(HawaiiNewsNow)- Known as the Independent Foreclosure Review (IFR), this program is being conducted by the Federal Reserve Board and three bureaus under the U.S. Department of Treasury. Twenty-seven mortgage services and lenders are being monitored by the government under the IFR because of fraudulent or error-prone practices that resulted in unnecessary or wrongful foreclosure proceedings.
Almost 4.5 million homeowners in the country are eligible, including many in Hawaii. But application rates have been extremely low. After several extensions, the program will finally expire in December.
The deadline for homeowners to have their foreclosure reviewed was extended to Dec. 31, but it is fast approaching.