OCC launches PSAs about independent foreclosure review

The Office of the Comptroller of the Currency recently released print and radio public service announcements to create awareness of the Independent Foreclosure Review. The announcements are offered in both English and Spanish, and inform borrowers of whether or not they qualify for a foreclosure.

According to the OCC, the foreclosure reviews will determine if individuals suffered a financial injury and should receive compensation due to errors or illegal practices during a foreclosure process. Examples of circumstances that could have led to a financial injury include lenders charging fees or mortgage payments inaccurately or a foreclosure action occurring while the borrower was protected by bankruptcy.

The reviews are in response to the large number of foreclosures that resulted from improper lending practices. This increase in foreclosures forced many consumers to vacate their homes and into rental properties. Reis found U.S. apartment vacancies dropped to a 10-year low in the fourth quarter of 2011, allowing for landlords to increase rent due to the high demand, Blomberg reported.

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