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Independent Foreclosure Review Notice


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I received a notice in the mail about the conclusion of the independent foreclosure review. It said I was eligible for a payment and that I would be contacted by Rust Consulting in the next few weeks with the details of the payment. Anybody else get one of theses notices this week.?

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not sure if this link will work. on the occ website they have listed a few $ amounts in the financial remediation framework.

the payouts are as little as a few hundred dollars up to $ 125k .

i called the number on the postcard. i was told i did qualify to receive a check,and i should be receiving one in the next few weeks.

they were unable at the time to confirm how much i would be receiving.

 

http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/financial-remediation-framework.pdf

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I found the postcard somewhat aggravating. I'm curious as to what category this puts me in: Chase signed a permanent mod for me in 2010 and cancelled that foreclosure proceeding. Then they took my monthly payments, and unbeknownst to me, put them into suspense account. In 2011, they claimed they made a mistake in my loan mod and foreclosed on me again, saying I was in default and that I needed to apply for the mod all over again. I was torqued and filed bk instead. Whatever amount it is, it won't come close to making up for the experience of dealing with those people.

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  • 2 weeks later...

This has been the most frustrating process! 3 years of delays with BofA....denied mod..refused short sale only to lose house. Sent paperwork in for an IFR a year ago and heard nothing other than "we are working on it". Then had all that taken away for this settlement and no one has any idea what it is going to look like when it's done. Sincerely...this has not been a well ought out process.

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Sure thing...I know I am not the only one anxious to hear! If you did not submit paperwork for a review you get 1/2 of what you could've gotten if you did. I have no idea where I will fall...the banks were allowed to determine where you rank. I was denied a mod..denied a forebearance...denied a short sale...ugh. Just a mess.....hope everyone makes out at least decently...though no comp makes up for losing a home you fought to save.

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Wow! That is awful! It is ridiculous that the banks refused to negotiate with the homeowner. I became unemployed and they told me unemployment is not income so I didn't qualify. Then when I started working making 10,000 a year less they said I wasn't making less enough! I have no idea what category I fall in and it gripes me that the banks were allowed to determine that. They refused all efforts for me to stay in my home...sold it at auction without notification and took 1/3 of what I owed from the bidder when I could've sold it at short sale for more. Then after all that they turned the second (I had a 80/20) over to collections and hounded me until I filed for BK. just an awful, awful experience...

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We received one too and we are very anxious in knowing when we will be receiving the money and what amount. Even though money is money and something is something, we are really looking forward to a large amount considering the *** we had gone through and in affecting our credit score and not being able to purchase a home.

 

Does anyone know what other rights people who had short sales/foreclosures might have? I have heard of this settlement not taking lawsuit rights from affected people, and I think I have heard of people sueing the banks but I dont know how feasible it is. Has anyone done this?

 

Thanks.

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We received one too and we are very anxious in knowing when we will be receiving the money and what amount. Even though money is money and something is something, we are really looking forward to a large amount considering the *** we had gone through and in affecting our credit score and not being able to purchase a home.

 

Does anyone know what other rights people who had short sales/foreclosures might have? I have heard of this settlement not taking lawsuit rights from affected people, and I think I have heard of people sueing the banks but I dont know how feasible it is. Has anyone done this?

 

Thanks.

 

I have not, but kinda curious, too.

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IMO the money you would spend suing the bank (unless it is severely egregious in nature) would noteworthy what you might get. They have huge war chests and you'd have to find an attorney willing to take that on..and that won't be cheap. If you feel you have a case this settlement won't prevent you from pursuing other legal remedies. Good luck!

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Well I am still curious because I have heard of people suing the banks due to the robo signing situation which I have no doubt we were involved with as well. The only thing is what are our rights and how can we go ahead and sue them because one thing is losing your home but the other is having to go through other hardships due to that same situation occuring like having to rent and not being able to purchase your own home until 3 years, and also the fact that your credit report and score gets tarnished...and of course just personal things because of these financial situations.

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I agree completely and if you feel you have a case go for it. There may be some examples I the case law section...otherwise you could probably get somedecentresults on the net as far as precident. I never saw any foreclosure paperwork so I haven't the foggiest if mine was robo signed. Wouldn't doubt it...

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So I got curious and called to see if I was included in this first wave. After verifying name, social, present address,former address, blood type, children's name and shoe size they couldn't tell me anything because they can't 'see that system'. *sigh* just thought I'd share so if anyone harbors the same delusions I did about efficiency you can forget it

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