Rust Consulting on Foreclosure Review Checks: “We apologize to anyone who experienced problems trying to cash their checks.”


Independent Foreclosure Review Payment Agreement Underway

MINNEAPOLIS, April 16, 2013 /PRNewswire-USNewswire/ — Rust Consulting, as the Paying Agent for the Independent Foreclosure Review Payment Agreement, has begun distributing payments to borrowers. On Friday, April 12, approximately 1.4 million payments were sent.

Some early payment recipients were told that their checks could not be cashed due to insufficient funds. Rust can verify that $3.6 billion is available to be cashed or deposited.

“We apologize to anyone who experienced problems trying to cash their checks. We are working hard and communicating with the banking regulators, the servicers, and other banks to ensure those issues are not repeated,” Rust Consulting Senior Vice President James Parks said. “We want to assure the public that checks we have mailed under the Independent Foreclosure Review Payment Agreement process are valid.”

Borrowers Assistance

Borrowers with questions regarding payments should contact Rust Consulting at 1-888-952-9105, Monday through Friday, 8 a.m. – 10 p.m. ET or Saturday, 8 a.m. – 5 p.m. ET.

Financial Institution Instructions

Financial institutions experiencing difficulties cashing payments should call 1-855-460-1528 for assistance.

Payments will continue through July 2013. The distribution is the result of an agreement between 13 mortgage servicers, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.

About Rust Consulting

Clients in the legal, public, and business sectors trust Rust Consulting to design, implement, and manage complex and time-sensitive projects. With experience on more than 4,000 cases worth billions of dollars, Rust Consulting is the national leader in class action settlement administration, and is an expanding presence in the mass tort, public sector, and business sectors. Rust Consulting and its partner, Kinsella Media, LLC (Washington, D.C.) offer a full complement of services including project management, data management, notification, claims processing, contact center services, fund distribution, and tax reporting. A SourceHOV company headquartered in Minneapolis, Rust Consulting also has offices in Faribault, Minn., Los Angeles, Melville, N.Y., Palm Beach Gardens, Fla., San Francisco, and Washington D.C.

About SourceHOV

SourceHOV, with approximately $525 million in revenue, is one of the largest pure play BPO and KPO companies in the industry, serving customers in more than half of the Fortune 100(R) with deep domain expertise, including document centric applications, in Healthcare Payer and Provider, Finance and Banking, Public Sector, Publishing, Legal, Insurance, Manufacturing and Commercial industries, including specialized consulting services for construction management, tax benefits, legal claims settlements and economic consultancy. The company’s global workforce is more than 12,600 employees operating from over 80 delivery centers in 6 countries including the U.S., Mexico, Canada, India, China and the Philippines.

SOURCE Rust Consulting


28 Responses to “Rust Consulting on Foreclosure Review Checks: “We apologize to anyone who experienced problems trying to cash their checks.””
  1. Linda Holley says:

    It is March 2014 and I still have not received my check but I did receive a 1099. Senator Marco Rubio office in Florida is just as mad and are trying to help me. What jerks Rust Consulting I mean Rust Insulting is. Of course they are drawing interest on our money!

    I have written to President Obama–SHAME ON THEM Mr. Obama! Will also file a complaint with MN BBB.

    The way Rust Insulting has handled this is another class action suit waiting to happen.

  2. Judi Tilley says:

    Well, my sister-in-law came into my home (lost to Foreclosure) to assist me in downsizing my home from a 2 bed 2 bath to a 1 bed, 1 bath (and only 576 square feet) and thought the check I had on my coffee table was an advertisement and threw it away! I am about to give Rust Company a call and start in on the “long wait”….wish me luck. I am now a widow and could certainly use the money, no matter how much – or little it is.

  3. Mitzi says:

    Not only is this company very unprofessional but extremely shady and rude also. I did manage to talk to people when I called them but it was a long drawn out procedure, I guess in the hopes that I’d hang up! I filed another complaint with the MN BBB yesterday so I’ll update all interested parties on the next adventure and/or excuses for their delay. I read that they are not drawing interest on the monies owed to us but, does anyone really believe that? I cannot think of any other reason for their dishonest actions.

  4. I just want to say I finally received my check, my suggestion to anyone concerned with cashing theirs, is to do as I did and just deposit it to your financial institution. depending on the size of the check, you will probably only have to wait two-three business days. It worked for me…..

  5. sekonick says:

    I too have been trying to get a check reissued in my name from my deceased husband. We lost the home due to his death. I sent everything. The letters from the court declaring that I am the admistrator of teh estate, the death certificate, a copy of our marriage certificate. I sent everything! It has been over 2 months since they recieved the paperwork. And today I have just been told “unoffically of course that I should be happy if I see the money in 2013”. It took me from February to May just to get them to send me the paperwork to change the name on the check. who ever chose Rust as the paying agent needs fired.

    • Mitzi says:

      I have been waiting since June 13,2013 and have not heard a word but according to your response and the time you’ve been waiting, I guess I have no other choice but to sit back and wait also. I will try contacting the MN BBB again. Rust did respond to them in the time frame they were given before so, maybe another contact will get the ball rolling with the check. What have I got to lose, right? And yes, whomever put Rust in charge of this matter should be dealt with accordingly. I imagine the interest on the awards that they are obviously and purposely delaying/witholding, is growing rapidly. I don’t know how their business is in good standing, when they continue to do acts like this. Maybe if enough of us complain to the BBB, they’ll investigate this company’s wrongdoings, and do something about it?

  6. janis anderson says:

    I received a notice in march that I would be receiving my check within 4-8 weeks, it has now been almost 4 months since I received my notice and I still don’t have a check. when you call the phone number listed all you get is the same recording they have not made any updates for those of us who are still waiting and you can’t eave a phone number or anything to be able to speak to a human, to get answers.

    • Mitzi says:

      After sending the proper paperwork over a month ago, to have the check re-issued in my name, instead of my deceased Father’s name, I received a letter today informing me that I did not include everything that was needed for them to send me the check. There is no way that I left anything out so, this seems to be another way to withold it even longer. I don’t know what gives this company the right to do what they have done to so many of us. Tomorrow, I will once again send the requested information, and continue to play their waiting game. It looks like it’s the only choice I have in the matter. I wonder who chose such an unprofessional company to handle these settlements?

      • thanks
        Mitzi, i’ll give them to the end of the week to send me my check, and if not I will do as you did and contact the BBB, good heads up on the info. good luck

    • earlene taylor says:

      have not got a check as of 8-1-13

  7. Michele Frye says:

    The minimum for the Independent Foreclosure Review was $300. The minimum for the National Mortgage Settlement was $840. Two different things being managed by the same people, Rust Consulting.

    • Mitzi says:

      I am well aware that there were two different settlements. I am still trying to get my deceased Father’s check straight with Rust Consulting, since it was wriiten in his name and I cannot cash it. Supposedly when I return the check ($300) with his death certificate, and his will, they said they will reissue a check in my name. After numerous attempts in April and May 2013 to contact Rust, I did not receive the proper form until I contacted the MN BBB. Regarding the National Mortgage settlement (minimum $840?), I received a check for $1!!!

  8. mario Gonzalez says:

    Every one was ripped of by the bank in 2008 to 2010, get ready to get ripped off again by the OCC! The only ones laughing to the bank are banks them selves and Rust Consulting!!!

  9. Shelley says:

    I had filed banruptcy during my foreclosure to protect myself and property and they still foreclosed. Im in Michigan. I haven’t received my check yet but the distribution listing says on a foreclosed property where the borrower was protected under bankruptcy law I would receive 62,500.00 I am not holding my breath, but it sure would help me out!

  10. kathy says:

    I just got a check for 300.00. It says the lowest amount is 840. now I am afraid to even deposit it in case it bouces-it states you can’t appeal-doesn’t state how they came to the comclusion-we lost our home and out of the billions of dollars that we suppose to help us..we got 300….this is pathetic

    • Mitzi Vaughan says:

      I also received a check for a measley $300 (on April 19, 2013) but have been unable to cash it. I was told the minimum amount was $840 too. My Father (the borrower) passed in 2011. I was informed to send his death certificate and other paperwork, which I did. When I received the check, it is made out to him and even with the message on the back of the check stating “Financial institutions may call to verify this check”, no bank will cash it. I repeatedly tried to email Rust with no response so, I called them and was told they would send me a form, and I need to send yet another copy of his death certificate and this check back to them and they would re-issue a check in my name. So far, I have received nothing of the sort. $300 is a very minute amount but every little bit helps!

  11. dwight says:

    This does not suffice, this was suppose to be a goverment financed program that banks used to help taxpayers and homeowners. This absolutely did not happen. I lost a goverment clearance and my federal job behind this goverment program.( See the irony) 300 bucks is laughable! I am completely on board regarding a huge lawsuit were people affected are compensated fairly and credit corrected. If anyone has innformation please let me no,,,,,,,,,,,,,,,,,,,,,,,,

    I am willing to pay a reputable attorney……………………

  12. earle welch says:

    How much is ppl’s check their getting?The AG from washinton state sent me a letter and form to fill out in Oct of 2012,sent it in and no word.I calles Rust and they sent all my paperwork to my old addy!The AG had my new addy why not them?Now im waiting on my POSTCARD to get here!My AG said i would get attleast $840.00.Not gonna hold my breath.

  13. C Thompson says:

    I got my check yesterday. I don’t think at tiny payment is enough. How about remove the blemish this created on my credit report? That would suit me just fine.

    • J says:

      I am waiting for my check also..So with that said did we get ripped off again ??? If so please be on the lookout for a class action suit brought on by us (the homeowners). We should group together and start a suit against the banks in question, rust consultants , and the us government. They are all in this together and it would be quite easy to win . We all need to send in $100 per homeowner to a attorney of our choice and begin the litigation. 1,000,000 homeowners at $100 per person would raise $100,000,000… Now that would be a hell of a start to a lawsuit and more than enough to win.. My names is James and I am from Wilmington DE.. Let me know how you mad out and if you think my idea is a good one..

    • Rick says:

      Great point..They dont care..They give us a check, most make more on unemployment for a week?

  14. Fury says:

    Rust needs to do more than just offer apologies.
    they need to get their act together.

    a call made to them resulted in our finding out that
    they did not know:

    1. the amount of the check due us
    2. when the check would be delivered
    3. how the check would be delivered
    4. to what address the check would be delivered

    ZERO tRUST is right!

  15. Wake Up America! says:

    Another angle to the checks is that many were sent to the address of the property where the foreclosure took place.

    The consent/IFR covered homeowners who were in some stage of the foreclosure process from 1/1/2009 – 12/31/2010. I would guess the majority of these homeowners have long since moved and the time for forwarding mail has long since passed (USPS will forward mail for a maximum of 6 months).

    Only a small percentage of homeowners who were eligible to file for a review did so. That means the majority of the checks were sent to an old address and will be returned as “undeliverable.” The communication with the check states it must be cashed within 90 days.

    If you have not received your check, get on the phone with Rust Consulting and confirm the address it was mailed to. I do not know how Rust plans to handle checks that are returned but we need to make the public and public officials aware.

    I had updated the OCC with my post-foreclosure address. I had also updated my address when I filed for the IFR. Still, Rust Consulting mailed their postcard to my old address (where the foreclosure took place).

    It would have been relatively easy to use available data to find/verify the address of recipients – IRS, Social Security, credit bureaus, etc. Instead, checks were mailed to addresses they had to know were bad in many cases. Total incompetence or by design? Maybe both.

    • D. Miller says:

      Blah Blah Blah Rust Consulting. Oh and is it true the company is owned by Citibank as well? My check as well went to a very old address, now I did send Rust (7th time) certified letter with new address…Reply from #8 receptionist is that they have no way to officially change address since their computer system is locked and only can tell us what is put in front of them!
      So last two replies said it could take up to the end of the year to get new checks out, how convenient and so much more interest for the company with the $$$….

      • Mitzi says:

        Okay, I did what Rust asked me, and sent my Father’s death certificate and will to them, in order to have the check re-issued in my name, as it should have been in the first place. It’s been about a month now and as I expected, I’m still waiting for the check. After I contacted the BBB, I was finally sent the forms from Rust to have the check re-issued and I guess I’ll be contacting them again soon. Rust is very unprofessional and seems to do what they want, until you involve someone that can help to get the ball rolling. I have a feeling, you’re right about the interest factor too. It’s almost not worth the trouble but, I will not rest at this point. It has done no good to speak to anyone in their office because all they do is tell you more lies. We’ll see what happens next!

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