Independent Foreclosure Review Fines = < $1,000 Per Theft as 1.8 Million People Cashed or Deposited Less Than $1.7 Billion in Checks

peanuts

Independent Foreclosure Review Payments Near $1.7 Billion

WASHINGTON—More than 1.8 million people have cashed or deposited nearly $1.7 billion in checks related to the Independent Foreclosure Review Payment Agreement through May 2, 2013.

The fourth wave of 233,404 checks totaling more than $224 million was sent today to borrowers eligible for payments under the Independent Foreclosure Review Payment Agreement, bringing the total number of checks sent to date to more than 3.9 million worth $3.4 billion. (WHO GETS TO KEEP THE OTHER HALF?)

The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

The first wave of checks was sent April 12.  A final wave of checks that required additional information from the borrower will be issued during the summer.

Notice to Financial Institutions
Institutions processing checks are reminded that to help prevent fraud, checks require positive identification.  Banks and other financial institutions should follow the instructions provided on the back of the check to validate authenticity.

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

Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner’s HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.

SOURCE: http://www.occ.gov

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4closureFraud.org

Comments
9 Responses to “Independent Foreclosure Review Fines = < $1,000 Per Theft as 1.8 Million People Cashed or Deposited Less Than $1.7 Billion in Checks”
  1. Deborah says:

    I totally agree….my change of payee was recieved early July acorrding to Rust Consulting….my father past away in 2009….i have been paying mortgage for a yr and half and HSBC decided to start refusing my pymts..so they can process forclosure..im the executor of the estate…all paperwork provided….I sent same information to IFR..mid July they send a check made out to my deceased father???? All payments were made from estate acct….which i provided receipts. 4 months later Im still waiting for reissue check….Occ is no help at all!!!!

  2. Brooke Gunther says:

    I have been in contact with the Independent Foreclosure Review board once a week for the past two months. Every time I call them inquiring about my check they tell me a different story. These excuses include:
    We didn’t receive your W9 form (a form I returned two months ago.) We want to tax you at 28%, and if you agree we will cut you a check. Yesterday they told me the OCC is the problem because they haven’t sent the release to Rusk to issue the check. I called the OCC they closed out my case in 2011. This is a shell game at best with Rusk Consulting refusing to process my check. I just want the truth!

    • Debra Santiago says:

      I totally agree with everything you have said. I have been going thru this since April, when they claim they mailed a check. It was never received. I have had to provide my new address every time I have called them, which to date has been over 20 times. Finally got reissue paperwork in June. In July I was told I would have to talk to the database people to change my address as it had never been changed (the foreclosed house was subsequently bought and burned down) so it is no longer a feasible address. on 8/29 had to update new address in database again. Then I had to provide my divorce agreement showing I did not owe my ex more than half of whatever we are getting., It is now November and still nothing. This is misrepresentation of the public at large so Rust can rip off the mortgage companies. Wonder if we will get our share of the interest they are earning off this fraud money? LOL

  3. Ohiochatter says:

    @ Gloria Rogers I am having the same problem with the address change. I contacted them in March and they sent out the change request May 16. I sent it back on May 20th and just called today and they said they still haven’t recv’d the change form and to call back in 30 days. I just have to laugh. They told me a check will be reissued by the end of 2013 once the change has been made in the system.

  4. Gloria Rogers says:

    Rust consultant are frauds!!!! after sending them a change of address via mail as they requested back in march they still sent check to wrong address it took them almost a month to recieve the check back (so they say????) and they cancelled the check when I asked them why the didn,t reissue the check they said they cancelled it ?and that they would have to send me a request for change of address form and mail it back to them I would get it in 7 to 10 days it has been 1 1/2 months and I,m still waiting I,ve talked to numorous supervisors as to why there representatives continue to Lie as to when this change of address form would be mailed out?? the supervisors are just as bad, I think they just tell you anything just to get you off the phone, I am so disgusted I have been to hell and back with these people this isn’t the half of it so many lies told by certain supervisors, i could write a novel, they ask you the same questions over and over again name,last 4 digits of social security,address of property of foreclosure,your phone number in case you get disconnected( which by the way they never use) old address ,new address, now don,t you think if you answered all these questions correctly they shouldn’t have a problem RIGHT??? what is the PROBLEM!!!! are you kidding me!!!! This is all in there system!!! why do you need a change of address form if YOU HAVE ALL THE INFORMATION in YOUR SYSTEM!!!!!! WHO”S KIDDING WHO HERE????? FRAUD FRAUD FRAUD all over it ,Bunch of robots reading off a script, the reason they can,t tell you the amount your getting compensated for is because if they told you you were getting a check for $300.00 or $500.00 for compensation for the lost of your home, you,d jump through the phone SHAME ON THEM!!!what a joke,WHAT IS THIS GOVERNMENT COMING TO!!!!

  5. BS says:

    IFR is another scandal of Federal Regulators, there are two recent and one day by someone will expose IFR scandal. Because to represent improper category of stage of foreclosure for some of Borrowers may be positively wrong category, that amounts the case of conversion of eligibility to receive compensation amount as due based upon financial framework established, thus who received improper payment should get judicial determination of their eligibility of the proper Category for proper compensation amount.

  6. charley rice says:

    You can’t steal a home when it wasn’t yours just by fabricating documents when the REAL party of interest have been out of business in 2008.

    These prime banks violated the FEDERAL TRADE COMMISSION V. COUNTRYWIDE HOME LOAN/BAC HOME LOAN SERVICING JUNE 15, 2010 Consent Judgment and Order that stated that these banks, servicers, etc were prohibited for 8 years to bring ANY foreclosure action stating JUNE 15, 2010!

    READ IT…

    The bank have to give back to the homeowner the full value of the promissory note that they stole along with the property.

    Homeowners REPELVIN the NOTE back!

  7. lies is all they tell says:

    The problem is rust consultants are sending these checks to the wrong addresses. If i did not know about this foreclosure review my sister would never be getting a check. she had 2 foreclosures in south florida. first they said they sent the check to her foreclosed home now yesterday they said they sent it to her old work address. i called about 2 weeks ago and asked for a change of address form for her and still have not received it. now think of the interest rate, the amount money russ must be making when the cashing of checks are delayed or non existent? like i said i only new about this because i have been her now going on almost 4 years. sad to say but the correct address for all the people involved in this review are public records through many websites like the DMV. how do we fight this. everytime i call rest consultants i tell them we are on to them and they need to use DMV records to find recent addresses. the banks that foreclosed do not have reecent addresses how can they most people in those years walked away from their homes. 96% of foreclosed homeowners still do. right now my motion to compel court ordered discovery has been filed in court. the bank who foreclosed on me and claims ownership has not produced any court ordered discovery although granted last summer. they changed my judge and he granted them more time. ????

  8. talktotennessee says:

    All most of us ever asked for was a fair loan modification! It did not happen and Washington is to blame! What we got would not cover one monthly mortgage payment! We should at least have gotten as much as the lawyers did that handled the settlement!

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