Frequently Asked Questions

WHY DID I GET A PAYMENT?

  • Why did I get a payment?

    The payment is related to a settlement between EverBank and its federal banking regulator—the Office of the Comptroller of the Currency or OCC. The settlement provides $37 million to more than 30,000 borrowers whose loans were serviced by EverBank or Everhome Mortgage and were in any stage of the foreclosure process in 2009 or 2010.

    Receiving a payment does not mean you suffered any financial harm. By entering into this agreement with the OCC, EverBank did not admit or deny that it did anything wrong. By accepting a payment, you are not waiving any current or future legal claims against EverBank. You are free to pursue or continue to pursue individual claims against EverBank whether or not you accept the payment.

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  • What rights am I giving up?

    You are not waiving any current or future legal claims against EverBank by cashing the check. You are free to pursue or continue to pursue individual claims against EverBank whether or not you accept a payment.

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  • What if I don’t accept a payment?

    You are under no obligation to accept a payment. Please be aware, however, that even if you do not accept a payment, tax regulations may require reporting of the payment to the Internal Revenue Service unless you formally refuse the payment.

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  • What if my home was not foreclosed?

    The review process identified loans that were in any stage of the foreclosure process in 2009 or 2010. Even if your home was not foreclosed, the foreclosure process may have started. For example, the loan may have been referred into the foreclosure process but removed when payments were brought up-to-date. The borrower may have also entered a payment plan or modification program. Additionally, if the home was sold—including a deed-in-lieu process—before the servicer foreclosed, you are still eligible to receive a payment.

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  • What if I declared bankruptcy?

    Whether or not your bankruptcy is still active, your IFR payment may be an asset of your bankruptcy estate. You should contact the attorney who represented you in the bankruptcy proceeding regarding the payment and your potential obligations related to the bankruptcy. If you filed for bankruptcy without an attorney, you should advise the trustee assigned to your case about the settlement payment.

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  • Will my credit score be impacted?

    Cashing the check should have no impact on your credit score. EverBank IFR payments are not being provided to credit reporting agencies.

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THE IFR AND PAYMENT AMOUNTS

  • What is the Independent Foreclosure Review (IFR)?

    In April 2011, federal banking regulators released the results of an interagency review that identified weaknesses in foreclosure practices by numerous mortgage servicers. Regulators also entered into consent orders with EverBank and other mortgage servicers related to their foreclosure practices. The EverBank consent order required EverBank to hire an independent third party consultant to assess whether Everbank borrowers whose loans were at any stage of the foreclosure process in 2009 and 2010 (Eligible Borrowers) suffered financial harm due to errors, misrepresentations or deficiencies by EverBank in the foreclosure process.

    In 2011 and 2012, EverBank Eligible Borrowers were mailed Request for Review Forms. There was also extensive media outreach to borrowers to encourage them to participate in the review process. This process became known as the Independent Foreclosure Review or “IFR.”

    In 2013, EverBank and its federal banking regulator—the Office of the Comptroller of the Currency or “OCC”—reached a settlement to conclude the Independent Foreclosure Review and provide payments related to loans that were in any stage of the foreclosure process in 2009 or 2010.

    This means that the IFR review process for EverBank loans has ended. However, individual borrowers are free to pursue or continue to pursue individual claims against EverBank. By accepting an EverBank IFR payment, borrowers are not waiving any current or future legal claims against EverBank.

    The OCC website has additional information about the IFR.

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  • What is the OCC?

    The OCC—or Office of the Comptroller of the Currency—is EverBank’s federal banking regulator. The OCC is a bureau of the U.S. Department of the Treasury that regulates national banks and federal savings associations. More information about the OCC is available at www.occ.gov.

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  • What if I submitted an IFR Form?

    All loans in any stage of the foreclosure process in 2009 or 2010 for which an IFR “Request for Review Form” was submitted by December 31, 2012 were reviewed by the independent third party.

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  • Why is my payment for $1,050?

    As part of the agreement between EverBank and its federal banking regulator, $1,050 is the minimum payment per loan for all EverBank loans that were at any stage of the foreclosure process in 2009 or 2010. A check for $1,050 indicates either that your loan was not reviewed by the independent third party or the review did not identify errors with financial harm of more than $1,050.

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  • Why wasn’t my loan reviewed?

    All loans in any stage of the foreclosure process in 2009 or 2010 for which a “Request for Review Form” was submitted by December 31, 2012 were reviewed by the independent third party. Borrowers who submitted a Review Form by the deadline had their loans reviewed. EverBank’s federal banking regulator also required a review of other EverBank loans by the independent third party.

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  • Why can’t I appeal?

    This settlement is between federal banking regulators and EverBank. Under the settlement, the payment amount itself is final and there is no process to appeal the payment amount. Borrowers who receive a payment are not settling any claims or giving up any current or future rights against EverBank as a result of accepting a payment.

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ESCHEATMENT

TAX REPORTING

  • Have taxes been removed from the payment?

    Unless the payment is subject to withholding, taxes have not been removed from the payment amount. Taxpayers who may be subject to withholding will be notified in advance prior to the mailing of their payment. If taxes were withheld from your payment, a separate withholding notice was provided with an explanation of amounts that were withheld.

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  • Will my payment be reported to the IRS?

    Your entire payment may be subject to taxation as income. At tax time, the payment agent will report necessary amounts to the Internal Revenue Service and mail you the appropriate tax form or forms. The payment agent, EverBank and federal banking regulators cannot provide any advice on your specific tax situation. The Tax Information page has specific details on tax reporting requirements for different payment components.

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  • Why would my payment be reported to the IRS?

    Tax reporting of payment components complies with tax regulations. Whether or not you cash the check, the payment agent may be required to report the payment to the IRS. The only way to ensure that the payment is not reported is to (1) not cash the check, and (2) complete the payment disclaimer process. The Tax Information page has specific details on tax reporting requirements for different payment components.

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  • What tax year will tax reporting be for?

    Any tax reporting will be for the year the payment was issued or escheated. Even if the compensation was calculated based on activity from prior tax years, the payment agent is required to report the payment for the year the payment was initially issued. It also does not matter when you cash the check. Reporting is still based on the year the payment is initially issued. For example, if the payment is first issued in 2014, then the payment agent will report any necessary amounts to the Internal Revenue Service on 2014 tax forms. These forms will be mailed to you in early 2015. The Tax Information page has specific details on tax reporting requirements for different payment components.

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  • Could the payment affect my public assistance benefits?

    The payment agent, EverBank and federal banking regulators cannot provide advice on any tax liability or effect on public assistance.

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LOAN QUESTIONS

  • Does receiving a payment mean my home will not be foreclosed?

    Receiving a settlement check does not change the terms of your mortgage loan(s), including your obligations related to payment, modification, or foreclosure. Accepting a payment will not affect, stop, or delay the foreclosure sale date. Continue to work directly with your servicer. Accepting a payment will not affect any other effort you are making with your servicer to prevent a foreclosure sale. The payment is not intended to replace current active efforts with your servicer.

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  • Does receiving a payment change my payment obligations?

    Receiving a settlement check does not change the terms of your mortgage loan(s), including your obligations related to payment, modification, or foreclosure.

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  • How do I get foreclosure-related assistance?

    To explore your foreclosure prevention options, contact an EverBank specialist at 1-800-669-7724. If you need additional help with foreclosure prevention, please contact the Homeowner’s HOPE Hotline at 1-888-995-4673 or visit www.makinghomeaffordable.gov and they can put you in touch with a U.S. Department of Housing and Urban Development approved nonprofit organization that can provide free assistance.

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GETTING MORE INFORMATION

  • How do I contact the OCC?

    OCC's Customer Assistance Group can be reached at 1-800-613-6743, Monday through Friday from 8 a.m. to 8 p.m. ET. They have both English and Spanish speaking representatives who can assist you. You may also visit the OCC’s Customer Assistance Group website at www.helpwithmybank.gov for additional information or to file a complaint.

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  • How do I contact EverBank?

    You may contact EverBank directly by calling 1-800-669-7724.

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  • How can I get IFR documents?

    To obtain information that you submitted as part of your Request for Review under the Independent Foreclosure Review, please contact the administrator of that process, Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 am—10 pm ET or Saturday, 8 a.m.—5 p.m. ET.

    If your loan was reviewed by an independent third party, to obtain the factual, non-privileged documents concerning the servicing of your loan that were used by the independent third party in connection with their review of your loan, contact EverBank at 1-888-632-9320.

    You do not need to file a Freedom of Information Act or “FOIA” request to obtain copies of these documents.

    If you have additional questions about obtaining documents, you may contact OCC's Customer Assistance Group at 1-800-613-6743, Monday through Friday from 8 a.m. to 8 p.m. ET. They have both English and Spanish speaking representatives who can assist you. You may also visit the OCC’s Customer Assistance Group website at www.helpwithmybank.gov.

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  • What if my loan was not serviced by EverBank?

    To get information on foreclosure settlements with other servicers, visit www.IndependentForeclosureReview.com or call 1-888-952-9105.

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  • What if I am not covered by this agreement?

    You can still have your mortgage concerns considered by contacting EverBank directly by calling 1-800-669-7724. If you are not satisfied with the response, you may also visit the OCC website www.helpwithmybank.gov to submit a complaint. Homeowners may also contact a HUD-approved nonprofit organization that helps homeowners in distress. Information about HUD-approved nonprofit organizations that can provide free assistance is available at www.makinghomeaffordable.gov or by calling 1-888-995-4673.

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Questions? You may contact EverBank directly at 1-800-669-7724.


Watch out for Scams
Beware of anyone who asks you to pay a fee for a foreclosure review service or to receive a payment related to the Independent Foreclosure Review.