Status of Independent Foreclosure Review Payments
WASHINGTON—The second wave of 1.4 million checks totaling $1.2 billion 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 2.8 million worth $2.4 billion.
As of the close of business Thursday (April 18), 434,484 checks totaling nearly $419 million were cashed or deposited.
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. More than 90 percent of the total 4.2 million checks totaling $3.6 billion will be sent by the end of April. The remaining checks that require additional borrower information will be sent in mid-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 have issued guidance to the servicers under foreclosure-related enforcement actions directing a review before foreclosure sales for all pending foreclosures. These reviews help prevent avoidable foreclosures by ensuring foreclosure-prevention alternatives are considered and foreclosure standards are met. 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.
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Never got a check send all the prove in how much money we lost u think u get at least som back.
Recieved a check in my name and my ex’s name. I live in Florida, She in NY. Is there any way to cash this check without one of us traveling to the others state?
I am so hoping the same thing!!!!!!
If you filed bankruptcy, during the foreclosure or before, you will have to turn your check over to the bankruptcy court anyway, regardless.
How nice, we play money tag, give them back the money that they gave us.
I will fight that tooth and nail. To give the bank back money they had to give me because of their illegal practices is ridculous. I would rather give it to a lawyer to fight giving it to the bank. But I am sure I can’t hire a lawyer for $300.00.
I was told by Rust that my check was sent out on 4/19/13 as of today 5/9/13
no check,I check the address it is correct but i did received a fed ex slip but with no name on so i think we toss it.
Mine was sent out April 26th and never showed up. I’ve called several times. They kept telling me to wait for it. Finally when I called May 20th, the said they would send me re-issue papers to fill out. As of today, June 4th (when I called again) the re-issue request has not been mailed out. Then when I do get the check, either myself (who lives in NC) or my ex-husband (who lives in Texas) will have to travel to get it signed by both parties so it can be cashed. And I thought it was a headache trying the deal with the lender during the foreclosure.
4th wave of checks have arrived in homes. 90% of us have received them. I got the notification from Rust in March. I am with Bank of Unamerican. I have not received said monies. I called Rust and talked to a robot lady. She said yes, you are getting a check, no I can not tell you when, no I can not tell you how much. Should be before the end of August. I am in chapter 13. I kept my home. Attorney fees for 2 forclosures were 10000.00. Attorney fees and trustee fees for the bankruptcy are 3000.00. I had 2 modifications but nothing was ever done to lower the 7.0 interest rate. Had health issues that made payments late, but good paying job to make up difference. Think I am in the 300.00 range. Hoping for a 125,000.00 dollar mistake!
If you received a modification you are looking at $500, no matter how bad Bank of UnArmerica screwed you.
I have also not received a check yet. I call Rust every week, today the person I spoke to told me that they need more information from some people and that is why they did not get a check yet and for the others, like myself, it is because they are still decided the amount of the checks. He also said the checks are still going out through to July 15, not just on July 15. Hope that helps, I hope it means more then just 300.00
I received my check yesterday by certified mail and I am beyond happy I am sorry for the people who did not.
yea my ex husband got the check and i didnt even see a penny the whole time i worked two jobs just to loose it anyway i wonder who sign my name
No kidding. Allegedly the banks are supposed to use strict cashing abilities for this reason. I would get an order to show cause and ask them to produce the canceled check. I bet that is what I will have to do. In our divorce decree, it states he gives up all rights and future debts and benefits. The judges need to sit at a common table, No more you Honor titles until they know how to honor people!
My husband passed away 1 1/2 yrs ago. We were both borrowers on the mortgage, but according to Rust, US Bank only listed one name on the list. It was an abbreviation of my husbands name and they act as if I’m not entitled. There are 5 different things they are requesting. BUT I’m sending my husbands death certificate and the loan showing my name listed as well. It took Rust 4 weeks and 4 calls asking for the paper work. Their answer was it was processed but never left the building
And unfortunately Betsy, From what they told me, I have similar situation. I will only get half of what both of us get. Good luck with yours.
Well said….yeah this guy hasn’t got a legg to stand on…..
Jeff Legg……your an idiot!
Did anyone who was under federal bankrupcty protection receive a check yet?
Yep. 500.00 and I requested a review. According to their documentation I was mis slotted s/b for 62,500. Wow. To me there process seems random and flawed to say the least.
A couple things first… If any of you complaining lost your home due to signing one of those moronic variable rate, pay the interest only loans you are at as much fault as anyone else. And when you keep voting in these losers like Barney Frank ret. and he is overseeing Fannie Freddie you get what you have coming. Those toxic loans coupled with the aforementioned Mr Frank and Nancy Pelosi shouting from the house floor that home ownership is a right, loans are given to people who can’t afford them and walla… Here we are. I fought with US Bank for 18 months on a loan mod. In the end they rolled all the back payments, late fees, lawyer fees etc into one lump sum, attached it to the original balance and that was their mod? No reduced principle, nothing. And it would have put that home 70k under water. Is that in itself a violation on their part?
No moron. We did everything right. The bank did everything wrong. The Trustee did eveything wrong. The bank miscoded loan TWICE. Admitted under oath. The judge fined B of A over $4000 for contempt of court. B of A tried to unilaterally discharge my bankruptcy. The Judge said no. The Trustee said fine.Nine months later the judge ordered the bank to do a workout on the spot. The long and shrot. The OTHER creditors got Bank of America’s money so I am doubled paying that amount to Bank of America PLUS $9,000. Rust says we will give you $500. So take your indignation and stick it where the sun doesn’t shine.
That is just another bit of ignorance to say that. But that is what we got but did not sign up for. It was interest only for the 15 year term. They switched it to be after 5 years payments of 10K. No sorry Jeff Legg, but we would not have signed that page in the 100+ pages we went through that day.
If you negotiated for 18 months and ended up owing more than before you started out, it gives me insight in understanding your irrational notion that Frank and Pelosi created the bubble burst as well as the downing of a global economy. Just for future reference, it also tells us that, walla, you purchased a home you could not or no longer was able to afford. Unless you have one “Legg”, up on the rest of us, you don’t seem to know a whole lot about the subject you speak of. Get educated and come back when you do. There are many many more higher up players than Frank and Pelosi. They are mere peons in the magnatude of this scheme. …..”.Is that in itself a violation on their part?” I don’t know but I’m sure if you ask them they will tell you a lie.
Aurora declined a modification that we applied for so we decided to file a Chapter 11. After filing Aurora decided to modify our loan per our bankruptcy order. We followed the order as we were supposed to and Aurora pretended like it didn’t exist which put our home into foreclosure 4 times. They are still in contemp of the order and we are still paying attorney fees to get them to follow what they agreed to in court. Needless to say I explained all of this in my documents for the Independent Foreclosure review and just recieved a check for $500. It’s a joke! The obviously didn’t follow their own guidlines.
I agree……Something must be done!!!! $500.00 ???? They have gotta be kiddin!!!
My husband and I requested a modification and we were asked to do a 3 month trial payment. Instead we paid the trial payment for almost a year. Citibank said they didn’t receive our paperwork twice, never approved the modification, escrowed our account then sent us a letter that they were foreclosing. We were one of the first to complete our form for the settlement and we received a $500 check today. This is so sad and horrible that so many people will have to deal with the same disappointment as we did.
I was foreclosed upon under federal bankruptcy protection. According to the OCC payment chart I should have recieved $62, 500 with an Independent Foreclosure Review and $31, 000 without the IFR review. Recieved my $300 check on Monday April 22nd. What a shitty day thay was. – tj
I think an attorney got $62,200 of it.
OCC Twitter account is @USOCC. They should be inundated. Banks say bend over, they say how far.
They have tried to, and partially succeed, to divide us, next will be to conquer. They put off this settlement in part, I believe because then we all would have a connection, and for all of us to get together and call BS on these insults via checks, I wish we could have a national day where we would all get together, for all of us to know to take stand in our towns. With out Shame.
has anyone received their check from their servicer Litton I called and they said that Litton hasn’t
sent in the checks!!!!!! Liars I don’t trust nobody
According to their chart (http://www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-60a.pdf) I should have received $3,000. Instead I got $300. It says on the check stub that the amount it final and there’s no process to appeal. Anybody have any ideas on how I can get what I should have gotten?
The letter from the IFR says they have no process to appeal. It does NOT say that you can’t appeal. The only problem is appealing to the OCC and Federal Reserve about a Bank breaking the law will get you nowhere. You’ll waste your time and energy only to get nothing, just like this review. My foreclosure was done by IndyMac, OneWest and Deutsche Bank and these banks never even got to the office to be reviewed. They were just all denied. But big deal, five years of financial losses and they send you a $300 check. That wouldn’t cover parking at the court house fighting these crooks and their lawyers.
I received a check out of fund 1 for $6,000 I requested a review. I am trying to find out what my amount was based on. We have never been contacted by anyone when I call rust they just read off a script
I wonder why they term this whole thing as a settlement? It doesn’t settle squat when you lose your home and be expected to accept 800 bucks as retribution. The government allows this? WAIT a MINUTE!!!! OUR GOV ALLOWS THIS???
WOW!! I just received my check from Rust for 300. dollars lol what a joke!!!! Oh well, Ill put it towards my retainer fee because I’m going to do some suing here of BOA for the first time in my life in hopes that maybe I can be a pain in their ass.
The phone number for Rust is answered by a machine with no way to talk to a person. I requested a modification was denied by Chase and lost my home to foreclosure. When can I expect a check and how much money will I get
This is the world we live in today. You have the elitist which are banks and big business who also really run the government. And you have the peasants of the US, us. There is no longer a middle class. It went away do to the amount we are taxed bringing middle class down. Lost my house while active duty after many calls to the bank and modification packages that the bank never answered.
You are so correct Ryan. Everything is for corporations. Had someone write me a personal check for a personal issue and they said the NSF dept was set up more for companies than individuals. Told me it was a civil issue and I would have to go to civil court to get it back. Because Corporations are considered on going entities, they have an endless life, I guess this includes get out of jail for free cards.
Yehaa $300 for my family
Thanks Pam Bondi you FNG B—–H
It appears they are only sending checks at the present time to the people who didn’t bother tp ask for an Independent review. ONLY 438,548 people requested a review. 3,948,896 DIDN’T request a review. 2.3 MILLION checks have been sent out.Someting is rotten in Denmark
Correction 3,511,348 people did not bother to return the independent review request. THOSE individuals with the smallest checks appear to be receiving their chump change. So, I guess those 438,548 who did, have to wait until everone else gets theirs.
The reason so many did not return the form is b/c so many of us never even received the form whatsoever.
Wish we were in Denmark. Doubt this would be allowed to this extent. MILLIONS were harmed!! ITS A NATIONAL DISASTER YOU STUPID GOVERNMENT!
Is the 2nd wave the $300 checks for the dumb goyim? Or the 125K checks for the well connected?
So I went through hell, a lot of ink and paper, was never given a commitment by the bank, so I get $800 I have to split with my ex, who did not want to hang around to find out if the bank would actually work in the best interest of everyone with out scapegoating BK’ing trusts. But it’s the same as if no one lifted a finger to work with them. And then, what about the ones that have issues with the original lender that could not have possibly signed the papers in the timely fashion most claimed. I wondered why they did not accept any payments while I was attempting to modify and now I know, less obligation now for them. hmmm go figure
It appears that splitting 800.00 is still better than the 300.00 that most seem to be getting. The whole thing is wrong on so many levels. What about people who never received the original info to request a review? What about the people who have had serious issues, but technically don’t fit into one of the categories? There are a lot of people being played and it’s simply not right!
So what can we do? Can we make a date to walk across the country? Take a stand? To those who are not effected yet… maybe they will care when we are too busy tending to our fight to buy or support them. That is half the problem, the ones safe for now don’t care. But I wish to see everyone effected in progress to all get to the same place. Maybe the anniversary of this beloved release of insults via checks? Anyone notice that the count of fraudclouses has stayed the same for the last 2 years?? They are hiding the true numbers, lets show them.
Just found out that I am getting a whopping $500. After losing my home what a joke……
How did you find out? They would not give me an amount over the phone.
How did you find out?Rust wouldn’t tell me anything but that I’m getting a check,confirmed my address and said I wouldn’t get it until august?
http://www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-60a.pdf
I’m still wating and no one at Rust can tell me when I can expect a check. Hoping for the best and expecting the worst.
Wondering if the second wave recipients will be as “happy” as us first wavers..
Hehe, Not as happy as the BS auditors who made 20k per audit while awarding 300 dollar checks to those in hope of a new life after foreclosure. We are insects to this government……..America, be suspicious!! There are no longer professional people or trustworthy gov agencies anymore that will look out for the PEOPLE. This OCC smoking mirror BS was a total plus for the Banksters and it runs deeper….now because they picked their auditors (hahahaha whos stupid idea was that?) they all know what paperwork to fabricate………………….F&^%ers!!!
I don’t know if they are using a lottery system for sending out these payments. If someone was in this situation for the entire 24 months covered, they should have been among the FIRST to receive a check. All I am being told is a check was cut BUT has not been sent. Typical Government bungling. Please hurry up and WAIT and WAIT and WAIT.
We need to make copies of those measly checks and send them to the OCC’s Curry, to our Senators and to Warren, Brown, Menendez, Johnson, and to two-faced Obama, with the following Title: Insufficient Compensation. Re-review and re-compensate.
Please Explain OCC how a bank rips off a person for over $30,000 and gets off with paying $500?
Don’t you known that they (OCC’s Curry, to our Senators and to Warren, Brown, Menendez, Johnson already known. We are all pawns in their RICH MAN’S game.– Good Luck All!