The Office of the Comptroller of Currency has now announced the details of the Independent Foreclosure Review, including the breakdown details on checks in the mail to 4.2 million former borrowers.
What Is the Independent Foreclosure Review?
The Independent Foreclosure Review is part of the settlement associated with the robo-signing debacle of 2010—when banks were accused of foreclosing when they didn’t have the right to do so. As part of this review, fourteen mortgage servicers and their affiliates identified customers who were part of a foreclosure action (or loan modification or short sale troubles) on their primary residence during the period from January 1, 2009 to December 31, 2010.
Originally, 13 mortgage servicers sent solicitation letters to 4.2 million potential victims foreclosure-related and potentially fraudulent mortgage matters, such as loan modification or short sale. These letters provided homeowners the opportunity to request an independent review of their foreclosure process (a.k.a. Independent Foreclosure Review). If the review found that financial injury occurred as a result of errors, misrepresentations, or other deficiencies in the servicer’s foreclosure process, the customer might receive compensation from the paying agent, Rust Consulting.
The Independent Foreclosure Review Check Is in the Mail
About a month ago, approximately 4.2 million people were mailed notices that they will receive remuneration as a result of an agreement between federal banking regulators and 13 mortgage servicers. The mailer comes from the Independent Foreclosure Review paying agent, Rust Consulting (1-888-952-9105). Rust Consulting is the only agency that should be contacted if (previously) distressed borrowers have any questions or concerns about the status of your claim.
You may have received a postcards/letters during the third week in March. Rust Consulting sent it on March 18, 2013 and it’s small and white and sealed on three sides. The notice states that a check is in the mail and should be arriving within six to eight weeks. Questions about the status of the check or any other issues surrounding the Independent Foreclosure Review should be directed to Rust Consulting only, as they are the paying agent for the Federal Reserve Board.
Those folks eager to receive their remuneration should not plan on buying a new home with the Independent Foreclosure Review checks. The Office of the Comptroller of Currency has now announced that many checks are currently in the mail, and they have posted the breakdown as to how much is sent to each borrower. You can check out the Payment Agreement Details on the OCC site.
The remuneration ranges from $300 dollars all the way up to $125,000. Over three million people will be receiving checks for $300 dollars. Just like buying a lottery ticket, you’re more likely to win a dollar than hit the Power Ball. But… wouldn’t it be fun, just once, to win the Power Ball (which, by the way, is now available in California)?