REFUNDS being Issued by Rust Consulting?? for the OCC

[goon]

Goon, I did not read it up that way, but I will take a closer look. I thought that all prior efforts have been tossed with this new settlement becoming the easier way out for the banks and better ensuring people get something out of it as soon as possible. Remember that individuals can proceed with their own court related efforts.

So doing a bit more research it is hard to get a clear picture....
As you say it appears that the "Independent Foreclosure Review" has stopped and there is a settlement in regards to that that was reached in January 2013

In January 2013, agreements between 13 mortgage servicers and federal banking regulators were reached that ended the Independent Foreclosure Review for those participating servicers. The Agreement will result in all of the eligible borrowers for those servicers receiving a payment under the Agreement. The Agreement includes the following servicers and their affiliated mortgage companies.

But the "National Mortgage Settlement" predates that by almost a year having been reached in February 2012

In February 2012, 49 state attorneys general and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers:

from what I can find it looks like the Independent Foreclosure Review ( and associated settlement) was spearheaded by the OCC while the "National Mortgage Settlement" was spearheaded by the state Attorney Generals.

When I got my claim form for the "National Mortgage Settlement" in September of 2012, it also had separate information for the "Independent Foreclosure Review" which was still going on at that point ( the settlement for it had not been reached yet) In my case I wouldn't have gotten anything from the Independent Foreclosure Review, but will from the National Mortgage Settlement. That being said with the terms on the settlement for the "Review" I may actually get something out of it as well.

of course none of this is straight forward to figure out so I could be mistaken somewhere along the way...

[goon]

also looks like the National mortgage settlement is a smaller group anyway as it only includes 5 servicers as opposed to the 13 involved in the Independent Foreclosure Review settlement.

[goon]

And here is finally something clear, they are independent... From the US Trustee site

http://www.justice.gov/ust/eo/public_affairs/consumer_info/nms/docs/341_One_Pager.pdf

This paper is specifically talking about the "National Mortgage Settlement", it talks all about the "National Mortgage Settlement", then goes on to say

You may also be entitled to relief through the foreclosure review process being conducted by the Office of the
Comptroller of the Currency (the “OCC”). The settlement does not impact your right to participate in this process. For
more information about that process, please visit www.independentforeclosurereview.com or call 1-888-952-9105.

(this doc was written prior to the separate "Independent Foreclosure Review" settlement)

[sbatman]

I don't remember getting a card, probably thought it was junk, but I called Rust # that was under another post to see if we were listed and if they had our correct address. And yes to both and that we'll get a minimum of $840. If that's all it is, fine, but more would be great, especially since we owed less on the mortgage than the value assigned to it by the bank.

[justbroke]

I received the Rust Consulting "Independent Foreclosure Review" letter, but not the postcard. I did confirm that I am amongst the "eligible" recipients of the settlement. I'm sure I'll get $0.01 for the trouble so I'm not expecting much.

[tobee43]

well, i didn't respond or fill out any paper work. that was the first i rec'd months ago full paperwork. i called them it was legit, but we weren't going to bother. now this postcard that came this week included a claim number, so i called again and she looked it up by the last 4 of our ss and said yes, you will be rec'ing a check, they said that can't say how much, i said i didn't ask, do i need any more paper work, she said no...how could she do that when i never anything, ever back to them ? again i'll take my two bucks my luck it will be 2 cents LOL!

[justbroke]

They "were" going to review all of the individual foreclosure paperwork for everyone that responded to the Independent Foreclosure Review (IFR) process. The banks, apparently, didn't like that it could be a lot of money, so they settled. Everyone who received the original letter (about 4.2 million homeowners or former homeowners) are eligible and the "review" is NOT going to be done. I guess they found enough dirt in the hundreds of thousands of foreclosures which were actually reviewed, that it made no sense to go further. PLUS it was taking a very very long time!

So, everyone, those that answered the original letters AND those that did not, will get something from the settlement. The settlement does not stop you from "independently" still pursuing and suing the lender/servicer.

I just called too since I received the letter back in November, but never responded. I checked the data at the Office of the Comptroller and it appears that only 1,300 out of 38,000 people in my county responded to the IFR!

Apparently, the smallest amount will be "a few hundred" dollars. So, you may see $300 if it was a "simple" case, or up to $125,000 for some complex cases. So, don't throw your mail away without looking at it first... at least for the next 8 weeks.

[tobee43]

i was looking at the criteria for the amounts that are being issued from a few hundred to upwards over 100k. what it or no one has explained is who is reviewing the situation. we never answered the first one even tho i checked it our and i think even posted about it as being legit.

the thing was it wasn't clear even when i called a few months back. so they list how much you get for what...depending on what happened to you...denied a mod for no reason, started foreclosure for no reason...well when i went down the list almost 1 out of 2 we qualified, but who is it that is going to make the decision on who gets what.

they could say well you live in a judicial state and you didn't have to leave although your lender said you did? or you shouldn't have been late making your payment because the bank told you YOU HAD to, or you couldn't apply for a loan mod. OR you were served a NOD as opposed to a NOI in error???? all of which are blatant violations according to the "list". so i guess we shall see soon enough!

who ever get's theirs first make certain you post! and DO NOT LIE IF YOU GET THE 125K because you ARE buying LUNCH!!! LOL!

[justbroke]

I actually found the "postcard" in a pile of "junk mail" that I intended to through away. I had called Rust Consulting last week and confirmed that I would get "something" and that a postcard was sent out. I had overlooked the postcard.

In any event, they are saying that the old "criteria", which does show the categories, may not show the correct amounts for the various issues. The Office of the Comptroller of the Currency (OCC) allegedly will set the rate (amount) that each mortgage-holder (or former mortgage-holder) would receive.

That's all I know. I'll just wait for my $2 check. (Just kidding, they say a minimum of "hundreds" -- whatever that means. It could be hundreds of pennies!)

[tobee43]

jb. do you think it's per person like in a mr and mrs...or one per household? glad you found the postcard. the other materials i rec'd back in nov., with a dec 31, 2012 as the deadline date. however, so few came me, in the millions but now they are saying many people didn't know nor wanted to give out such sensitive information...especially after the electric shock mind set many have as a result of what they went through.

truthfully, i'm glad to get anything.

[justbroke]

It is per mortgage.

[tobee43]

what do you mean?? just one payment per mortgage you mean or how much you owed? the concept is alluding me for some reason. (easily done nowadays ).

just SHOW ME THE MONEY! lol

[justbroke]

According to the paperwork, Rust Consulting will issue one check for a specific mortgage (account). If there are six people on your mortgage loan, then there will be one check. I do not know if a husband and wife are on the mortgage account, if the check would be in both names.

[tobee43]

i'm just really sorry i didn't fill out that darn paperwork. but i'm hearing it both ways depending on where or who is giving you the info. either it matters or it doesn't.

i think this again is the guide lines i posted here already, but just in case someone doesn't want to read back...this was a summary of how the distributions were going to be distributed (sorry couldn't get the entire chart here so just click the link:





http://www.scribd.com/doc/97947372/F...tion-Framework


and again: here's the OCC's explanation

http://www.occ.treas.gov/topics/cons...practices.html

[justbroke]

Luckily, everyone that received the original paperwork (4.2 million mortgages) are entitled to a distribution. So you will get something. I can't wait to see what I get! I hope it's more than $2. I hope it's more than $200!