Independent Foreclosure Review: 4.2M Borrowers Get Notices, But No Payments Yet


Independent Foreclosure Review: 4.2M Borrowers Get Notices, But No Payments YetMore than 4.2 million borrowers eligible for payments under the settlement tied to the Independent Foreclosure Review have started getting notices in the mail, but they contain few details — and no checks yet.

The firm handling the notices and eventual payouts, Rust Consulting, sent cards out March 18, according to a brief statement from the Federal Reserve. The cards say that payments won’t be distributed for another month or two. They also say borrowers may have to fill out additional paperwork.

“For more information, please call 1-888-952-9105, which is the number for Rust Consulting — the Paying Agent — that is printed on each postcard,” the Fed states.

The Fed is also warning consumers to watch out for scams. “Beware of anyone who asks you to call a different phone number than the number above or to pay a fee to receive a payment under the agreement.”

The $9.3 billion agreement between regulators and 13 mortgage services settles improper foreclosure actions, ranging from shoddy paperwork to wrongful evictions, during 2009 and 2010. The deal ended the “Independent Foreclose Review” of files from the 13 servicers after 18 months at a cost of nearly $2 billion.

Fed Chairman Ben Bernanke said earlier this month in congressional testimony that the reviews had not made much progress. He also said that “we will have checks going out to borrowers in just a few weeks.”

Borrowers who have commented on eCreditDaily say the cards they received Thursday provided few details. There were expectations that the correspondence would contain more information based on previous statement from the Office of the Comptroller of the Currency (OCC).

“I got a card from Rust Consulting today saying that I was eligible for a payment but it didn’t state how much…  It also said that a check or paperwork asking for add’l information will be sent in 4-8 weeks,” one borrower said.

Another said: “I got my card today also with the same lack of information.”

But borrowers still don’t know the precise payment structure, except that compensation ranges from hundreds of dollars up to $125,000, based on the seriousness of the wrongdoing by the mortgage servicer. The settlement will pay out a total of $3.6 billion in cash payments and $5.7 billion in other assistance to borrowers, such as loan modifications and forgiveness of deficiency judgments.

“The federal bank regulators overseeing this process are currently working on the details as to how payments will be determined,” the settlement site’s FAQs section states.

According to the most recent OCC press release: “These borrowers are expected to be contacted by the Paying Agent—Rust Consulting, Inc.—by the end of March 2013 with payment details. The Paying Agent will send payments and correspondence.”

Regulators are working on a distribution plan for more than $3.3 billion in a settlement fund earmarked for eligible borrowers, according to Feb. 28 consent orders.

The Independent Foreclosure Review process continues for borrowers with mortgage loans from the following servicers: EverBank/EverHome Mortgage Company, Financial Freedom (OneWest), GMAC Mortgage, and IndyMac Mortgage Services (OneWest).

The following lenders are funding the payouts: Bank of America, Wells Fargo, JPMorgan Chase, Aurora, Citibank, Goldman Sachs, HSBC, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust and U.S. Bank.


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85 Responses to “Independent Foreclosure Review: 4.2M Borrowers Get Notices, But No Payments Yet”

  1. townie says:

    Hey CR7 I hope that you never have to deal with a situation where a bank gives an 86 year old woman (my mother) a $360,000 mortgage that she couldn’t possibly qualify for and charge her $12,000 to buy down the interest rate to one that was still 3/4% higher than an existing mortgage that was 1/3 that amount. Oh by the way she was legally blind, was diagnosed with the beginning stages of dementia, did this without consulting a lawyer or letting any family member know about it. She was trying to get $10,000 to help someone out and ended up with this albatross that she couldn’t afford. She died 15 months after she got this mortgage and it may have been the best given her worsening condition, and the fact that wonderful BOA foreclosed on the house that had been in our family for 84 years. All the paperwork for a modification was submitted and supposedly assigned to someone who we never heard from in 6 months despite calling BOA almost daily. It was always we need this send it to some other dept ect ect. All the time the foreclosure went forward. Finally afraid that we would end up with nothing we sold the house for much less than it was worth. We still got enough to pay off the mortgage which BOA knew all along. We were never contacted for the National Mortgage Settlement even though the house was foreclosed on in 2009. Do you really think that whatever jump change comes to us makes up for this? Under the new categories this looks like it will fall under the modification request not acted on which is almost at the bottom of the categories and probably means a few hundred dollars. Do you have any smart remarks for t5his?

  2. JR says:

    875 dollars is insulting my home was foreclosed on in 2010 I fought for two and a half years to save my home and have spent thousands to save it ,not to mention the lost hours of work .I have sent complaints to who ever I could only to have them fall on deaf ears after sending an email to the white house I finally got help up until then chase told me that I did not qualify for any help.I saved my home but have to pay back 18,000 dollars in foreclosure fees and also 15,000 dollars in late fees and non payment only because EMC at the time refused payment.Oh yeah lets not forget the 30,000 dollar balloon payment I will have to pay in 15 years the reason for the balloon payment CHASE tells me that’s the only way they could modify the loan.It almost sickens me to pay my mortgage knowing they have screwed me again ,and with a 10% interest rate. I asked chase why they couldn’t lower the rate and was told the reason was because of my credit ,credit EMC / CHASE screwed up.I’m very upset that settlement’s are being made on our behalf for amounts that could never cover the damages these banks have caused everyone involved .The only people getting paid are the people holding the money and that’s a fact!These banks have ruined peoples credit and have stolen homes .Now when they try to rebuild their lives and maybe buy a new home or car these lenders will do so at a higher interest rate ,and before you know it they will have made back any money they paid into this settlement.Its all a big scam. Just like the HAMP program that was suppose to help people,but didn’t it only made their situation worse. The truth will never be told, and we will never be compensated honestly.AMERICAS broken, it’s full of nothing but liars, thieve’s,and greedy pigs they know who they are .

  3. J.Smith says:

    This infuriates me! The OCC and FRB said payment DETAILS would be sent by the end of March!
    A postcard that simply says you maybe eligible is NOT PAYMENT DETAILS. Are these people all elementary school drop outs? Do they know the difference between disinformation and NO INFORMATION??????

    I got my postcard too….its a stall tactic so that after a year they still can hold the money and not pay it out because they fear a moral hazrad. Well QUIT freakin giving the banks interest free loans, you never feared that moral hazard???!!!!

    LAME and FRAUD! That’s all this government is lame. It was a huge waste of taxpayer money and time for the OCC and FRB to put so much into promising something they never intended to implement. The only people who benefited were the same lacky consultants who got $2b to do NOTHING, but these were the same firms assuring Wall Street and Congress that the banks were okay BEFORE the crash.

    Just another case of screwing the little guy by dangling a carrot over them, while the fat cats line each other’s pockets.

    I am so over their lies!

  4. Martin J says:

    @J Smith, I read a report that said the $2 billion spent on “consultants” = $20,000 per file that was actually reviewed before it all came to a settlement…..I dont know about everyone but $20,000 not to have my file reviewed would go a LONG way in my family. They have just wasted so much money and so much time, with no end in sight.

  5. RacheK says:

    @ Martin J, I couldn’t agree with you more! You nailed it! $20,000 would definitely go a long way for our families. This whole thing STINKS to hog heaven. The poor get “poorer” and the rich get “richer”!

  6. Waldo Faldo says:

    We filed a Chapter 13 Bankruptcy and the mortgage was included in the monthly trustee payments, paid for 6 months and then US Bank requested a relief notice to the trustee so that they could foreclose on our home. The trustee approve the foreclosue??? Myself and my attorney fought this twice. Overall we wrer foreclosed on, had to move and our house was sold at the courthouse steps to the highest bidder. I ended up losing my job and filed a chapter 7 so I didn’t have to pay any areerar. What Category would I fall in?

    Thanks
    Waldo Faldo Haroldo

  7. Martin J says:

    @Waldo Faldo, thats the confusing part. They mysteriously stopped independently reviewing the files in January, never shared which files were reviewed, so not only do us consumers/borrowers not know what category we fall in, I have know idea how the banks will categorize our files, fairly. Plus they have to put a category on foreclosures that didnt ask for a review (prob thru no faught of their own), the gov let the crooks pick their own sentence,privately!The only optimism from this whole thing is that they did stop the process, which would have took us thru til next year and they are at LEAST giving everyone a payment—-impossible to guess but by most accounts I have read, somewhere between $250-$4000, except for military who should own at least a portion of the banks themselves!

  8. Rambo says:

    I never got any form. My loan was with Goldman Sachs. They and one other bank did not get in on the Independent Review until it was stopped and changed to a settlement. The banks then threw in their money and the settlement went from 3.6 Bil to 4.2 Bil. They added 220,000 homeowners. I gathered this information from the various websites and press releases. I called Rust and they confirmed the info. but would not add any info that was not already available to the public. The first I heard of this was when I received the card from Rust. To me this little bit of money is a slap in the face because I lost my home of 17 yrs. My husband died after we borrowed against his life ins to start our own business. He got Leukemia and was gone in two years. I lost the bus. too. I desperately needed a loan mod reducing principle. I got the run around. My loan was sold during this mess and foreclosure was filed before the assignment was recorded. My lawyer tried to dimiss for lack of standing but court ruled in favor of plaintiff. I had no money to continue fighting. Everyone has a story. I have compassion for everyone who had to deal with these indifferent mongrels.

  9. RAMBO says:

    THE FIGURES WERE OFF IN PREVIOUS POST AND SHOULD HAVE READ APPROX $232 MIL ADDED TO SETTLEMENT BY THE TWO BANKS GOLDMAN SACHS & MORGAN STANLEY FOR APPROX $3.5 BIL IN DIRECT PAYOUTS TO APPROX 4.2 MIL BORROWERS. APPARENTLY THEIR BORROWERS WERE NOT SENT REVIEW FORMS.

  10. ohio family says:

    Back in 09 me and my husband bought are first (any only house) my husband ended up getting very ill and could no longer work do to his illness.So i had to work as much as I could and take care of my children and also sick husband.We was unable to make full morgage payments so we called are morgage company and was asking if we was able to make some kind of payment arrangments . Are morgage company would not work with us what so ever they wantef there full payment so being said they told us we had 20 days to get are belongs and move out that are house was going to be forclosed and if we still had anything there when the sherif got there they would put a lock on the doors and what ever was in there would stay. So we ended putting are house on the market to try and sell so that it wasnt on are credit well we had a buyer but they was offer a little under what the bank wanted so was trying to do a short sale .The bank would not let us it had had to be on the market for a period of time.So we had to do a deed in lou and give it back to the bank (and its on are credit ) So then the bank ended up selling the house for 10 thousand dollars made me so sick and they couldnt even help my family out and set some payments up but no the worst thing ever…………Hope somthing can be done to those greedy banks….

  11. Terra says:

    I didn’t know a thing about the settlement until I received the infamous post card…I think RAMBO was correct about Morgan Stanley not sending out review paperwork…our story is a lot like others, but here’s the condensed version: Saxon(now Morgan Stanley) is who ended up with our mortgage as of 2007. My husband lost his job and fought for three months to get his unemployment. I was working full-time, but we ended up filing for bankruptcy. We stayed current on our mortgage throughout all of this just fine. Fast-forward to 2008: I was pregnant with our second child and wasn’t able to work as much, and hubby still hadn’t found any permanent work. I sent a letter to Saxon explaining our situation and asking for anything they could do to help. The day we brought our daughter home from the hospital, there was a letter from Saxon saying they were sorry but had no options available to help us. We contacted a local company to help us with a short sale. They had buyers lined up 2 different times, but Saxon would never send the pay-off paperwork so they fell through and we lost our home. I have to say we had honestly put all that behind us, but all came flooding back when the post card came…still feeling a little spellchecker at this point!!

  12. Terra says:

    *shell-shocked!

  13. Susan says:

    My story…my husband and father of our three kids died unexpectedly in 2007. For two years I continued to make full payments on our house even though my survivor benefits and income teaching added up to one third of what my husband made as a mechanic at Boeing.

    In 2009, with my savings depleted, I applied for and was accepted into a trial loan modification that should have become permanent after three months. Eight months later I was still making my modified payments but Chase did not permanently modify. Every week it was a ddiferent story. One week I was in the final stages of underwriting and the next week I had been turned down for the HAMP but I was still being considered for an in-house modification. At the same time, Chase stepped up foreclosure and eventually I gave up and signed a deed in lei and moved out of the house. Four months after my kids and I moved out of the house the bank still had not taken possession. They denied receiving the deed in lei and so I signed a second one.

    Then in August of 2010, a third level sex offender (rape of a five year old) squated in our house. He was caught and spent fifteen months in prison for burglary…ripping the fridge out and breaking the water line that flooded the crawl space…and more. One week after he was arrested a homeless man and wife were caugh

  14. Susan says:

    Homeless man and wife found in the green house rummaging through garbage left by sex offender. I only wish I was making this up.

    End of story, we moved back into the house. I called Chase to tell them we would be there until they told us what they were going to do. Four days later I received permanent modified loan paperwork. $32,000 additional principal, fifty years, and a balloon payment for the original loan amount at the end of those fifty years.

    Chase Bank should burn in hell.

  15. RAMBO says:

    Susan, Terra and all others, my heart goes out to you. Didn’t banks get the money to HELP those of us in trouble? Instead they helped themselves. They are probably doing this deal accross the board because borrowers then could not use the completed reviews against the banks in future lawsuits. I think though that these scraps they are handing out will for some just open old wounds and pour salt inside. Although it’s too late to get back all that I lost, I still will not give up & hope to see some happy stories here as well when the checks start going out.

  16. Kay Hill says:

    @ Levingstone I see u are being greedy like the banks why u want it all for homeowners like u u don’t have a clue what people went thur if they lost their home or not just be thankful for what u get and stop trying to knock other homeowner from what they have a right to.

  17. Susan says:

    RAMBO you have a great attitude and it gives me hope. Wouldn’t that be something….and entity…the banks…tried to take it all and here we stand…some of us still on very shaky ground…but still standing none-the-less and still possessed with a lingering hope in mankind.

  18. Rambo says:

    Thanks Susan. You shld write for Hallmark! I’m literally down to my last $57 until my soc sec check comes and along comes this post card. A couple Hundred sounds really good to me right now. I fight to survive & for what I believe in, thus the family calls me Rambo. But they also call me dessert woman, so $15k would get me a nice dessert in Paris. Good luck to all. We should see this Forum really light up when the checks start arriving……good or bad. Someone here I read is making the pop corn?

  19. Sugar says:

    This is so sicken, we all should be sending letters to congress. We lost our lives when we lost our homes. I think we should at least get our homes back. My home was sold to Hud for $1.00 after the back took it, Then it was sold to a private real estate and now being rented our..I want my home back….because the money they are about to put out will not be worth the pain. After losing my job to illness and waiting for compensation, and going thru the process to save my home..getting a modification for what I could pay at the time, I was still put out of my home because GMAC would not take the modification. What money can they give me for that…they could not wait for me to get my money..I could have paid my home off…greedy bastard…there is a place waiting for them…..It’s call HELL and they will live here forever and their money will mean nothing. God Help Us….we deserve a whole lot more…good luck folks…God Bless you.

  20. Casey Collins says:

    I confirmed several times over the last year that I am on the list for forclosure review, and I did not get even a post card. I called last week and confirmed address etc., and got the same answer. I am so fed up with this system that I will not stop until things change. Had the banks stood before congress during the meltdown and did some real modifications like reducing principal etc., they would not be in this position today. Shame on Congress for allowing the banks to bully them. It’s time we become the bullies and bully them ALL out of office. I think this whole meltdown in the financial system has taken us all down. Jobs with less pay, no homes and no retirement savings…next is social security not being their for those in their low to mid 50′s who put a ton of money into it. WHAT A DISGRACE! i
    can go on and on, however, now that I have high bp from all the worries, I need to stop now.

  21. not understanding?? says:

    •By: By Les Christie / CNN News

    NEW YORK – The nation’s five largest banks have finally struck a deal with 49 states to settle charges of abusive and negligent foreclosure practices dating back to 2008.

    Under a deal announced Thursday, the banks will commit $26 billion to help underwater homeowners and compensate those who lost their homes due to improper foreclosure practices.

    The banks also agreed to change the way they handle and approve foreclosures.

    A group of state attorneys general claimed that banks lost important paperwork, cut corners and enlisted robo-signers to attest to facts they had no knowledge of on hundreds of documents a day.

    The settlement has been in the works for more than a year.

    What did the mortgage lenders and loan servicers agree to do? The banks and servicers have committed at least $17 billion to reduce principal for borrowers who 1) owe far more than their homes are worth 2) are behind on payments.

    The amount of principal reduction will average about $20,000 per borrower.

    Another $3 billion will go toward refinancing mortgages for borrowers who are current on their payments. This will enable them to take advantage of the historic low interest rates currently available.

    The banks will pay $5 billion directly to the states, the only hard money involved in the deal. Out of that fund will come payments of $1,500 to $2,000 to homeowners who lost their homes to foreclosure.

    Another $1 billion will be paid directly to the Federal Housing Administration.

    In addition, the banks agreed to eliminate robo-signing altogether and to use proper and legal procedures when putting homeowners through the foreclosure process. They also agreed to end servicer abuses, like harassing delinquent borrowers for payments, and to include principal reductions more often in their mortgage modifications programs.

    Is my mortgage lender taking part in this settlement? Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial are taking part in the settlement.

    In addition, nine other unnamed loan servicers may join the settlement later, and that would bring its value to $30 billion.

    Loans owned or backed by Fannie Mae and Freddie Mac, however, are not part of the deal.

    The Federal Housing Finance Agency, which oversees the two government-sponsored mortgage giants, will not allow any balance reductions for loans insured by the companies under the settlement.

    I lost my home to foreclosure; how do I know if I qualify for payment? If you were foreclosed on in the calendar years 2008 through 2011, you may be be eligible for a payment of up to $2,000. People who think they may qualify should notify their bank.

    The exact amount of the payments will depend on how many people participate in this part of the settlement. They will share equally in a pool of $1.5 billion. The U.S. Department of Housing and Urban Development expects about 750,000 former homeowners to take part.

    If I take the money, what rights do I give up? Individual borrowers do not give up any right to sue.

    As part of this deal, state attorneys general gave up the right to sue the mortgage servicers for foreclosure abuses arising out of the robo-signing scandal. However, they reserve the right to sue if they uncover improper acts when the loans were originated or when they were securitized.

    When will the new rules and bank policies be put into place? Most of them have already become part of bank policies.

    When will homeowners get paid? HUD said the settlement will be put before a court for approval within two weeks. It is unknown how long it will then take for a court to rule.

    The relief for homeowners has to be completed within three years, but the state attorneys general and HUD want it to be front-loaded and completed within 12 months.

    Would I have to pay taxes on the principal reductions or the pay-outs? If the principal is reduced in 2012, it will not be subject to income tax.

    That’s because the Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. The act is scheduled to expire at the end of this year, however.

    So if the act is not extended and the principal reduction occurs in 2013, borrowers may be on the hook to pay taxes on the settlement amount.

    It’s not clear whether you would have to pay taxes on the $1,500 to $2,000 payout. The IRS declined to comment on the question.

    Will the settlement make it harder to get a mortgage? The new rules and regulations the banks have agreed to under the settlement should have little impact on future mortgage borrowing since most of practices are already in place, said Keith Gumbinger of HSH Associates, a mortgage information provider.

    The actual cost to the banks of the settlement should not discourage lending either.

    Only $5 billion of the $26 billion settlement will be a direct cost to the banks. The remainder will be the cost of modifying mortgages. Many of those modifications may be in the best interests of the banks to make, however, since the

    alternative may be foreclosure, which can cost banks more than modifications.

    For more information visit nationalforeclosuresettlement.com .

    Read more: http://www.wcpo.com/dpp/marketplace/what-the-foreclosure-settlement-means-for-you#ixzz2PFuxdvKY

    I am so lost with all this information… anybody know what is going on and can you explain why those that have lost our homes may recieve 1-2,000 dollars but other will be help out… without us lossing our homes they would not be getting the help they / we needed.. I dont want to sound bitter but what the heck is going on and why is the state involved???? anyone with answers would be helpful… thank you

  22. Waldo Faldo says:

    It does not matter if you submitted for the IFR review or not you will be placed in one of the 11 Waterfall categories and be paid accordingly. The OCC actually provided the 11 Waterfall categories but did note that they weren’t finalized and did not know about the payments for each category as of the end of march.

    Everyone is now equal which screws over the people that filed for the review but I never even heard of the review until I got the postcard. I was forclosed on while in Bankruptcy 13 so I am in Waterfall 3. Honestly people who totally lost their homes will be paid well above the people that are in pending foreclosures, those people will have access to the remaining 5 billion for help.

    The scary part is the banks are placing consumers in the waterfall and then The OCC is approving the monetary part per bank. The OCC is also supposed to check the banks placement of the consumer in the waterfall to make sure it is correct. Welcome to the Housing Casino – Good Luck

  23. RacheK says:

    @Waldo Faldo. I did not hear about this IFR review until I received a letter in the mail this past December 2012. I was able to go online and submit the information needed because the deadline was 12/31/2012 and I guess they figured I wouldn’t have it mailed out on time. We had moved from our home March 26,2012 and I guess it took some time for them (IFR) to locate us. My home was sold at a short sale and the finalization on that was in May 2012. So, what you are saying is that EVERYONE is entitled to some sort of payment? Even those who did not submit for the review? Everyone is equal?

  24. Ms. Peachy says:

    I owed over $200k on my condo and Wells Fargo refused to modify my loan even though properties in my community were selling for less than $50k. Long story short, the bank sold my house for less than $50k and was evicted out of my condo. Where is the justice?

  25. Kim says:

    @not understanding. That is the national mortgage settlement which is different.

  26. just livin for today says:

    Ms Peachy I understand what you are talking about… Same thing happen to us with Chase morg. owed over 130,000 and they sold for 40,000 during our 3 mo mod they were foreclosing on us even though our pymts were their be for they were due. I do have a question has anyone experinced that a bank pay off your deed (loan) where you owe nothing? Its shows paid off in the courts…. I dont know where we fall in this settlement but i hope we all come out better then where we are now. Good luck to us all!

  27. just livin today says:

    well i was searching the web found out that our house sold for under 20,000 my mistake… looking at the paper from all the mod. and foreclosure stuff.. and then looking at my credit report they paid off over 130,000 i am looking at this in black in white … on a business look it would of just been better for them to give us the mod instead of them forclosing on us.. wow I am so angery! I wish I would of not even looked at these papers and searched the web. sorry but i had to correct my earlier post…

  28. Farthing says:

    This whole process is confusing…If your house was foreclosed on, whats the point of getting a modification??? My daughter and I have been displaced since my foreclosure in 2010, I’d love nothing more than to have my house back, but since it was sold for way less than what I owed, I just don’t get it??? I realize accounts are different but some type of answers for a variety of situations would be helpful. I’m sure I’m not the only homeowner that lost my house and it was bought less than 3 months of the foreclosure and at an amount extremely less than the loan. I was told by several people that “there are so many programs out there”, sure their are?? I researched, called, and did all that I could to save my house…I am a single mother raising my girls and losing our house was just as difficult as when I had to bury both my mother and father within 13 months of each other!!! Someone please break things down a bit, thank you.

  29. Unknown from Ohio says:

    Check out this Facebook community created for IFR victims. Join the community group by “Liking”. It would be great to have a centralized location and band together in numbers, rather than adding comments on independent articles throughout the internet :)

    https://www.facebook.com/IndependentForeclosureReviewVictims

  30. Unknown says:

    PLACE YOUR VOTE & PLEASE REGISTER SO WE CAN COUNT… YOU CAN FIND IT UNDER GENERAL INFO @ http://foreclosurevictims.freeforums.org/index.php

  31. Dani says:

    I would like to know why people in the military got the $125,000 and everyone else got a whole lot less. Look at the grid on how much you will get……..most people are getting less than $500. But then again, why is anyone who didn’t make their payments getting anything? Why is it the banks fault that you couldn’t make your payments. Should they have worked with you to try to keep you in your house…yes. Were they obligated to…..no. If you don’t make your payment on your car it gets repossessed. If you don’t pay your utility bills your electric, gas, water get shut off. Why should this be any different? Anyone who was in a modification agreement or can prove they tried to get a modification and who ended up getting screwed should be the people who get the larger share of the pot. Military shouldn’t get the larger share just because they are military. I personally found someone to rent a room in my house to help with the house payment so I wouldn’t go into foreclosure. Did I want a roommate….no. But I did what I needed to do to keep my house. I also dogged Bank of America like ticks on a dog to get my modification and believe me it was hard since I was never late with my payments. They wanted me to stop paying my payments in order to qualify and I refused. I kept after them until they modified my loan. Even with that I had to get a renter to help with the payments as I lost my really good paying job and now can’t get one for even half the salary. It all sucks.

  32. Bootsy says:

    I personally feel that military members who lost their homes should get the largest amount possible. I am regularly sickened by the thought of mistreatment that low ranking personnel endure especially upon their return and if ill. I saw a picture the other day of lady liberty crying in shame that brought me to tears. It reminded me of the mistreatment that so many experience, daily. I lost my business, my car, my house (foreclosure-bankruptcy) and my health within a 12 month period. During this period, I talked to others who seemed to suffer even more than me.
    I got the post card from Rust Consulting and threw it away thinking it was a hoax. I’m so disgusted with all the corruption and greed. After learning of the suit, I called and found out that my name is in the database to receive a check. After all that’s happened, I feel numb. Imagine that, to be so beat up that you can’t even enjoy finally getting a little back. Don’t get me wrong, I deserve and will take anything that I get. It’s just so sad that I have lost the ability to feel hopeful about any measures of fairness. I, however, would happily send whatever I get back if it would help others who haven’t lost belief in the system.
    I called Rust today after hearing about bounced checks and was told that my check will be mailed on 4/26. The rep. had no other information. He couldn’t even tell me which category I would fit in. We’ll see. I won’t believe anything until I have a cashed check in my hand. I can only imagine how those who got checks last week felt when they were told that the checks were not good. They say the problem has been corrected. I hope so.
    Good luck to all of you. Wouldn’t it be nice for all who have suffered so much to get $125,000 checks? :)

  33. Addy says:

    I received my check today, $2,000 (Loan Servicer: SunTrust Mortgage Sunnyvale, CA)

  34. Confused bsan says:

    I was ad military and did not get a $125,000 ck…I got $3000 where is the info on this?

  35. catherine says:

    this is worst then it gets the banks have not only did us wrong by putting us in foreclosure.they have raped us with our eyes wide opened again by not giving u the fair amount of money that the pay scale said one should be paid.

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