Fed Consumer Video Spotlights Independent Foreclosure Reviews

The Federal Reserve has posted a video for homeowners informing them of their right to an independent review of their foreclosure files if they believe they were harmed by their servicer.  The nearly four minute long video is available in English, Spanish and has an accompanying hard-copy transcript.

The narrator, the Fed's Anna Alvarez Boyd, lays out the eligibility requirements for the program, the deadline for which has recently been extended to July 31, 2012, and the procedures for requesting a review.  Boyd also advises viewers to beware of persons trying to use the program to defraud them. 

Notably missing from the video is any information on why a homeowner might want to request a review.  There is no mention of possible compensation, merely that the requestor will eventually receive a letter with the results of the review.