Postcard from Independent Foreclosure Review is Not a Scam, AG Alert Says


Postcard from Independent Foreclosure Review is Not a Scam, AG Alert SaysThe postcards from Rust Consulting informing eligible borrowers of a pending payment for foreclosure “deficiencies” are real and not part of a scam or junk mail, Oklahoma’s attorney general said in a special alert after getting calls from confused recipients.

The postcards are from the administrator of the Independent Foreclosure Review, hired by U.S. bank regulators to disperse payouts in a settlement reached in January with more than a dozen mortgage servicers, including affiliates of the largest U.S. banks.

“The Attorney General’s Office has received dozens of calls from residents confused about the settlement and the postcards they received from ‘Rust Consulting,’ believing the cards were part of a scam,” stated a press release from the office of Oklahoma Attorney General E. Scott Pruitt.

The AG’s office also had to clarify that the postcards are not related to the National Mortgage Settlement, the other ongoing compensation agreement with lenders that was reached early last year.

Most of the postcards were mailed out March 18 to 4.2 million eligible borrowers who will receive amounts ranging from hundreds of dollars to $125,000, depending on the severity of the deficient foreclosure action taken in 2009 and 2010.

“Only Rust Consulting will contact you regarding your check or to request additional information if required to process your payment,” the card states. “If you have any questions, you may call toll free at 1-888-952-9105…”

The checks or request for additional information will be received within four to eight weeks, the postcard said.

It also provides the website addresses to the Federal Reserve and the Office of the Comptroller of the Currency, the two regulators overseeing the $9.3 billion settlement.

A spokesman for the OCC told eCreditDaily that payouts would begin this month.

The Fed has already warned on its website that consumers should watch out for scams mentioning the settlement. “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 Fed states.

The mortgage servicers that are part of the Independent Foreclosure Review settlement are: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.


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121 Responses to “Postcard from Independent Foreclosure Review is Not a Scam, AG Alert Says”

  1. Relief says:

    Sorry the page has been move.

  2. Eric says:

    Robdagain, 300 * 125,000 is 37.5 million. That still leaves a ton of money. Whatever 3.6 Billion minus 37.5 Million is. If there were 300 millitary personel wrongfully foreclosed. I’m ready to get something and then the plot thickens.

  3. Lynn says:

    I’m in ! I say “”Fighting back”" would be a good name for Facebook !

  4. Mary Potter says:

    I was actually surprised to get a postcard. I am currently waiting for my payment from the National Mortgage Settlement, so I thought that would be it.

    Bank of America, or Bank of Evil, as we call it, was so horrid, and so inconsistent to deal with. We got different answers every time we called. I started trying to get a modification in 2008, when I lost my job, and my husband was going to be laid off during the fall. I knew we were going to fall behind, so I thought I would nip it in the bud before we got in trouble. They said they only way they could help us is if we were behind. I couldn’t believe that is what they were telling me, so we kept making our payments, to the point of sacrificing payments to other bills (water, power, etc.) to keep them up to date. We kept trying for a mod, to no avail. Another rep from Bank of America told me to flat out stop paying our mortgage for 90 days, then we would be all but guarenteed to get a mod. So we did. We had a reduced income, so we used or mortgage payments to catch up on our seriously deficient utility bills. After 90 days we applied for a modification, and we were denied. Applied again, they “lost” the paperwork. Applied through Acorn, denied, HAMP wouldn’t take us. Tried for a short sale, no deal. Tried for another modification through Acorn, denied again. We were so underwater, that trying to sell our 1100 sq foot house for 242,000 was out of the question. We finally just had to let it go. Our marriage was crumbling, we were broke, and my husband kept getting laid off. We moved into an apartment, rebuilt our lives, and are finally happy again. I will never put myself or my family through that again, unless I can pay for the house with cash and never have to deal with a bank. I really hope that the IFR is for real, and we get something.

  5. Unknown says:

    If you haven’t joined the foreclosure forum, you should. It is an easier way to keep up, plus members are posting any article they find that is even a little informational. The address is:
    foreclosurevictims.freeforums.org

  6. Robert or Rob says:

    Wow; I totally feel everyone’s pain & disgust with the Banking Institutions. Up until today’s date; it appears that no one has received compensation as a result to the IFR Agreement / Settlement. If anyone has received anything other than the past Post Card / Please Speak up so you can be heard. By speaking up / sharing, you will Help Yourself & everyone who has been Abused by the Banking Institutions. Again; I feel everyone’s Pain / I’m in the same Boat! Good Luck to you all, & God Bless – Rob

  7. George M says:

    I have called twice to get information on how you cash the check if it is made out to a family members estate. This is a case where there was no will or assets and therefore did not go through probate. I asked if there was a claim form, like with Social Security, etc. and they said there was nothing in place for that. Social Security was fairly easy and timely to work with . Does anyone know how the hundreds, possibly thousands of people will cash the checks of deceased family members who foredclosed? I might add, sadly many of which may have passed away due to the stress of losing their homes.

  8. Yamy says:

    I already explained my ordeal with Chase in an earlier post. My heart goes out to everyone for the way we have been treated by these banks. I believe we should stick together. However, I think it is embarassing to be on facebook. Some of my family members do not even know the hell that Chase has put me through. Chase is trying to foreclose on my house next month. I have taken them to our congressmen here in Georgia. I have contacted HUD since my mortgage is FHA. At this point, I am not even sure whether NACA can save me from foreclosure. When Chase is being investigated, they do not try to hear your (customer) side of the story. This is why I am disappointed with the Independent Foreclosure Review. I completed and mail the form that was sent to me. There is not much on the form to tell the details of your experience with these banks. I was told that I will receive a check but I have not even received the “infamous postcard.”

  9. Carol says:

    @ Yamy – Facebook is too public for me on this issue. Someone in an earlier post said within just a little while after being “friended” she had friends and family calling to ask iif she was foreclosed on. The forum is much more private. You can find it at gro.murofeerfnull@smitciverusolcerof

  10. Carol says:

    Yamy – You should call Rust;they are pretty useless on most everything, but they can tell you if you should have received a postcard. Are you involved in the second settlement for people still in their homes?

  11. Nicole says:

    Has anyone received anything more in the mail besides the postcard?

  12. Unknown says:

    NEW WATERFALL AS OF 4/09/2013
    http://www.occ.gov/news-issuances/news-releases/2013/nr-ia-2013-60a.pdf
    OCC HAS UPDATED WEBSITE

  13. Unknown says:

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

  14. Unknown says:

    That number is now 650, with 236 votes for a class action suit! Getting close enough in numbers to actually start a serious discussion on finding a lawyer etc. Here is the poll, please register and vote! http://foreclosurevictims.freeforums.org/class-action-lawsuit-yay-or-nay-t94.html

  15. Jane says:

    Ok.. So I just got my check and it’s a lousy 400.00 dollars!! Anyone else ?

  16. Kim Zuehlke says:

    Short Version

    My Husband And I Sold Our Businesses….Gained Employment…Built Our Dream Home..$300,000.00 Cash.. and A Small Mortgage…BIG MISTAKE…I was always told cant loose on realty…….Yeah Right!

    The Land we purchased was part of a family farm……we lost our jobs….waited over a year….still no jobs….was forced out Mortgage company would not work with us talk to us except sending nasty letters and sending people to our door….my health could not take it anymore…..so we put the house up for sale ….they would not even return our realtors phone calls letters faxes emails nothing…..gained employment in another state had to leave our family friends and the only life we ever knew……

    Left with five thousand in our pocket after selling everything, paying off what debt we could and a borrowed blow up mattress..and two folding lawn chairs…and our clothing…reached destination lived in a motel for 4 months….until we gained enough to get an apartment…which was difficult because our credit was so damaged.

    Finally sold the house and three days later….call from realtor theres a problem….the land was surveyed wrong and land owner will not give it up……took it sold it and now has a large sum of money from the sale in his bank account……free and clear….while I am stuck paying the behind the door debt, did the right thing and didnt go bankrupt (Cancelled It), and are stuck with a foreclosure and other things on my credit report.

    We have tried desperately to get some help, with no avail, no one will talk to us, Mortgage Company, Title Company, Township, County, Tax People, IRS, State, No one….

    We are barely making it, our check book is in the red all the time, I have work diligently to try and get help, it has put me in the hospital over the stress of it all….Almost Gave up then….

    Finally I thought some relief there is actually a group going to make this right so I can go back home…..The Independent Forclosure Review….and now I hear this, a 300.00 check if I am lucky in the lottery……….UGH!

  17. Unknown says:

    That number is now 790, with 270 votes for a class action suit! Getting close enough in numbers to actually start a serious discussion on finding a lawyer etc. Here is the poll, please register and vote! http://foreclosurevictims.freeforums.org/class-action-lawsuit-yay-or-nay-t94.html

  18. vernst says:

    I did not even know that there was a review. Never rec’d any info about requesting a review. I was totally surprised by the postcard that I rec’d in March, especially since I had been scouring the web looking for class action suits against banks and mortgage companies. I am in the same boat—-waiting for my check, and I was hopeful until I have read some of the responses—$300? $500? What are they thinking, that is such an insult to all of us that have been hurt by what has happened over the last 5 years! By the way, I am in Texas, any Texans receive their check?

  19. Unknown says:

    That number is now 1022, with 340 votes for a class action suit! Getting close enough in numbers to actually start a serious discussion on finding a lawyer etc. Here is the poll, please register and vote! http://foreclosurevictims.freeforums.org/class-action-lawsuit-yay-or-nay-t94.html

  20. Nicole says:

    Has anyone from Missouri received a check?

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