The Independent Foreclosure Review appears to have gotten off to a very slow start, with fewer than 165,000 people asking the Office of the Comptroller of the Currency (OCC) to check their foreclosures for errors.
USA Today reports that the response rate to the OCC's free review is approximately 4% of the 4.1 million people that received letters from the agency about the availability of the reviews. Due to the small response, the OCC is planning a second mailing next month that will remind people of the July 31 deadline for review consideration.
Participation in the review process is limited to homeowners with mortgages in the foreclosure process in 2009 or 2010 that were served by one of 14 financial institutions that are part of the review, including Bank of America and JPMorgan Chase. Consumer information on the review is available online at independentforeclosurereview.com.