Government Foreclosure Settlement Payments:

Independent Foreclosure Review Payment Agreement Claims

Claim Government Money

Independent Foreclosure Review Payment Agreement

Under the government's Independent Foreclosure Review Program, borrowers who were in any stage of the foreclosure process in 2009 and 2010 were able to submit a request for review to determine if harm was done as a result of a faulty foreclosure action, and receive compensation if that was indeed the case.

In 2013, an agreement between 15 major mortgage servicers and federal banking regulators was reached that ended the Independent Foreclosure Review program for those servicers. As a result now all borrowers - whether harmed or unharmed - are entitled to receive a share of the settlement.

The $9.3 billion Independent Foreclosure Review (IFR) Payment Agreement includes $3.6 billion in direct cash payments and $5.7 billion in other foreclosure prevention assistance, including loan modifications and forgiveness of deficiency judgments. Cash Payments range from several hundred dollars to $125,000.

Most of the 4.2 million eligible borrowers were sent a postcard notice notifying them of eligibility at the end of March 2013; however many of the addresses on file are not current.

As of mid-year 2015, the agreement distributed $2.7 billion to 3.2 million eligible homeowners. Approximately $300 million remains unclaimed, but efforts to locate eligible borrowers have now ceased.


Foreclosure Payments - Claim your share of the $3.6 billion settlement

Did you have a mortgage loan serviced by Bank of America, Citibank, SunTrust, U.S. Bank, GMAC, EverBank, HSBC, JPMorgan Chase, Wells Fargo or other major bank?

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Who is eligible to make a claim

You are covered by the Agreement and are eligible to receive payment if your 'primary residence' was involved in a 'foreclosure action' between the dates of January 1, 2009 and December 31, 2010; while your mortgage was serviced by one of the providers participating in the Agreement.

A primary residence is the place where a person lives or resides the majority of the calendar year. A primary residence is also the address that would appear on your federal income taxes, your voter registration or any type of license. A person can only have one primary residence at any given time.

Participating banks are: Bank of America, Citibank, EverBank, GMAC Mortgage, HSBC, JPMorgan Chase, Goldman Sachs, MetLife Bank, PNC, Morgan Stanley, Sovereign, SunTrust, U.S. Bank, Wells Fargo and Aurora. The Independent Foreclosure Review process continues for OneWest Bank / IndyMac Mortgage Services.

A Foreclosure action includes any of the following events that took place related to a primary residence between the dates of January 1, 2009 and December 31, 2010:

  • The property was sold due to a foreclosure judgment;
  • The mortgage loan was referred into the foreclosure process but was removed from the process because payments were brought up-to-date or the borrower entered a payment plan or modification program;
  • The mortgage loan was referred into the foreclosure process, but the home was sold or the borrower participated in a short sale or chose a deed-in-lieu or other program to avoid foreclosure;
  • The mortgage loan was referred into the foreclosure process and remains delinquent but the foreclosure sale has not yet taken place.


 Can I make a claim even if I did not lose my home to foreclosure?

Your mortgage loan may be covered by the Agreement even if your property did not go all the way through foreclosure sale; and receiving a payment under the Agreement will not prevent you from taking any other actions against your servicer regarding your foreclosure. For example:

  • Your mortgage loan was referred into the foreclosure process but was removed from the process because payments were brought up-to-date or you entered a payment plan or modification program;

  • Your mortgage loan was referred into the foreclosure process and remains delinquent but the foreclosure sale has not yet taken place;

  • You sold your home on your own or sold the home as part of a servicer-authorized short sale before the foreclosure action led to a foreclosure sale;

  • You completed the transfer of your deed to your servicer before the foreclosure action led to a foreclosure sale.




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