Rust Consulting is expected to mail the final wave of Independent Foreclosure Review checks in mid-July 2013, according to a statement updated Thursday by the Office of the Comptroller of the Currency. Previous statements had said that the final batch of compensation checks for eligible borrowers would be sent “during the summer.”

Final Wave of Foreclosure Review Checks Set for Mid-July

Final Wave of Foreclosure Review Checks Set for Mid-July

Final Wave of Foreclosure Review Checks Set for Mid-JulyRust Consulting is expected to mail the final wave of Independent Foreclosure Review checks in mid-July 2013, according to a statement updated Thursday by the Office of the Comptroller of the Currency.

Previous statements had said that the final batch of compensation checks for eligible borrowers would be sent “during the summer.”

As of Wednesday, 2.5 million checks totaling $2.3 billion had been cashed or deposited. Check mailings began April 12.

The IFR agreement calls for $3.6 billion to cover the wrongful foreclosures or mishandled attempts at mortgage modifications by 13 servicers.

The vast majority of nearly 4 million borrowers fall under servicer errors paying out $300 to $6,000 in compensation.

Rust Consulting, the payments administrator selected by the servicers and approved by regulators, has mailed more than $3.4 billion worth of IFR checks since April 12, with the bulk of that amount sent out by April 26.

Only about 1,100 borrowers qualify for the top amount of $125,000 under the payment framework published by regulators.

But borrowers have been kept in the dark as to the process of determining compensation. With no option to appeal the payment amount under the settlement, thousands of borrowers have signed online petitions and have sought legal advise on pursuing class-action or individual lawsuits to seek rightful compensation.

The following banks, their affiliates, or subsidiaries, are party to the Independent Foreclosure Review settlement: 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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  1. We already knew this. What we don’t know or understand is WHY is not happening until July 15th?

  2. We already Knew this…………..What we don’t understand is……What is the DELAY????? GGEZZ

  3. Exactly! What is the purpose for delaying payment another two months? Further I am hearing different due dates for the W9’s. mine was June 4th..but someone else posted theirs is June 24th! Why the different due dates if they are just going to batch process??? This whole process has been frustrating and dehumanizing and no one wants to take responsibility.

  4. The postcard should’ve said 4 weeks to 4 months instead of 4 to 8 weeks they should b sued for that these ppl r crazy

  5. Why didn’t they jus mail all the checks in a month these ppl don’t want to give no one answers on nothing because they kno this whole process been full of crap from the start

  6. I received a postcard stating 4-8 weeks. I then received a w-9 form. I was not told anything other than my payment has yet to be mailed and they would not tell me anything further. I am frustrated and tired of this whole process. They would not even tell me what amount i was going to receive.. I need a good lawyer cause i am real curious as to what they found in my file and I want this crap removed from my credit report.

  7. first thank you for posting this even though there was no NEW information here.

    Rust Consulting is the issue with all of this. Why send a postcard in March, then a phoney W9 request in May only to have to wait until July. the request said “we are preparing to mail you a check”. What a lie…. I honestly believe this is retaliation to those of us who have not just sat idly by believing their bs – you know we have to pay you something just because but we are going to make you wait longer than anyone else in this process.

    I don’t really expect to see any check – mine will be lost in the mail or we made a mistake or it will be a penny.

    It will also be interesting to see how they categorize me – I was put into a wrongful foreclosure, filed a lawsuit, was given a loan mod as a settlement to the lawsuit because I did in fact qualify and was paid $5000.

    Will be interesting….

  8. the whole ifr was a disaster from the beginning, and, some folks have to pay tax on the money they received from the banks that stole their homes, we need a class action to bring the banks to their knees

  9. what a disappointment AGAIN…I received a W9 when I was expecting a check from the May 3rd wave, I was with Litton Loan. The letter stated my check was ready to be issued but they needed more information for the IRS..I sent it back the day I received it and Rust has confirmed that they received my W9…now I have to wait until July 15th???? I did read in the IFR web site tax section that Rust does not report anything under $600.00 to the IRS, so getting a W9 might mean I am getting $600.00 or more, but not getting my hopes up. The W9 was only sent because the IRS needed more information and I am pretty sure it was because my name changed since I lost my home, due to divorce, and didn’t match with my SS number. But the way this has been going, I am only expecting $300.00.

  10. What I do not understand is why there is no checks and balances or oversight for Rust? I have never heard of a company allowed to work on behalf of another yet have no accountability. No one seems to be able to determine how Rust does business nor is anyone able to give any clarity on this settlement. It’s as if they got the contract and everyone walked away. I can appreciate the push to keep people in their homes and expedite assistance….Lord knows that if that had been an option for me I would have jumped on it. However..those of us who had to scramble to find alternative housing, lost our dignity and sanity fighting banks with deep pockets and unlimited resources, had to uproot our families and start over..we deserve and need help too! Whatever pennies I get will be useful in paying down debt as I walked away a boatload of it. We did not ask for this settlement..,we asked for a review. Since the government took it upon themselves to disrupt that process.,,they should be more proactive in getting us this compensation they negotiated instead of leaving Rust to their own flawed self management

  11. I received the post card, but still no W9 or check. Does anyone know if there is a reason some of us are in the last wave?

  12. i Rust didn’t request a W-9 from me, nor did they request any other information of me. I did everything I was suppose to do including submitting the IFR form, which they say has been on file since November of last year. I’m so sick of being told there’s no information available for me. Now I’m being told everyone else checks will be going out July 15th and not a day sooner. Wow!! What a load of crap!!The OCC website stated that Jult 15th wave was for people they needed additional information on, but they didn’t need anything from me.

  13. Please find more answers!!! What about those of us who had GMAC?? Any word on when the IFR will be completed for us? Anymore news on the NMS? This is ridiculous!!

  14. (202) 649-6800

    This is the OCC General Inquiries number. Time to sound off loud and clear:

    The whole review was sham. Reinstate the reviews.

  15. This entire two-three year period has been an afront to how the American middle class has been regarded. Or actually disregarded and disrespected. For the first time ….in a once great country….i got the message…i don’t matter….it is all about big business and whom is lobbying in the government. I am so discouraged by what the banks have gotten away with… there no one to defend us?

  16. @Jennifer J…i too have not received anything but a postcard..and everytime i call..same thing everyone else gets….a robot reading a script…you would think by now that someone would have some clear and precise answers

  17. Can someone in a position of power listen and read our complaints??? Please re-instate the reviews or give ALL of us who lost our homes to these CROOKS get a minimum of $125,000.00! It has already been proven in a number of ways that we were manipulated out of our homes! What more do we need to say or present???? The Department of Real Estate ruled in my favor! Yet the Bank of America ignored the court documents/orders and took my home because I did not have money for an attorney to get them to stop their illegal forclosure process! Is this still not enough for you too take a SERIOUS look at these CROOKS????

  18. We Lost our Home of 25 Years that we raised our 3 Son’s in, Lost everything except enough things that we needed to move into a (1) bedroom apartment when the investor and rental agency wanted 3 times what our mortgage payment was…

    This Nightmare all started when I was diagnosed with Bipolar back in June of 2008. Several Doctor’s had me on various medications to do observation of these dangerous medications, ” I was very ill and confused ” because of these types of Meds ! After I was terminated from my job of 10 years with JPMorgan Chase’s National Recovery Group in the Bankruptcy department because the Doctor I had at that time said he wouldn’t release me to go back to work yet.That was when I first contacted Bank of America/Countrywide for help on our mortgage payment…

    First Did a Forbearance agreement with B of A which cut our payment in half. B of A didn’t tell us the other half would be due at the end of this agreement, our understanding was these funds would be applied to a loan Modification which B of A was preparing.

    I’ve talked to Bank of America and they didn’t even have the Loan Modification paperwork that I do plus the Fed x receipt…Faxed, file complaints with review board etc..I’m Sick of this we received a check for $800 and thats all… See Ya in Court !!!

  19. We have been fighting and documenting the entire ‘Fraud’ and ‘Foreclosure’ process from the time they started. We submitted the ‘Claim’ back in 2011 and met the first deadline — and sent a file with enough documentation, being certified and return receipt … showing how ‘CITI’ bank and the pit bull lawyer – Susan Hendrick and Stacey Aronowitz and Joan Olsen committed mail fraud … in violating our CIVIL RIGHTS — taking our home, because they said we owed them $189,000 on our home, in which they had NO PAPERWORK or ASSIGNMENT filed with the CLERK of the COURT — yet sent the forged papers through the mail. The F.B.I. and the Colorado Attorney General are in on the scam … We too received a W-9 – which we filled out and sent back, and received in their (Rust Consulting) office on May 20th and still have yet to receive any settlement check from either the National or State independent Foreclosure. We have filed lawsuits, and have been ignored, dismissed and I have been convicted of CONTEMPT of COURT in Arapahoe County because I was fighting to keep CITI from stealing our home. Yet, a third party ARCH BAY/SPECIALIZED loan services has filed a suit against us, while reporting on the credit bureaus that we have a foreclosure, when we have NEVER had a LOAN or an account number with them. I have submitted ‘Disputes’ with the credit bureaus, and filed a FRAUD INVESTIGATION – but again … NO ONE IS RESPONDING, I believe it’s because, as I’ve read … we are right, and they know it .. and want to keep us in the dark … as long as they can. Meanwhile, I hired an attorney Gary Fielder, who is just as WORTHLESS and is also ignoring us, especially when we filed a LAWSUIT against CITI – they nevver responded, and I filed for a default – the judge denied it … and when I hired Mr. Fielder to cure the default … he allowed CITI to come in and file a MOTION to DISMISS with PREJUDICE — so they were able to get the lawsuit dismissed without having to answer. That is LEGAL MAL PRACTICE – yet, people like YOU and I, and my WIFE are being systematically raped by the banks, judges, the judicial system and the people who are governing our lives …. without giving us any respect to being – WE THE PEOPLE! When are we, as a PEOPLE GOING to DO SOMETHING? I have tubs of paperwork, notifying the congresspersons, judges, F.B.I., the O.C.C. and public officials who are all … in my opinion GUILTY of TREASON. They know what is going on … and working to keep YOU and I Separated. Please feel free to contact me … I want to WIN and get back to LIVING LIFE in this GREAT COUNTRY … that is being systematically torn apart because of the JACKASSES who are currently in charge – ten.nevaehllordnakcornull@nosam

  20. p.s. and we were protected by bankruptcy — but they still moved on us … afterward … and were not even ‘the Real Party in interest’ and have never been … according the clerk of the court records — with all of the paperwork we have documenting the entire procedure — why wouldn’t that be evidence enough for the Department of Justice or the F.B.I. or even the O.C.C. or the OFFICE of THRIFT SUPERVISION … not to take action against the CRIMINALS? I have been asking for help in joining forces from people who can look at the thousands of pages of documents filed in the public and courts … to help in bringing back some justice to people like YOU and I in this country … it’s not fair to treat AMERICAN like this … the payments, even if we were to receive the maximum is not enough to compensate for what we’ve been pout through in the last five years. Losing a house, the mental exhaustion, the credit rating reports, the lack of having a home to move to — losing everything you’ve worked for … the bankers, judges, attorneys and public officials who were a part of the CRIME should be prosecuted and a class action lawsuit should be filed against them. ten.nevaehllordnakcornull@nosam

  21. Well this statement is wrong about the final checks going out in Mid July….Rust Consulting is now telling those that received W9’s back in the beginning of MAY that they will not be getting checks on July 15th now, that the W9’s are now under review………..THIS IS CRAZY….what is the problem here?? They have had the correct information for months, why would the W9’s have to be reviewed THE WEEK THE CHECKS WERE SUPPOSED TO GO OUT!!
    ecreditdaily, is there someone that can follow up with this story?? Thank you

  22. According to Rust, mid July is when the last wave of REGULAR checks is supposed to go out. Reissue checks are supposed to go out on a “rolling” basis. The W9 issue is a whole other bunch of craziness.

    My check was supposedly mailed April 12th but was never received. It took them until May 30th to cancel the check and add me to the reissue batch. Supposedly mine is going out July 19th.

    I’m not sure on which calendar, that mid March to mid July is 4-8 weeks.

  23. momof7…..

    Were you also a part of the National Mortgage Settlement? If so did you receive that check yet?

  24. FYI we’ve been waiting since June 2013 for our check as part of the National Mortgage Settlement. When will Rust be held accountable?

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