Two years after bank regulators took their initial “enforcement” action against mortgage servicers in the mostly-defunct Independent Foreclosure Review, checks to nearly 4 million eligible borrowers have started to arrive at mailboxes nationwide. But anger persists among the recipients of these checks — the vast majority amounting to hundreds of dollars each.

Borrowers Mull ‘Class Action’ as Foreclosure-Review Checks Arrive

Borrowers Mull ‘Class Action’ as Foreclosure-Review Checks Arrive

Borrowers Mull 'Class Action' as Foreclosure-Review Checks ArriveTwo years after bank regulators took their initial “enforcement” action against mortgage servicers in the mostly-defunct Independent Foreclosure Review, checks to nearly 4 million eligible borrowers have started to arrive at mailboxes nationwide.

But anger persists among the recipients of these checks — the vast majority amounting to hundreds of dollars each — representing payouts that fall vastly short when truly accounting for the wrongdoing by the named banks and their servicers, according to the borrowers, consumer advocates and some lawmakers.

Check recipients have taken to forums, social media and various news and blog sites (eCreditDaily included) urging each other to keep banding together and form class-action lawsuits against the banks.

At least one forum had registered nearly 600 IFR  borrowers, with many calling for legal action, by late afternoon Tuesday.

Thousands of checks were received Monday, and many more will be delivered this week.

Here are some comments from IFR check recipients —  from blogs, forums and Facebook pages where hundreds of foreclosure victims have congregated:

Matt: My check was $800…not nearly enough to make up for losing my home…

Julie: I got my check today – $500.00. My house went into foreclosure, I applied for a modification, never heard back – they basically ignored me. I had thought I would have fallen into the $6000 category, since they ignored my request.

Kylee: We received our check today; it was $400.00. We should have got $3,750.00. We were covered under Bankruptcy law. The home has been sitting vacant for almost 6 years.

SoCal: I received a check today for 6K. I was in the category that should of paid 50k. Class action time!!!!!

Another borrower said she received a check for $300.00 and was not able to deposit it. Her bank  informed her more than once that there was no money in the account.

Borrowers under the Independent Foreclosure Review settlement, reached with 13 mortgage servicers earlier this year, have the option to file lawsuits for rightful compensation — an action that will undoubtedly unfold over the next few months as checks continue to be mailed out by Rust Consulting, the paying agent for the regulators.

There is no IFR appeal process. Regulators have made that clear. “The payment amount is final,” both the Comptroller of the Currency and the Federal Reserve say on their IFR web pages.

The one bright spot: Regulators said borrowers were not required “to execute a waiver of any legal claims they may have against their servicer as a condition for receiving payment.”

Last week, a payment framework was released by the Office of the Comptroller of the Currency and the Federal Reserve, with compensation scattered within a sweeping range — from $300 to $125,000.

Out of 3.9 million borrowers, about 2.5 million will get a few hundred dollars each.

Nearly 9,000 borrowers qualify for compensation ranging from $24,000 to $125,000 — involving foreclosures that were initiated or completed against borrowers who had not defaulted on their mortgages or who were meeting all requirements of a documented forbearance plan or were protected by federal bankruptcy law.

Some qualify to receive $3,000 to $50,000 after servicers failed to convert them to permanent mortgage modifications, even after the homeowner completed successful trial periods or were performing all requirements under trial periods.

Nearly 900,000 borrowers who were denied mortgage modifications qualify for an amount between $1,000 to $6,000.

Below those categories in severity of financial harm, botched mortgage modifications played a large part in the amounts configured for payouts, mostly ranging from $300 to $800.

But there is much ambiguity in these supposed lower categories. More than 900,000 borrowers fall under this heading: “Servicer who did not engage with borrower in a loan modification or other loss mitigation action.”

“People who managed to get far enough along in the [modification] process, many of them will get a decent payment,” Alys Cohen of the National Consumer Law Center told ProPublica. “But people who suffered servicer neglect clearly are not getting compensation for the harm they suffered.”

Many borrowers have complained of not being placed in the rightful category, some saying they should have been placed in more than one category.

Commented Christina to eCreditDaily: “We received 500.00 today. We had 3 different categories we fell into, and they choose the one we didn’t fall into. Very sad…”

Checks are being sent “in several waves beginning with 1.4 million checks on April 12,” the OCC said.  The final wave is expected in mid-July 2013. But more than 90 percent of the total payouts to borrowers by 11 servicers are expected to be sent by the end of April.

The banks and their servicing affiliates that are part of the IFR agreement are: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.



  1. Where do I sign up for the class action! Have not received our check yet but don’t really care. We have wanted to go to court for years about this!!

  2. Count me in! What they are doing now doesnt come close to makeing what they did “ok”. Class Action!!!

  3. I’m in for the class action suit. I am also registered on another forum. They took our tax money and then stole our homes. So guess what now they get to see what this country is made of…THE AMERICAN PEOPLE.

  4. I also want to be a part of the class action. This is total BS!!!! I’m sick and tiered of the banks and government working out sweet deals. The government was put in place to regulate the financial system to protect the people. They turned into the same thing they were supposed to protect us from. A few million petty checks to the people should not be enough for the banks to be off the hook.
    Please post any information about a lawsuit.

  5. If the banks employees are committing forgery and fraud on their customer’s. Causing the borrowers to loose hundreds of thousands of dollars? Now if their doing this on a house the bank doesn’t have a mortgage on, WHY isn’t anyone bringing CHARGES. They have tortured me for six, destroying my friendships, family, proffesional relationship built up over many years. Stole my future and retirement in the process of committing a crime. Serious charges—Good Luck getting the law to recover your assets. KEEP up the GREAT WORK

  6. Shame on the OCC and the Federal Reserve. I believed our Government had our backs. Just like the Banks the OCC and Federal Reserve are deceiving, unethical and shady..I am so ready to fight back!! We all need to stand together.. Its the only way…

  7. This is so true! While my wife was deployed in Iraq, Chase started foreclosing on our house. I had our local sheriff at my door handing me foreclosure papers telling me I needed to start packing! While over in Iraq my wife was trying to get a hold of someone with Chase to try and save our house, as well as myself calling multiple times everyday, AND a lawyer we secured to help. After about a year of fighting with Chase and trying multiple modifications and payment agreements we finally had the foreclosure rescinded and were able to save our house. This all happened while protected under SCRA and we got our check yesterday. $300!!! I almost threw up! What a slap in the face this was! Something more needs to be done! My house is costing me and my wife thousands more now than it did before all this crap started happening.

  8. I also would like to join in a law suit. Many yrs. of trying to work with BOA got me $500.00. Maybe we should ask ourselves how our state court systems let this happen?

  9. I am an active duty Marine that was foreclosed on in 2009. This is after being overseas and submitting 2 loan modification request that both did not get answered. After using our life savings to stay afloat and pay the mortgage I was forced to file chapter 7 bankruptcy. I almost lost my family at the same time. The fact that the government got involved is great but on the other hand the banks did not take the government serious in any way. Today I recieved a check for 600 dollars. This is a great slap in the face for them violating the law that says not to foreclose on active duty military. And yet they do these things and get away with it. Us the peasants of the country would have been thrown in prison for not paying or share. We are taxed on our pay then we pay taxes on purchases at the store. Then pay taxes at the end of the year. All this to still be treated like the lowest things imagined. I will be writing a letter to the Senators that were pushing for this and signing the class action suit.

  10. I’m guessing I will be receiving my check in the mail sometime this week, still very curious as to what it will be…After reading all these comments it feels as though I might not be getting what I truly believe I deserve. I really do not know what category I fall into, but my wife lost her job back in 09 and for a year we tried to get a loan modification, no answers, no cooperation from Wells Fargo and then finally came the dreaded Sheriff sale sheet of paper on my front door. We were forced to move into a relatives house….about a month after completely removing everything in the house we decided to call Wells Fargo one last time and what do ya know, they threw the “you qualify for the HAMP program” although extremely relieved that we could save our home we were pissed off that this couldnt have been resolved much earlier. Went thru so much emotional stress, a bankruptcy and a pregnant wife who was due about the time we had to evacuate the premises. How the bank could play with us or ignore our pleas for about a year still blows my mind today. It was an experience I wouldn’t pose to any enemy.

  11. Can some tell me if they got a check cashed . I have not recieved a check yet. But I am hearing that they is no money for the checks. Maybe we need to take to the media. I was with National City then PNC bought them out. What a nightmare.

  12. We have been fighting two foreclosure lawsuits with our lender since early 2009 and still do not have a final modification. We applied for HAMP at least 8 times and successfully completed two trial mod periods, one lasting 5 months and the current one going on 10 months! We have done everything exactly according to the rules. Now the bank says they may modify our loan, but will add about $65,0000 to our principal from the payments they would not allow us to make over the past 52 months. A loan modification now will make us underwater by at least $85,000-how is that supposed to help a struggling homeowner? We are trapped. We can’t sell. Our credit is ruined. We cant purchase a different home. Rent in our town is even higher than a mortgage would be. We got our settlement check for $500 yesterday and I thought I might get sick. 5 years of legal fees and mind crushing frustration and stress. $500.00. Really??? It feels like we will never be able to dig out of this crushing debt, yet the banks have probably come out ahead.

  13. Williams and Connolly LLC in washington DC is suing the OCC. They should lead the class action charge if they were smart. You can’t ‘sign up” for class action. You will be automatically included if there is one anywhere. Unfortunately, the law firms drag things out so long that everyone in the class usually gets a few hundred dollars when they are done 20 years from now. I guess we should all be glad we got what we got from the Review process because it will definitely be more than we would eventually get from a class action lawsuit.

    Good luck everyone!

  14. I’m in! After I was put into 4 forbearance programs and meeting all requirements WF was suppose to modify loan, I received my slap in the face with a $500 check I can’t deposit. I Denny I’m an entire folder proving I qualified for 4 categories ranging from $65,000 to $125,000. I’m not laying down!

  15. @pat I also had National City turned PNC and I think the work “nightmare” is an understatement!! I haven’t received my check yet, although Rust tells me it was mailed Friday. After the battle I had with PNC, I am not expecting much in the way of compensation! There is a special place in Hell for these bankers!!

  16. mogirl I know . It was a nightmare. National City was suppose to modifiy my loan. Had me do a payment plan. Did it .I would call for the papers. They would always say we sent them you should have gotten them by now. Never received anything. Then got a letter saying they had been taken over by pnc. I live in Illinois. I do believe in Karma. Now I am reading that people that did get the checks cannot seem to cash them. Their banks are saying insuffient funds

  17. If you have not already done so, I suggest reviewing you banks Engagement Letters ( )prepared by the consultants at the beginning of the Review. Have pulled the numbers from HSBC’s EL and broke it down based upon that initial report, the numbers appear to be pretty close to how they are breaking down people into categories. I also pulled the total numbers from the other banks’ EL’s and here is how it looked, pretty close to the numbers reported in last weeks payment waterfall….

    Aurora 110,385 pg. 47 EL
    BOA 270,000 pg. 25 EL Complete with Sale
    BOA 996,700 pg. 25 EL In Progress/Pending
    Citi 358,000 pg. 16 EL
    Everbank 32,570 pg. 5 EL
    JP Morgan Chase 879,675 pg. 35 EL
    MetLife 32,250 pg. 38 EL
    HSBC 48391
    One West 143,378 pg. 24 EL
    PNC 23,938 pg. 10 EL Complete with Sale
    PNC 57,536 pg. 10 EL In Progress/Pending
    Sovereign 7,833 pg. 44 EL
    US Bank 37,121 pg. 29 EL Complete with Sale
    US Bank 53,602 pg. 29 EL In Progress/Pending
    Wells Fargo 318,163 pg. 43 EL Complete with Sale
    Wells Fargo 614,839 pg. 43 EL In Progress/Pending
    Total 3,984,381

    Here is how HSBC’s breakdown looked:

    25,521 Foreclosure Actions
    *22,870 Certain Loans in Foreclosure more than once
    11,816 foreclosure actions where a High-risk Attorney Firm performed the foreclosure action
    0 a foreclosure sale occurred while the borrower had a debt cancellation contract to possibly satisfy the outstanding note amount.
    354 foreclosure actions with a rescinded foreclosure action
    60 foreclosure actions with a complaint related to loss mitigation or the foreclosure process
    107 foreclosure actions with a complaint via a state or federal agency.
    5,951 foreclosure actions related to loans for which the borrower obtained a loan modification at any point in time during the loan.
    *26 Foreclosure actions where the borrower obtained a HAMP loan modification and a foreclosure sale occurred.
    *607 Foreclosure actions where the borrower obtained a HSBC loan modification and a foreclosure sale occurred.
    6,511 Foreclosure actions where borrower was denied a modification at any point during the loan14
    *313 Foreclosure actions where the borrower was denied a HAMP modification and a foreclosure sale occurred
    *1422 Foreclosure actions where the borrower was denied a HSBC modification and a foreclosure sale occurred.
    2959 Foreclosure actions where the borrower was in active bankruptcy at any point during the foreclosure process
    *8 Foreclosure actions where a foreclosure sale occurred while the borrower was in active bankruptcy.
    *5 Foreclosure actions where a foreclosure sale occurred while the borrower was in active bankruptcy and before relief was granted.
    87 Foreclosure actions where HSBC records indicate the borrower was subject to SCRA protection
    ? Foreclosure actions with complaints subsequent to the beginning of the borrower outreach program.

    *Indicates a subgroup of primary category.

  18. I got $800. Was dual tracked, no decision ever made on mod, passed the hat around for the family who saved my house. BOA lied, they were non-responsive and actually told me that court appearances were good faith efforts to resolve the what was a one month behind situation. I had to have surgery at this time, and I am sure the stress is the reason that I did not heal correctly. Even after they got every penny they asked for, they still claim I owe them $800 in fees. Even after they got every penny they asked for, they still moved the auction date on my home and I had to deal with their attorneys. On the bottom of the letter I received with the check it was clear that the check was only good for a limited period of time; what are they going to do with the money from the checks they are sending out to people who no longer live at the addresses they have because they were evicted/kicked out? Not that I want to take money from anyone — but do we really think that they have it together enough to really get this money? What is happening to those amounts?

  19. I haven’t even gotten my check yet and already I am sickened. This cannot stand right? This is America, will the government step in and listen to the people or just ignore us? I think we all know the answer…

  20. Chase wouldnt reaffirm my home after bankrupcy…I paid for two years, a mortgage that was discharged to keep my house. Chase foreclosed after I was having trouble paying my mortgage, which was 3 times what the house was worth after 2009 and at 6.5%. I asked for modification and they wouldnt help. They wouldnt help me at all. I begged them. All they said was contact your lawyer or pay mortgage…The mortgage was paid off in bankrupcy from mortgage insurance. They took 2 years worth of payments, foreclosed and then re-sold house for 1/4 of what I owed. I havent recieved my check yet, But im sure its 300…HAHAHA
    Chase needs to be shut down along with all big banks. They are ruining our country…

  21. All,

    I hate to burst anyones bubble however I am an American Citizen too and I don’t think that the Bank of America executives will be loosing sleep over the $300 that they sent to single mothers with cancer who got evicted from their homes over paperwork errors.

    They certainly aren’t scared of us or obviously the American legal system since they pay all the politicians off. Sorry to tell you but the American Citizens haven’t run America for a VERY long time.

    Now it is now completely run by greedy ruthless banks and corporations. How else could one explain the outcome with the IFR reviews and the pittance payments that they represent??

    Thank god that Elizabeth Warren (who I will vote for as President if she ever runs) is there to help us little people but even then the door is already closed apparently.

    Better luck next life. Haha.


    Andy Mathisen
    Email: moc.liamgnull@mmoctemoc

  22. On final thought, its too bad that Rust Consulting didn’t send out a “postcard” with a picture of a big phat banker with a gold chain and a rolex smoking a cigar with a caption that read “HAVING A GREAT TIME WITH YOUR MONEY”

  23. I have a case pending in district court I filed my self . I need a lawyer to take it over and make a class out of it. I haven’t recieved a check yet. I am one of the 53 foreclosed on who was not in default and one of the 2800 original cases reviewed by the OCC in 2010. I am also one of 250 borrowers complaints reviewed by 39 state attorney generals in 2009 which was posted on the internet April 29,2009. Check it out (AG’s Take Action on CWN Reports of Foreclosure Abuse). Nothing was done to stop what happened to us by any of them. Our home was sold October 5,2011 to my home church who tore it down to build a life center. We had one of the first internet post August 15, 2008 concerning servicers under (Countrywide Cashing in on Surprising Group of Homeowners | The Consumer Warning Network). The OCC, Louisiana Attorney General and Louisiana Office of Financial Institutions all had these internet post and over 50 pages of evidence concerning our complaints and did nothing. I filed a complaint directly to the OCC 11-28-2011 and was given Case #01887017. I also filed for review of my foreclosure in the Independant Foreclosure Review 12-28-2011 and was given Ref.# 1811662791. The case filed with the OCC should have concluded in about 90 days.The OCC deliberately held up giving me a decision for over a year and two months pretending to need information from BoA they already had. Finally on January 30, 2013. I recieved a letter from the OCC stating that my case with the OCC was being dismissed because it was in the scope of the IFR. I filed an appeal. Prior to the dismissal the OCC Houston Office Manager Ms. Melinda Goodnight told me that Mr. Larry Hattix had instructed them not to review my case and to dismiss my case and all cases like mine were to be handled that way. In other words the OCC has thousands of claims filed directly to them like mine they refused to review and dismissed to keep the harm the servicers did to us hidden. My case filed with the OCC was dismissed January 30, 2013 because it feel in the scope of the IFR.

  24. We received $800. Very sick and disappointed about this outcome. We were on a trial mod making all our payments early and got a letter saying we were in default and owed all these penalties and interest (during the trial mod). Then after the trial was over got a letter saying we were denied permanent modification. Prior to the trial mod, Wells Fargo told us we needed to have our taxes escrowed which we always paid ourselves. We gave them permission to do that and when it came time to submit our tax bill at the end of the year, we found out they never escrowed. We were sick. The reps exact words were, “oops you fell through the cracks.” Wow that’s a professional statement. Time after time after time we were ‘misinformed’ by Wells Fargo. We put our house on the market to try and sell it and they told us if we kept them updated every month it would NOT go to foreclosure. It went to foreclosure and they didn’t even tell us. During the time it was for sale, they turned down a cash offer and dragged their feet on the 2nd cash offer to where the buyers finally pulled out and recsinded their offer. Our house should not have gone to foreclosure and after 3 years of headaches and stress with them, we get a measly $800. What a slap in the face. We would definately join a class action if available. These banks have turned people’s lives upside down and walk away winning. I can’t believe this is how our system works. So disappointing.

  25. Everyone should contact Senator Warren’s office before Thursday and complain about the fact that you do not beleive you were put in the correct category or receive proper compensation.

    On Thurday the Baking Committee will be holding a hearing on this FORECLOSURE REVIEW fiasco. Also, complain if you have been told that you could NOT cash your check due to Insufficient Funds.

    Senator Warren has done a great job going after those responsible for this mess.

    Her Office number is (202) 224-4543

  26. Live in illinois still no check mailman has come and gone. I was told I was going to recieve something I am done.

  27. Called RUSTtoday my mortgagw was originaly with Countrywide who then sold it to B of A…. so I asked them a few questions like: Was my case actually reviewed? Answer:(from Jovani rep for Rust) he read me the script, 2. Was my payment mailed out? Answer: no 3. Will my payment be mailed fed-ex or regular mail? Answer: regular mail. 4. Since checks are being sent out in “Waves” what does this mean… daily? weekly? Answer: don’t know….that is is!!

  28. Called Rust today and was told my check has not been sent out yet. Representative could only tell me that it should be mailed out be end of April….My problems started when I was approved for a 80/20 No Doc loan at a really high interest rates (8.6%/13.9). Tried to refi for years with several companies and was always disapproved for no equity on the house. I was not making enough money and fell behind on my mortgage payments. EMC initiated foreclosure action and then rescinded when HAMP program came out. I submitted HAMP packet 2x but was always told additional information was needed by EMC. I finally gave up and tried short sale but EMC (now Chase) kept sending my realtor conflicting information and it didn’t work out. Chase finally foreclosed my home, my wife left me and I now have bad credit. I am pretty sure that I am only getting $300 since I did not request a review since I thought the review mail I received was not legit (my bad).

  29. Haven’t received my check yet, not expecting much. It is too bad that this was not handled properly. I will be watching the news and researching any additional possibilities.

    For people frustrated with Rust and the answers you get when calling them, you have to understand that they are doing what is required by their contract. I have been in their shoes and it is just as frustrating to give the short, scripted answers as it is to receive them.

  30. I got a whole $500.00. I got to keep my house but they put 14,500.00 on the back end of my loan. I fought for 9 months and my house was up for auction 3 times. I was so sick at heart and stressed the 9 months. I had my wage cut 1000 a month which put me 2 months behind on my paymenst. i called to make a payment on the 3rd month and was refused. Then they started the foreclosure process. Wells Fargo put me through hell. I put every month 1000 aside in a seperate bank account for those months. they took 11000 to modify and then put the 14,500 on the back of my loan. and all i got out of all of this was 500.00 sign me up for the class action. they should not be able to get away with this. i thought that this was going to be made right. NOT!

  31. I live in Minnesota we did not recieve our check as of today yet, but a friend of mine that lives 15 miles away got hers, so who knows how they are sending them out.

  32. Received $500…I expected alot more. My loan was with Wells Fargo. I was in BK when they started forelcosure in 2009. I’m all for class action lawsuit. What a joke this “independent” foreclosure review has been. I’ve never heard of a situation where the criminal (banks) commit the crime and decide their punishment. Not only did they decide the punishment…they decided who was a victim and what the victim should be compensated! Is this America? Is this justice? This can’t be the end of this

  33. Haven’t seen my check yet, but I know it isn’t going to come close to covering the amount of the Chapter 13 bankruptcy I had to file to save my house. Not to mention the ruined credit, health, and marriage that many of us have suffered at the hands of Citimortgage or other mortgage companies. I’m in for class action.

  34. Has anyone be able to cashed their checks? Not deposited, cashed. Some people are saying that they are being told by their banks that there is insufficient funds. Could this be true?

  35. This class action lawsuit has been a long time coming. How many times can borrowers be slapped in the face by the banks and regulators.

    When you look at these files, we are not just numbers and dollar signs. We are families who love, pray and do the best we can under the circumstances given. We are old and young, we are people whose lives have been turned upside down and not by our own doing, but by the banks greed. We are mothers and fathers with broad shoulders who have consoled our children’s tears and anger, until we lay down to later console ourselves.

    FYI – I took the time and filed for my Independent Foreclosure Review, because I know that the bank was wrong and illegally foreclosed on my home while I was in bankruptcy, never offered a modification and foreclosed with without providing valid notices and WITHOUT a valid Note. Unfortunately, again we have received no justice because these ENABLED “too big to fail banks” are allowed by our government to settle for pennies on the dollar, rather than the truth been told of how they illegally robbed people of the American dream.

    This goes to show, we have no other choice than to ban together and fight for ourselves, because our justice system is corrupt and has been bought!

  36. YEY! Got my $500 check today (Central Florida!) Wait a minute…..the bank foreclosed on my house in 10/2009 while I was meeting the terms of a loan modification…..I should have gotten $50k, not $500! WTF???

    Who the heck at IFR, who I sent all my documents to, would be able to determine that a document that is on file at my court house that clearly states they transferred the deed of my home to Chase on 10/13/2009 (that means it foreclosed, not a warning to foreclose but it actually did) and all my copies of trial modifications determined that was not $50k but $500 instead???? Foreclosure while in trial modifications, hey OCC look at your own freakin payment schedule you morons, that is the very definition of $50k payment. I spent hours making copies of everything, spent $ on postage since all my docs wouldn’t fit into their measely prepaid envelope, spent hours every month on the phone trying to get the status on my review (scripted responses from useless people at IFR) $500 isn’t even compensation for dealing with the IFR let alone the crap Chase put me through. I should have just did nothing like others and not request a review, at least then I would have gotten $800 and not had the headache.

    THROW THE OCC, FED RESERVE, BANKS and POLITICIANS out on their butts and see if they wouldn’t get more money closer to that original 90 day review time from 2 years ago!!!!!

  37. 4/16/13 I was looking for a check today too. Didn’t come. Called the # for Rust and all they would tell me is that it wasn’t in the first round of checks. Is it true you can call every Friday to see if it has been mailed? Does anyone know about that.t. Single and lost house because I simply could not pay. Took huge pay cut at work and worked so hard to keep the house. Moved out filed bankruptcy. House was empty for about a year I think. Wells Fargo would not work with me at all so I just moved out. It was a terrible time for me as it was for everyone. I feel for anyone who loves their home and loses it. I was there 17 years. So very sad we were done that way.

  38. Got my checks today for $6,000 I was hoping for more if they were to stick to the old framework I would off got at least $15,000 but it turn out the way I wanted. Has been fighting with WF for years and they will not modify my loan for me. All I was told was u do not qualify and your house is going into foreclosure. I asked for a review last yr so this good for a yr long of waiting. Good luck to the rest of u guys.

  39. So does any know what the numbers/letters stand for at the top of the Rust Consulting Post Card on the inside? I believe it has to do something with what category (payment) you’re in. Please help!

  40. Received 4/16
    US Bank


    Story: Filed a Ch 13 Bankruptcy in 2009 and house was included. Paid the trustee for 6 months and then US Bank came in with their lawyers and requested the stay removed so that they could foreclose. {We are living and paying for the house during this time} Trustee allows the foreclosure the negative balance from the house sale now became unsecured debt and 5 months later we filed for chapter 7 and have been discharged. Figured since they initiated and closed on my house while I was in BK I would get more than $300

  41. my loan was with PNC, I have not received a check yet.I will probably call rust this evening.I too am curious what the amount will be.i tried for mod 3 times and denied each time.showing up in my credit report as foreclosure pending and that has been for 3 years,i have not lived in the house since i was served papers,they’re infamous foreclosure david stern who was in the news for his foreclosure mills in fla.If they would just wipe the foreclosure off my credit,i can at least start i am just waiting to see what will happen a check or foreclosure wipe off,at this point i am willing to take the wipeoff since the checks sounds too scary to deal with,the amounts and then you can’t cash it,that is insane.

  42. Does anyone actually know if those of us that have not received our checks yet will be the big ones? Just curious…..I did call Rust and they verified they have not sent out mine as of today…..

  43. This payment that is been offered to victims of the banks greed is totally insane. After losing one’s home and waiting for 4 years to be paid $300.00 is an insult.

  44. I got my big old check for $500.00 today. The checks ran just like the cards that were sent out. I figured the check which had a date of April 12,2013 would get to me no later than today. The bank put around added around $18,000 to my principal, which put me further under water. I was in a forbearance plan and the bank foreclosed and tried to send me back my payment, because their lawyers told them they should not have taken my payment. I sent in for a independent foreclosure review as soon as I learned about it, which should have doubled my payment, I guess if I had not sent in the IFR paperwork I would have gotten $250.00. I have conclusion that my bank is nuts and it is not worth my health and to quote a statement that was profound-“There is no strategy that works against crazy!” My bank is nuts and its like Russian Roulette when I try to talk to them. I took that crazy looking check to a check cashing center and they called the number on the check and verified the check and charged me $5.00 to cash the check. I put the check in my banks ATM and I could tell it was going to be some BS in that I never heard of the bank that the check was drawn on (Huntington) so I got my $495.00 with the quickness. I would like to tell my mortgage company to kiss my @#$ but they would misplace my effort with the other agreements that were lost. I really wish those that have been through this terrible ordeal some peace and I pray that everyone, too late for me, get adequately compensated.

  45. Received $3k today
    servicer – HSBC
    No prob depositing into my acct with NO hold- they just wanted my and my husband’s driver’s license number on the back next to our endorsement.
    It’s been a stressful three weeks and I’m glad it is over for me. Not the payout I hoped for, but I couldn’t take much more stressing out. After a little rest it’s onward and upward for CAS. It may not reap us much, but hopefully it will cost the banks a lot – in payouts and very bad publicity. I want everyone to know these people for the evil they are.

    Hopefully we can start hearing from people receiving BIG payouts!

  46. Does anyone have a copy of the envelope/check they received? I just want to know what to lookout for…….Thanks….

  47. 4-16-2013
    Lawrenceville GA
    Servicer: Suntrust
    We got ours today…a whopping $800. Thought since we filed a Chapter 7, we would have gotten the 62,500 being under the bankruptcy protection. From what I’m hearing, this may have been a blessing because when we purchased our home, it was a sellers market…over priced! The independent foreclosure review was a joke. We requested a review but ppl that did not bother to request a review will possibly get more than the ones that requested it. In 2010 I felt like the bank just took our house then resold it within 3 months and they should have worked out a modification with us. I’m done with thses banks for mortgages.

  48. I just called rust consulting and they wouldn’t even tell me if my check had been sent out. I guess I will have to keep a very watchful eye on the mail. What’s the use of having a number to call into if they can’t tell you anything.

  49. Still checking the mail same time everyday (1pm). Has anyone recved a check in south carolina and citi being the mort comp? Still hoping to c one soon.

  50. would like some feedback on what steps people are taking to get the “foreclosure” status off their credit reports as a result of the IFR settlement

  51. Hey Steve I pull a copy of my credit report from all 3 agency. My mortgage that I had with Chase is actually showing closed paid as agreed. I file for Chapter 7 in 2008, Deed house back to them. My credit score has actually gone up. The banks are reporting the mortgage that I had with them (CHASE) PAID AS AGREED. I have a credit watch on all my files and they have actually send me an alert. I still refuse to buy again. Damn crooks.

  52. My father in law received his in SC but I have not gotten mine yet. We were both from Wells Fargo and now live in SC but are from PA.

  53. At least I am not the only one! Rust told me I will be receiving one but it hadn’t been sent yet! Bummer!

  54. Received a check for $300. Shocked they could actually get it sent to me. I guess the overhead to write the check took all the rest of the $60K they should of paid me. I fell into multiple categories, but without the review process they couldn’t even get that right. Citibank promised me a loan mod. To make a long story short. My home had a sewer flooding the basement (insurance didn’t cover), so I had to use all my money to keep the house from being totally ruined. Asked bank to let me skip payments and use money to fix the problem. I had never been late or missed a payment, but had to as instructed by the bank to get help. Result forced to file Chapter 7 bankruptcy, foreclosed on house, bad credit; lost equity; most of u know the story. We need to take action against this punch in the our faces! Did I say faces, I meant a low blow between our legs. I’ll never trust a bank again…

  55. At this point I will be happy with anything more than $300. I did file a review so the miminum I will get is $500. The next wave of checks is tomorrow, Friday the 19th. Then the next is 26th.

  56. This is insane. No check yet and when u call u cant get any info! How do we actually know there are higher checks than $15,000? I have not seen a post on any site where a borrower had more than that! The checks should have been mailed all at once but they are greedy and are making interest on our money trust me!

  57. You guys should so read this article too! It is crazy to learn about all of this! I knew that we were being taking and no one wanted to help us when we were having such a hard time. This is so horrible. They know what they have done and where the laws were broken but they haven’t really told us! I just cannot believe all of it. I love how the people who are handling our cases will get paid more then us! CRAZY!
    This is the article!
    Foreclosure review debacle lines consultants’ pockets- Delamaide, USA TODAY

  58. A second hearing on this fiasco was held today by the Senate Banking Comittee. We cannot let this rest. Today all of the witnesses admitted that the banks were allowed to slot people into categories as they saw fit. This is not over and we must push to get the correct compensation.

  59. Well I got my check, a whopping 500 bucks. I guess going to fight for our country doesn’t mean matter. They took my house while on PCS ORDERS to ALaska, and shortly after I arrived there I was sent to Afghanistan. No I am a disabled vet trying to raise seven children on my own, I guess our sacrifice to my country wasn’t worth very much to some people

  60. No check here in Connecticut yet. Just Called Rust Consulting and they said my check wasn’t issued yet. They have checks going out from now until August!!

  61. has anyone in kentucky receive payment yet and does anyone that had saxon mortgage get a payment yet thanks

  62. I feel all you guys pain, because I live it back in 2008. But what I choose to do was fight back. When they refuse to Modify my loan, I hired an attorney cost me $2200.00 at the time and file for Chapter 7, it took 5 months for all my debt to be discharged. All because they would not work with me. Chase tried to play hard ball with me and I play right back. My Attorney and I Deed the house back to them. 6 years later my credit score has rebound but I refuse to buy again or deal with any of these big banks. I STILL HAVE NOT RECEIVED MY CHECK. SEND ME MY DAMN CHECK.

  63. I live in Ohio, Wells Fargo is our servicer, was told by Rust our check was mailed in the 1st wave. Have not received it as of this post. I am all for a class action lawsuit, we have the power to bring them down people, we must stand together. We all can be the next Erin Brakovich case!!!

  64. Called Rust today, found out that we are in the second wave of checks. MAYBE JUST Maybe we will get the higher amounts in that wave. 24,000…. 50,000…. 62,500. CHASE WAS MY BANK.

  65. Waiting and wondering. I paid 10 months on a 3 month trial with BOA. After 10 months we received the sorry do not qualify letter. Than they moved to foreclose. We sued them since we had excuted paperwork on a modification that COUNTRYWIDE (RATS BUMS) had botched that brought the foreclose to a halt. In December after 20k in attorney fees we went to Federal Court for a settlement hearing. Their initial offer was 5k and they foreclose on us. After 4 hours it was wrangled up to 25k and a promise to look at a deed in lieu. Well 4 almost 5months later we are back in court filing a motion for them to honor the agreement and more attorney fees. It is obvious that the deck is stacked against the middle class working stiff after BOA gets 45 billion in bail out funny money from the Federal government (our tax dollars) and we sit in federal court with the judges looking at us as the dead beats and BOA as the victim.Sad what has transpired to this great country.

  66. The people in the call center are contracted to talk to us in regards to our payments. They make $9.50 to $10.00 to answer our questions. That’s why everyone is reading scripts to us. They don’t have the actual information. They are not in the Rust building at all! These call centers take calls for businesses all over the nation. I talked to a manager today, I pressed him and he said that they were hired to work for Rust. We know more about the payout dates then they do. If we were actually talking to the Rust employees who are making the decisions, they would be abreast of all the information that was just released yesterday by the VP of the company to the senate.
    Let’s all relax and stop torturing these call center workers. They don’t know anything. FRUSTRATING!!!!!!!!!!!

  67. You know, the “scathing” report that was issued by the GAO is good firepower to give to the attorney that would take on this class action lawsuit. $500 for falling into a $50k bracket that was pulled from under me is another point to argue. But heck at this point, I’d rather just start a group with 4.2 million members and become free sales reps for credit unions. Try and pull every single person from the big banks that we can, I know that would hurt. I just dont know why the government cant get together and somehow fine the banks $10 mil a day until the reviews are done properly. Let it be a punishment for being so stupid on a matter like this. Life is nothing but debt now, its not normal. It sucks.

  68. Can anyone confirm that the next wave of checks are going out today? I called Rust and the rep advised 90% of the checks will be sent out by the end of April. She was unaware that they are going to be sent out every friday.

  69. Hi, I called Rust Consulting and asked about when Litton checks would go out and he said they have started mailing them out now. Just thought I would pass that on.

  70. Has anyone received a check and you had the letters UPPN after the serial number assigned under the barcode?? I’m trying to figure out what they stand for.

  71. The deadline to request a foreclosure review was Monday, Dec 31, 2012.

    I called and went online to request my review and although the site was up and the number was active, nothing was working. I ended up on hold for over an hour before hanging up. I entered all of my data from the letter and nothing was registering online or on the phone. I know why now. They pulled all their staff on the day that was supposed to be the deadline. But as long as they still appeared to be online, no one would be the wiser.

    They pulled the program on the last day to save themselves an extra $3k for every borrower that requested a review that had been denied a loan mod through Making Home Affordable. Not to mention the other extra money for those that were approved for Making Home Affordable. Even if you hadn’t requested help from Making Home Affordable, your payment would’ve increased to $500 from $300, had you been able to request a review on the Dec 31st deadline.

    What a scam!!!

    I will keep an eye out for opportunities to prove I attempted a review with phone records. My cell phone records show that I was on the phone for 68 minutes with foreclosurereview on Dec 31st. I was still within the timeframe for the review request.

    Had I called a day sooner I’d have received $6k instead of $3k. SMH

    If anyone else has had a similar experience regarding the Dec 31st deadline, please post your experience.

  72. I’ve have read comments about this money being taxable. Any truth to that? If so, talk about insult to injury.

  73. I called twice today and both times they said they cannot say if the second wave is going out today or not. Also they don’t have anyway to tell if I was in the second wave… Ugh Does anyone know if they are for sure sending anything out today?

  74. We completed three trial payment periods, had to file BK and they completed foreclosure while under BK protection. Went to court to inform them day of foreclosure and they went through with it. We were able to reverse foreclosure only after all and I mean all funds in our account were seized by our bank. We didn’t have a penny to feed our kids. No check yet but looking for class action lawsuit to join.

  75. @tgoodman I believe anything over 600.00 is taxable.

    @Swalley. I called today and was told I was not included in the second wave then I asked for a supervisor who gave the girl I was talking to authorization to tell me that I was included and my payment was mailed today,. Rust gives you the run around.

  76. T.Goodman – I also entered all of my information on 12/31/12 (nice way to spend New Years Eve). I assumed I would get some kind of confirmation after I submitted it but, nothing. Originally, I thought I may have gotten timed out but after all that has been going on, I have doubted it. When I called they told me I was listed but no record of me requesting a review. Very frustrating.




    Regards, me2

    NR 2013-66

    April 19, 2013

    Contact: Bryan Hubbard
    (202) 649-6870

    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 to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.

  78. I contacted Rust Consulting yesterday received the same reply that someone else posted. That 90% of the checks will be mailed out by the end of April they could not tell me if mine had been mailed or not.

  79. Called Rust yesterday told check had not been sent out to me. Call at 4:00 pm Illinois time. Called this afternoon 2:00 pm to ask what wave I was in was told check was sent out friday.
    Will post if I get it next week

  80. I think they just answer whatever… Still haven’t got mine. Chase in Florida… Anyone in FL get one from chase yet.

  81. Need a statutory cause of action passed by US or state(s) legislature(s). Statute of limitations for bring action against FRAUD is 2 years. 3-4 years for wrongful foreclosure. THEY KNEW TIME WAS EXPIRING on us, therefore, no problem saying this IFR settlement doesn’t require us to waive rights to sue. We can’t sue anyway after statute of limitations or prescription ended. Right?
    WRITE YOUR SENATORS AND REPS of HOUSE. Statutory cause of action which will give us 20 years to SUE AND BREAK UP THESE BANKS.

    Other option — civil suit under RICO… and including the OCC and FED RES board of governors. FEb regulators all have their start at the same wall street law firm have bounced around in their careers from US government regulator agencies, consulting firms like Promotory, OCC, FED, etc. Along with Eric Holder….

  82. I was told today by Rust that Litton Loan checks would be out at the beginning of May, so we are all getting different answers. I did read on line that the next wave of checks will be April 26th and May 3rd, so that is every Friday so far

  83. @China yes we lost our house. The year prior to our foreclosure we had tried for help with Wells Fargo numerous times and they would not approve us simply never answer. We ultimately fell into the category for appling for help and being denied. We had not sent in for a review because we never knew we could. We only sent in the information for the National mortgage settlement. However I am happy we at least were given something for them not working with us.

  84. Thank you Swally for that information,I will keep you inform when I do receive my check I was told it was mailed out on 4-19-13.

  85. Got 6000 today! What a scam! Filed bankruptcy Oct 2008 then foreclosed on in February 2009. Wrong category like thousands of others. Class action for 700 billion seems about what the banks made during that time. 20% max to the lawyers. We end up splitting the other 560 billion. That’s about 125k each.

  86. My neighbor just got a $300 check today. We are in Oregon. She never filed a claim in IFR/OCC settlement. I on the other hand did. Both are servicers are Chase. I also filed an OCC complaint against WAMU (now Chase) in spring 2009 which OCC did follow up on at the time. After months, getting an attorney, and them filing foreclosure, I eventually got a modification. Only because I fought them tooth and nail. I attached foreclosure documents with IFR complaint and evidence it was signed by a “known” robo-signer. I know I am eligible but haven’t received a thing ($$$) yet. Maybe they are sending the big payments last! (LOL)

  87. Well, got my $600!!!

    What a rip-off!! I was slated for $62500 from the old framework. We all got sold out!! The settlement was a sweetheart deal for the banks. CLASS-ACTION!!!

  88. Or prosecute like they would me or you! CEO’s take credit for there success but disappear when the S@i” hits the fan. Cowards!!! Have not did business with any of the big banks in five years and will never again. Support your local banks and credit unions!! Cheers

  89. Between the 13 banks involved in this they make about 500 billion profit per year. They give us 7% of that!!! OCC and Feds should have put them on there last dollar before bust! Or closed a few to show the American people this wont be tolerated.

  90. i was denied mod for 2 years eventually gave up because i was tired of speaking with reps at WF and telling me they lost paperwork and resend. Well got 500 today for my troubles, and I am pissed beyond belief. lost my home and the bastards simply said take this 500 and move on….

  91. We qualify for payments from two different banks as we were screwed over by both BoA and Chase (that is one lousy threesome!). We have received a whopping $400 from BOA but nothing from Chase so far. We got two separate postcards….one from each bank so I know we are supposed to get two separate checks. I think it is odd we got the BOA check last week but still waiting for Chase. So, in response to other people in FLORIDA, NO CHECK FROM CHASE YET!
    Of course, after playing “bang your head on a brick wall” with Chase for 2 years, why am I surprised that their checks have not arrived for most people yet?
    Seems par for the course.

  92. Called rust yesterday. Was told they haven’t made a check out for us yet and now they are saying the last wave could take as long as Aug. to be sent out. Has anyone else been told that?

  93. @ Missy….more than likely it will be mailed out on 4/26 or 5/3 as those were supposed to be the last waves.

  94. Anyone who still has their home should get $300.00 and go through the other part of this settlement. Anyone who lost their home should get the high amounts. $60,000.00 to 125,000.00. That would give the people who lost their home a chance to get a new home. The second par to this settlement is for banks to work with current homeowners and their mortgages. (i.e. lower the principle etc.)

  95. Dan

    April 23, 2013 at 10:11 am


    Wells Fargo foreclosed on us, and did not even own the mortgage.
    I hired 3 different firms to try and work something out in the form of a
    Modification, Wells Fargo would not even discuss it.
    Then I ended up hiring 3 differ law firms to help file the Chapter 13

    All of these Firms were so busy raking in Huge profits from all the BK cases, that we could not even get one of them to do due diligence and file the correct papers.

    I spent over 20K on worthless Attorneys, we also filed every complaint under the sun and all of these Government agencies did NOTHING AT ALL, we never even received a reply from any of them.

    After all of this, I choose to become my Own Attorney Pro Se and straighten out the Chapter 13.

    This all took so much time, that even after being laid off in the worst depression on recent record, and being lucky enough to find something temporary 200 miles from home,.

    I also lost the temporary position after a year, as I was being summoned to court and harassed by Wells Fargo every other month.

    I finally negotiated a shotgun at my head modification with Wells Fargo, who refused to ever provide a single shred of any evidence that inflated my Mortgage by over 10,000.00.

    My new payments were higher than before, and this all cost me over 40,000.00 and surely took years off my life due to the stress and hassles.

    Now The FEDs and Bank Crooks want off the hook for a 1,000.00 per person with no disclosure at all.

    America, none of these crooks even went to jail; we were all ripped off BIG TIME.

    I Demand BETTER, and so should the rest of the Americans in this once great country.

    People need to be Jailed, Feds needs shut down.

    This is absolute BS, Call your Senators.

  96. I am in Florida. I was one of the first dozen to file with the IFR….as a result of BOA oh so many errors. Two years later I received $300- I was in the 50,000 category. I am unable to sleep or function I am so devastated. They literally have made me sick.

  97. VICTIM, While this is so very frustrating and devastating try not to allow this to may you ill. Ben, is correct, the minimum for you should have been 500 because you filed for a review which means that they didn’t even follow their own rules.

    Please understand that people are still getting their checks and more and more people are not in agreement with the compensation they received.

    Lets NOT give up and lets make sure that in the end we band together go to the Senate and say sorry but this is unacceptable and we will NOT have it.

    This is not over……….

  98. Thank you for your kind words…..they have been the only ones that I have received as I have spoken to the OCC…….the office of the President of BOA…..etc. All to be told that the checks are final as that is what was worked out. This atrocity. I had kept in constant contact with the IFR and as an original filer and the category I was in, I expected 50,000. The horror of a few hundred dollars has me unswallowing continually. The state attorney was on the news in Florida encouraging everyone to file before the end of the year deadline as it would result in “thousands” of dollars. Naturally as I had filed years previously…..i expected at least that for the multiple years of lost documents….applied astronomical fees etc…..I am devastated.

  99. “IFR SUCKS, then Mutha@#$%&@’s ain’t Sh%$%” I only recieved 500 dollars today. I lost my home and my family and I were homeless only for 500 measly big one. To hell with them, LET”S GO TO WAR

  100. Victim, don’t loose heart. This is not over by any means…Like I said before people are still receiving these checks..

    We need to band together and FIGHT!!!! The evidence is already showing that another fiasco is in the making by how the banks slotted customers into these categories.

    This new mess is still developing…. I will pray for you but I already know that God is on the side of justice….be well and try to be calm!

  101. I just talked to someone from BOA, after i called the Rust number, a rep transferred me to them, it took about a half hour. My payment will be sent this Friday. My question is, How are the mailings being determined or categorized? I know the first wave was April 12, this next one being April 26, and another on May 3. Is it location of foreclosure, amount of settlement? Just wondering about this. I had requested a modification, twice, was in the middle of a short sale and the house went to auction anyway, the potential buyer and her agent were not notified, I received a letter two weeks after the fact that it had indeed gone to auction and with no bids, went back to the bank. I was the one who had to tell the agent and would-be buyer, who was hearbroken and I was left very, very confused. All paperwork was faxed and mailed by both myself and my Realtor and BOA claimed to have never received a thing. I was in the middle of a medical crisis (which I know is not a category), but they did not seem to care, and I am now on SSDI. I have looked at the categories and it looks like I fall under a few of them but my bet is I will receive the lower of the payments based on the other replies I see posted here. Did anyone else have this happen with them, being in the middle of a short sale situation? I will post later when I receive the funds and let you know how much. Good luck to all of you and don’t give up.

  102. After endless faxing…..mailing… calls….over and over again. The notice taped open across my front door….feet from busy sidewalk for all to see. Oh, and they even had my ss# on it…after BOA ruined my life…..i received three hundred dollars from them for the privilege of doing so. I am in total despair.

  103. Has anyone received their check from US bank? I have not yet received my check and I applied to the review back in Nov 2012. I am devastated to hear that the amounts thus far has been very low. I have not heard one person post that they received 125,000 or 130, 000 or even 50,000 dollars yet. I have checked many blogs about checks and not one person yet has admitted to getting the higher amounts.


  104. Wow!! After 5 year of battling with BOA in court I received a check for $600 and that battle continues today. In 2009 Boa increased my mortgage payment $275 on my fix mortgage, in which their was not a increase on my taxes or insurance. Also, this was done while I was supposedly protected by the laws of Chapter 13. According to the categories I should have received $7,500. Because I also, applied for the review. Scam? No. It was simply a deal made between the rich bankers & the federal government, screwing the little people again. If we work together we have 4 million voices & votes in America that’s more powerful than money. In 2008 the Federal Reserve provided a ‘breathtaking’ $7.7 trillion bank bailout, which dramatically exceed the $700 billion TARP bailout . The government bailed the banks out when they knew they were doing wrong by the America people, why?…..hardship on the banks behalf or just crooks? We need to bond together and force the government to provide a bailout for us. Why not we haven’t committed any crime, just America’s facing hard times. NOTE: The next election in 2014. WE can win!!

  105. Hello Barb, I received my check from US Bank yesterday, i am in ohio and it was only $500. I dont know which category I fell into but i did request a review in june 2012 and i did loose my home. hope that helps

  106. Barb – my bank was US Bank and I just received my $300 check yesterday! I did not expect much given everyone’s response. I did not file for a review. Thought it was a scam. Truthly, I just want me credit report fixed. I haven’t seen or heard much about the other part of the settlement – the $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments. Are the banks suppose to automatically modify and forgive loans or are we suppose to request this ourselves and put our destiny in the hands of the banks again?

  107. FFrom Kansas, received $6k today from HSBC, wrong category of course, but feel blessed I received more than the majority of us who lost their homes to these greedy a**hole crooks. Completed IFR forms in early 2012, last name begins with A. I was in Forebarence plan when forclosed on.

    PASS IT ON….new whitehouse petition demanding reevaluation of IFR…..and OCC and Fed reserve’s role. Need 150 signatures before it will be moved to main site, PLEASE SIGN! We need all the publicity we can get! Link is below:


    A group of House Democrats want an independent consultant to oversee billions in payments to borrowers who lost their homes because of shoddy foreclosure practices after some of the checks bounced last week.

    Maryland Rep. Elijah Cummings, ranking member of the House Oversight and Government Reform Committee, along with seven other House Democrats, introduced a measure on Thursday that would ensure the funds mortgage servicers have agreed to pay for shoddy foreclosures get to those harmed by the procedures while also setting up a system for Congress to track the process.

    “Mortgage servicers have now admitted that they broke the law by illegally foreclosing on American families and committing numerous other abuses, but regulators refuse to provide even the most basic information about the extent of the abuses that were uncovered,” Cummings said.

    “Since federal regulators now plan to rely on these same banks to determine payouts and deliver settlement funds to borrowers, we need an independent monitor to bring transparency and accountability to this process.”

    Nearly $3.6 billion is going out to about 4.2 million borrowers but many of the first checks issued earlier this month could not be cashed.

    The Federal Reserve Board said it has rectified the situation for getting out the payments that are expected to range from $300 to $125,000 and are being paid from 11 mortgage servicers as part of a January agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve.

    In the process of working out the settlement, regulators eliminated the Independent Foreclosure Review (IFR) program that was designed to examine millions of loan files and determine the amount due to each homeowner.

    Regulators have argued that the process, set up in 2011, was painstakingly slow and the money wasn’t getting to homeowners fast enough.

    The measure would give President Obama the power to appoint a monitor who would review compliance of the banks and the regulators and issue public quarterly reports to Congress.

    The reports would include a broad range of data including information on borrowers who receive relief and how much they were paid, as well as the number and amounts of principal loan modifications and other types of borrower assistance.

    In January, Cummings and Sen. Elizabeth Warren (D-Mass.) launched a joint investigation of the settlement and requested that the Fed and the OCC provide documents relating to illegal actions by mortgage servicers identified during the IPR.

    The lawmakers say the regulators have refused to provide those documents, because they argue that they are the “trade secrets” of mortgage servicers.

    House Financial Services ranking member Maxine Waters (D-Calif.) also has been at the forefront of investigating why regulators decided to nix the IPR without consulting Congress.

    In an April 4 report, the Government Accountability Office said of the IPR that: “Complexity of the reviews, overly broad guidance, and limited monitoring for consistency impeded the ability of the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) to achieve the goals of the foreclosure review.”

    The report concluded that “limited communication with borrowers and the public adversely impacted transparency and public confidence” and recommended that regulators “apply lessons from the foreclosure review process, such as enhancing planning and monitoring activities to achieve goals, as they develop and implement the activities under the amended consent orders.”

    The January agreement provides cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo

  109. PLZ sign the whitehouse petition…..

    Has anyone seen any stats where the IFR breaks down the “victims” by states or by mortgage lenders? I would be very interested in knowing the breakdown of that!

    Also Senator E. Warren office is accepting “letters” from IFR victims! Just send statement of who what when and where details, preferably no more than 2 pages. Be sure to include your contact info.
    aslo if you have received your check from RUST, plz include amount you received.
    On the envelope
    , the FIRST line in YOUR return address should be
    then your return address
    MAIL TO:
    Elizabeth Warren, Senator for Massachusetts
    2400 JFK Federal Building. 15 New Sudbury Street. Boston, MA 02203
    Good luck and may the odds be ever in your favor! (yes I am a hunger games fan)


  111. As a homeowner I fought hard to keep my home, this so called Independent Foreclosure Review has resulted as a slap in the face I recieved a mere $500 and its not that Im greedy or ungrateful person but I know I deserve more. After countless efforts of making extra payments towards my modification, and submitting documents and my mortgage servicer(America Servicing Company) continuously renewing my modification instead of turning it over to a finalized status they finally foreclosed on my home, I am disgusted with the decision (IFR) made to place people in whatever category they felt instead of digging into a clear cut decision based on the actual findings, and then distributing mediocre payments to those who lost their homes and remain in debt all at the fault of the loan servicer. I am truly disgusted!!!!!

  112. I was also with US Bank. in 2009, fell behind in payments due to job loss, we were first time home buyers, didnt know anything about loan modification. Everytime I called I was treated like a low class person. My only options according to US bank was catch up with payments or forclosure. Nothing else. They did agree to a short sale to save ourselves for forclosure. Put $10,000 down when we bought it and it sold in 2010 for $25,000 less that what we bought it for. Credit ruined. Filled bankruptcy in 2012 and filed for the review. Really I dont expect anymore than $300-$500. I have read so many posts of home owner robbed of what they should have recieved. Im so tired of renting, all I ever wanted was another chance at home ownership again. Guess I’ll have to wait years for that one. I called Rust and my check was mailled today. Thats all they would tell me. I will post what I get, when I get it.

  113. I received a 1000.00 check. I was in the category for 50-125K. I was devasted. Does any one have info on any class action that has been started as a result of this mess?

  114. I recieved 6000.00 but was suppose to get perhaps 50,000.00 or more I am wanting to be apart of a class action suit against these lenders. My lender is HSBC and they still have not modified my house and its been in wthout a modification now since 2008 to present.

  115. It would be alot easier for the government to just mandetory all lenders to modify these loans if the banks were found liable for errors. The feds should also make it possible fannie mae and freddie mac to refinance all loans even from private lenders.

  116. john f, Are you still making payments? Did you apply for a foreclosure review? Just wondering I’m with HSBC but I have not received a check yet. I left the house in January 2011 because they said foreclosure was emminent. The foreclosure still has not taken place ……uuuffff !!!!

  117. I fall in to the 50,000 payment category (filed a request for review in May of 2012; got a trial modification and paid all payments timely; foreclosure COMPLETED IN 2012). I have the trial mod agreement, all correspondence and all payments and checks with signed delivery notices. Provided this to Rust in spring of 2012. I received a 2,000 check. What oversight? They even offered me foreclosure prevention assist in the letter they sent with the check. The house has been vacant since they served me with a notice of eviction last year.

  118. Linda, sorry to hear this. However, this IS NOT OVER. Checks are still going out but when all is said and done we must FIGHT! Also, please read and share with others the information in the following article. Goto;


    Foreclosure Review Outreach/Payment Processor Rust Consulting Was Owned By Residential Real Estate P

  119. There are only 361 signatures on the White House petition and their are 158 responses to this one article alone. Stop wasting time posting your complaints of wrong doing and lets use our collective power to do something about it!! If you haven’t taken time to sign the petition don’t bother posting your story on this or any other site.

  120. I was a victim as well. Only received $600. Totally heartbreaking. My little family suffered for years and we still have not stopped feeling the reprecussions of the foreclosure we went through. I knew better than to expect a huge piece of the pie but $600? Really? How can Taylor Bean & Whitaker bet shut down for illegal acts, get bought out by Bank of America, and then Bank of America get away with foreclosing on homes because they didn’t have enough man power to deal with the amount of borrowers in loss mitigation, and all of that be okay? Don’t we get some kind of retribution from this or is this the end of the road for all of us? I would really like to know how to go about starting a class action lawsuit because I will be more than happy to stand up and say THIS IS NOT RIGHT!!!

  121. Well, 6 mod payments then was denied perm by BofA. Got my check for $600 today. I don’t really know what is the purpose behind this low amount.

    Hey ANONYMOUS , we are calling on you to get some of the files and information we need leaked out to WIKILEAKS. This one is for us, please go get us what will help us.

  122. I got my check today for $800. I should have received $125000. The OCC are criminals supporting the banks. I was clearly NOT in default as stated by BoA themselves in a letter to
    our Attorney General and to the OCC/ Customer Assistance Group. The OCC had every thing needed to decided my claim filed with them but let the banks. A suit should be filed against the deceptve actions the OCC used against us.

  123. I received our check today 800.00 Citi.. We were denied a,loan modification then approved payment plan for 3 months then no word foreclosed on during BK.. A depressing day reliving the nightmare all over again…

  124. I got the bullshit check a few days ago. I have yet to deposit it…for what? I am truly contemplating ripping it up. It sickens me to take another look at it. $300 is a damn insult with all the suffering the bank put me through. They still r not complying with the settlement denied a mod for the 7th time. They’re all gonna die a slow death with the same suffering they put us through but 10 times worse.

  125. @ adodmk Keep Going Hit every Site possible with this Petition… There is a deadline May 24th… Everyone Sign This… LET OUR VOICES BE HEARD!! Great JOB Adodmk!!!

  126. I was in a modification program and somehow the check was a few dollars different then they said it was to be and began foreclosure. I saved the house after borrowing a huge sum from family and they send me $300 !!! I was only 4 months behind to begin with. To save the house cost more than the 4 months worth of payments. I was confused and stressed all the time. Well, now I understand. It was all a scam!!!

  127. It would seem the payment agreement information provided with payment check is vague and missing important details which leads to wondering just what the limits are for borrowers who decide to pursue further actions! I don’t even know which actions are exempt from the enforcement actions and which deficient mortgage servicing and process. When Regulators determined our payment amount based on the (what) stage of our foreclosure.

    I also found it interesting in the other disclosures to block evidence or information we provided to the IFR may not be used for any other reason! I did not agree to that and I should have full rightful access to use any information and evidence as seen fit to the case or defense along with our right to pursue further actions.

    From my understanding, this is a slap on the hand for the violations imposed upon borrowers. Furthermore, how come this payment does not mean that we necessarily suffered financial injury or harm? So where is most of the money really going to for such insufficient settlement not better detailed?

  128. I know some of what they found against my servicer as we still have all documents and the robo signed documents for foreclosure. We recieved a W-9 the other day instead of a check requesting verification of the SS# We called them and said yes they sent it and need it verified and sent back to us. This tells me it is over $600.00. This also tells me that they could have just sent the check and a 1099 or 98 form next year. This also says they that the amount is large enough that they can not take any chances of getting it to the wrong person or me not paying the large amount of taxes owed. Just my prediction and I hope that I am correct, if not I will be upset!

  129. First of all, please sign the petition that “adodmk” has provided in his or her link, to get action started against the majority of borrowers who were wronged in this settlement!!!! I received a payment on May 6th, 2013, and I agree that they did not disclose the category of foreclosure, and stating that the check did not necessarily mean that we were caused any financial injury or harm. How do we know what category we were placed in? I should have been placed in the “BK protection category” not only “modification denied” if that was the category they determined I was in. As of May 8th, Rust Consulting, Inc. is sending out supplemental checks on or about May 17th because the distributed amounts to borrowers with Goldman Sachs and Morgan Stanley fell short (insufficient funds) according the the federal reserve who were suppose to monitored and caught the error. How do we know that out of the 96,000 borrowers with Goldman Sachs and Morgan Stanley, that we will receive an additional check? I will hope it will be substantial, with the correct categories that borrowers under Saxon and Litton were suppose to be placed into to begin with. The 2 billion dollars paid to consultants should have been paid to the borrowers who suffered. What happened with the help to our credit reports that our servicers were suppose to correct, and what about the funds that servicers are suppose to use to help us recoup our homes if they had not been sold to a 3rd party? I thought that even though many borrowers who lost their homes to foreclosure were elgible to get their homes back with a modification loan and foregiveness as long as they were not sold to a 3rd party? Please people, sign the petition!!!

  130. ACTION::::::: It’s time to end Too Big To Fail::::By Sherrod Brown, U.S. Senator
    To be delivered to: The United States House of Representatives and The United States Senate
    Give Wall Street megabanks a choice: Carry enough capital to cover your own losses, or downsize until you’re no longer a threat to American taxpayers.
    Petition Background
    Big Wall Street megabanks are still putting American taxpayers at risk. Big banking institutions like Bank of America and Citibank carry more assets than they have capital to cover. That means that if those assets go south, the banks can’t recover on their own. And when a bank’s failure means the failure of the American economy, the taxpayers are forced to step in. It’s called “Too Big To Fail.” It should also be called “too risky for the American economy” and “too reckless to continue.”
    This is the practice that brought our economy to the brink once before. That’s why I have a new, bipartisan plan to end Too Big To Fail, and break up Wall Street megabanks for good. It would require that banks carry enough capital to cover their own losses, or force them to downsize so that they are no longer a risk to the American economy.
    This is a common sense solution — but I need all of us to help. So sign your name today, and make sure members of Congress know that you’re in favor of the ending “Too Big to Fail.”
    There are currently 91,710 signatures

  131. Maverick,
    Posted the petition on FB
    Faces of the National Mortgage Settlement
    You are more than welcome to join us and post other information!

    su is internet and texting slang for “shut up” That should tell you all something.

  132. The petition is no longer valid: This is the message you get when you go there.

    Thanks for your interest in We the People, a new tool on that allows all Americans to ask the Obama Administration to take action on a range of important issues facing our country.

    The petition you are trying to access has expired, because it failed to meet the signature threshold.

    While you can’t sign this petition, there may be other petitions on We the People on a similar issue that you’d like to add your name to. Or, you can create your own petition.

  133. Not to be confused with the other Chris. First time I saw a poster with the same name since I have been here. I am on the FB page for the NMS now and check here occasionally for updates or information we can post there.

  134. Does anyone know how many signatures that White House petition really needed?

    I read hundreds of comments, stories, and blogs about peoples victimization. I have to tell you it makes me sick.

    I am serious that we need to band together and take our pidley checks and find a law firm that can take the funds in on a retainer fee to start up a class action suit.

    Can anyone please post about any new petitions or advocacy groups that can help. I think we need to open up these situations of discrimination with this settlement. would like to see a story on the major news sites soon. Force the goverment into redemption for the sufferings of all of us.

  135. My question is when are the class action lawsuits going to come about in Florida? I would love to join one for my whopping $600 check with my credit not fixed!

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