and a sense of community.

  25. Are you kidding? What a joke!!!

    • J. Alonzo says:

      All this shit for nothing! Where is the category for those who were foreclosed on with FRAUD! If you submitted documents of fraud by the lender. What category does that fall under? OH I KNOW! The ignore it category. Its all fraud! Wake up folks!

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