Independent Foreclosure Review. $3.3B Settlement Fund Awaits Payment Plan

Regulators should have a distribution plan finalized, or near ready, for more than $3.3 billion in a settlement fund earmarked for borrowers who were victims of improper foreclosure actions in 2009 and 2010, according to consent orders.
The regulators, the Office of the Comptroller Currency and the Federal Reserve, are working on a tight, self-imposed timetable, stating that eligible borrowers would be notified by the end of March.

According to the most recent OCC press release: “These borrowers are expected to be contacted by the Paying Agent—Rust Consulting, Inc.—by the end of March 2013 with payment details. The Paying Agent will send payments and correspondence.”
The settlement, which grew out of the failed Independent Foreclosure Review launched two years ago, will payout a total of $3.6 billion in cash payments and $5.7 billion in other assistance to borrowers, such as loan modifications and forgiveness of deficiency judgments.
The $3.3 billion marks the first phase of payments from 10 major lenders representing 13 mortgage servicers. Bank regulators set an immediate deadline of 15 days following the settlement’s consent decrees dated Feb. 28, 2013 for 10 lenders to fund the “Qualified Settlement Fund.”
The payments will be made based on a distribution plan developed by the two regulators.
Rust Consulting, Inc. has been retained by the mortgage servicers to distribute payments as directed by the regulators from the fund, and will serve as the “administrator” at the direction of the regulators.
The bulk of the money that was due by March 15 comes from three lenders: Bank of America ($1,127,453,261); Wells Fargo ($765,823,531); and JPMorgan Chase ($753,250,131).
Rust Consulting is not a law firm, as it states on its website, but a professional services company that helps clients with projects that require data management, notification, contact centers, claims processing, or fund distribution. Clients include government agencies, businesses, counsel for plaintiffs in class-action lawsuits or counsel for the defense (attorneys for the company that was sued).
“We have attorneys on-staff and frequently work with attorneys as we administer class action settlements or mass torts, but we typically are a neutral, third-party administrator,” Rust states on its website.
Up to 4 million homeowners may be eligible to compensation ranging from hundreds of dollars to $125,000, depending on the severity of harm inflicted by the mortgage servicers, from botched paperwork to outright wrongful evictions.
Here’s the breakdown of payments due by each lender to fund the Qualified Settlement Fund:

Bank Funding Amount
Aurora Bank $        93,237,805
Bank of America 1,127,453,261
Citibank 306,574,179
HSBC Bank   96,540,359
JPMorgan Chase 753,250,131
MetLIfe Bank 30,206,329
PNC Bank 69,433,224
Sovereign Bank 6,186,992
U.S. Bank 80,060,193
Wells Fargo 765,823,531
Total $3,328,766,004

116 thoughts on “Independent Foreclosure Review. $3.3B Settlement Fund Awaits Payment Plan

  • March 19, 2013 at 11:03 am

    I would like to know , if the credit status will be correct. You don’t know this is the most horrible thing I have been through.

  • March 19, 2013 at 3:56 pm

    I paid over $1100 a month for 5+ years for an over priced house in the hood that they kepted losing paperwork when i tried to short sell it. They should the house which was VA backed being i am a veteran and here i might get $800 total. Some country, Some government.

  • March 19, 2013 at 6:32 pm

    @ elsam torres I spoke with a representative to verify eligibility and I was told that credit correction was not a part of the settlement. I will address that issue in writing with BOA directly.

  • March 19, 2013 at 9:16 pm

    $800.00 are you serious, I thought they were going o split the funds amoungst everyone, in which everyone wold get about $100k.
    Janet, did BOA tell you how much you were getting?

  • March 20, 2013 at 12:50 am

    really..take my home then kick me out on the street and all your gonna give is 800.00 wow. talk about a kick in the gut..

  • March 20, 2013 at 2:50 am

    Bank of America will not even acknowledge the question if you ask them how the remediation will affect your loan status or credit reporting. The only they would say is that any cash payments would go directly to borrowers and would not be applied to any past due fees or payments on the loan. I’m more concerned about the credit reporting and the 5.6 billion for modifications. I’m still in my home but have never been offered a sustainable mod so we continue to fight the fight…….WHO exactly will benefit from the rest of the money? Are the banks obligated to use it to modify loans only for eligible borrowers (in foreclosure 09-10) or can they use it to modify any loan in their portfolio? I give up – I wonder how hard it is to live off the grid????

  • March 20, 2013 at 6:43 am

    Personally i think they stopped the reviews cuz theres not even enough money to cover all the mistakes. Regardless if u lost your home to foreclosure and it was the banks error u should get a substancial amount. If u still have your home they have separate funds to help u save your home. I was protected by bankruptcy and still boa foreclosed on me!

  • March 20, 2013 at 7:13 am

    I don’t see GMAC on this list either. They (and their foreclosing attorney) were horrendous!! I have 2 kids, and they had no problem throwing us out in the street. For those of us who had homes taken by foreclosure and property was transferred (which is automatic if loan was owned by Freddie Mac/Fannie Mae) we were supposed to get $120K. My family has been in shambles since that day, and NO ONE cares. I need this money so we can move on with our lives. Anyone else feeling completely abandoned?

  • March 20, 2013 at 10:24 am

    John Doe, my situation is exactly like yours. I had several purchase offers over a period of a year, and the bank lost the paperwork, asked for the same info over & over, etc., until the buyers walked. Then the place foreclosed. The bank got to sell it at auction, plus I had mortgage insurance so I guess they got their windfall. There is supposed to be a remedy for people whose credit was negatively impacted (which I guess is most people). Also, there is a grid on the Independent Foreclosure Review website that lists the dollar amounts that can be awarded depending on the type of damage that the borrower experienced. The grid lists dollar amounts of $500 up to $125K, depending on the damage. The grid does not list all types of damage situations, just about 7 or 8 that are typical.

  • March 20, 2013 at 10:45 am

    @ Paul, yep definitely feeling the pain. What happened to me caused a foreclosure, bankruptcy, foreclosure DURING the bankruptcy, and a whole lot of loss. Personally, I think the problem was so large there was just no way of getting to getting to the bottom of it to result in criminal charges. The Review was simply mismanaged.
    Whether or not any of us get what we were promised remains to be seen. We’ll have to sit tight and pray Justice is not blind.
    Good luck to everyone involved.

  • March 20, 2013 at 10:50 am

    @ All: From what I read, the banks may be doing the review, but they are not allowed to deviate from the framework that was imposed by the OCC and the Fed. For instance, the credit correction was part of the framework.

  • March 20, 2013 at 12:14 pm

    What happened to GMAC ? Are they off the hook because of chapter 11 . They were horrible to deal with . Can we expect payment from them.

  • March 20, 2013 at 3:53 pm

    I dont believe it until I see it… We also had the same situation. We went thru bankcrupcy and realized that we still had time to do a short sale. We had a contract on the house for $220,000-sent it to the mortgage holder and Freddie Mac denied it and it went to sheriff sale for $144,000. My last appraisal was $440,000. I dont understand how that could happen. All of the work put into getting it ready to sell and to get denied – denied for short sale -denied for a loan modification and then there is a light of hope.. saying they are going to review our file and maybe get some money… After reading all of the articles.. its depressing… My family has been in shambles since the foreclosure too. We have tried to keep a stable environment for the kids sake.. but to see other people get approved for a loan modification and approved for a short sale.. is hard to take since we got denied. Really how many people believe they are going to get alot of money… I read .. its like winning the lottery. Last I checked we didnt win…

  • March 20, 2013 at 9:38 pm

    We need to band together and sue. Start a class action lawsuit, individually we cant win.

  • March 20, 2013 at 10:01 pm

    I know how you feel. I had loan with GMAC and did everything to save my home and me and my 3 kids were evicted and have been displaced since. Gmac are crooks and it is sad they will get away with it.

  • March 20, 2013 at 10:20 pm

    I have not seen anything about short sales when the home owner owed more on the property than it was worth. Does this situation come into play?

  • March 21, 2013 at 2:07 am

    WOW and in a very sad way I mean WOW
    My wife and two children lived in our home for fourteen years this place was our home.Probably
    the hardest thing I have ever had to do is tell my family that we lost and now we have to see what we can do. All this has made me feel so frustrated let down that I look at my self and wonder how could this have happend not just to me but but every one of us that is going thru this horrible situation,this country was not built on lies and back stabbing sons of bitches IS THERE ANYTHING WE CAN DO ? WHAT IS IT GOING TO TAKE OR BETTER YET HOW BAD DO WE HAVE TO BE RIDICULED BEFORE WE ALL STAND UP AND SAY ENOUGH!

  • March 21, 2013 at 12:02 pm

    We tried to get a loan mod for a year. All we got was they need same paper work filled out over and over. Then as we were trying to do the loan mod they tried to foreclosure. We had people coming at the door almost every day telling us we were being foreclosed on and will be sheriff sale. We came about 30 days before it was done. We had to jump in a bankruptcy just to save our house. We saved the house but made our credit bad. When all they needed to do was do the loan mod. We had all the paper work done and they said “we didn’t get it or they misplaced it” over and over.

  • March 21, 2013 at 12:54 pm

    Just wondering how I will be affected. My home was in fc, then discharged awhile later due to the economy.

  • March 21, 2013 at 1:56 pm

    Its so sad to hear that we were not the only ones affected. Even though it feels like you are alone. The disgrace you feel from the neighbors and them saying they understand but -really- do they? Do they know how much heart and soul you put into your house and hours of phone calls to the mortgage company – faxing paperwork to them -trying to get a decent person at the mortgage company -who actually knows what you are talking about. Its a shame or its hard not to feel the shame of letting your house go. I remember thinking .. this is a business decision not a moral decision .. Morally, I wanted to stay and fight as long as we could.. we made the decison not to make the kids see how bad it could have gotten.. have your things thrown out in the front yard. I couldnt bear that thought.. My son said to me the other day.. I hate this,, its been terrible since we moved out of that house. That we have to watch every penny.. We moved out in Oct 2010. What a lesson learned.. I told him -it could have been worse.. you stayed in the same school and your parents are still together… Its understandable that it takes a toll on the marriage. Its funny.. its only money.. I met my husband when neither one of us had any money or worked min wage jobs.. 20 years later.. we are in a different bracket.. That was another story for the kids.. To fight over money is not worth it.. Remember why you are together… Another lesson learned… We, too, applied for loan modifications and was rejected -the mortgage company didnt even want to give me the paperwork.. it was like pulling teeth.. After phone call after phone call.. I finally got someone to send me the documents-only to find, we did not “quailfy”.. and then I Re-applied per their comments.. only to get rejected… Not only did we have to deal with that.. My father in law died early in 2010 (which he lived with us) and my sister died in 2008.. She also lived with us too.. My husband built rooms for them.. THe nieghborhood knew we went thru some real trauma… I am trying to understand why the mortgage companies all have the same responses.. OR would help some and not the other?? thats a whole question in itself.. Why did some people get a loan modification or get principle knocked off their loan and I didnt.. WHY? Why did Freddie mac deny my Contract on my house? But yet I hear all kinds of people buying short sale homes.. What really happened behind closed doors at the mortgage companies.. Did they have a meeting .. saying deny all and turn your head the other way when people want answers????

  • March 21, 2013 at 7:34 pm

    Everyone I just received my lil perforated card in the mail today,It’s amazing how many of these stories are so much alike but may be different in timing etc. I have been in my house 20 yrs and still had to play the paper game with WF and thank god for my good habits in documenting who I speak with and saving paperwork overall. I whipped it all right back to them as fast as they could ask and some, even though initially they denied me for MHA at first.I stayed strong and make a long story short got a 2% interest rate and waiting to hopefully get principal dropped and results from enforcement action thru the Office of comptroller.It’s all all persistence not taking no for an answer and making complaints and getting the right people involved. We should all be getting enough for all the stress and harassment that took place thru this fraudulent activity. Keep praying!!!!

  • March 21, 2013 at 11:05 pm

    We have been through the nightmare also. I really believed at the time that they were trying to help us…I sent them all of the required paperwork so many times. Initially they told us we were approved and then they would tell us Sorry but you didn’t qualify for that program then we had to start all over again. Eventually we were approved for TRIAL PAYMENTS with the same terms, same APR, same amount nothing was cut from the premium, they were just gonna add the past balance due to the end of the loan and add another 10 yrs to my loan and make it a 40 yr term. We had no choice, we wanted to keep our home so we started making the trial payments. After making the trial payments they told us that Fannie Mae denied the modification and we were eventually foreclosed on. 10 yrs of payments down the drain including our down payment of $50,000 and we put about $40,000 into the home.
    I also received my little post card today. It didn’t have much info on it besides saying we have something coming like a check or correspondence within 4 to 8 weeks. I think we will only get some paperwork in 4 to 8 weeks and then who knows when the check will arrive. Either way what ever it is. I don’t think it will be much, maybe $500 and It won’t make up for what we lost including all of the stress, embarrassment. etc.
    Good Luck Everyone!

  • March 22, 2013 at 1:41 am

    I too received that little piece of paper in the mail today, I’m betting very few will get anything worthwhile for the stress and turmoil they have been through. I did the trial payments for 9 months and every three months was told that my certified mail packets was not recieved or that all of the paperwork was not in it(B*ll Sh*t) lies. I made copies of everything that I put in that packet and checked it all off? Yes I agreed to pay my mortgage from day one to year 30 but I didn’t agree to be furloughed for 7 months along with my ex-wife yes they ruined marriages too, we never missed a payment once until they advised us they couldn’t do anything until we missed 3? In the end we short sold but it still screwed us over and we fought for our house for two years before short saleing it so F you PNC and F you making home affordable(government scam)!!!!!

  • March 22, 2013 at 7:42 am

    I too am worried about the proper corrections made to my credit report. If those corrections are not made within 20 days of payment then I plan to start a petitiion of some sort. I am not expecting nor have I expected a large payment regarding this. This has been a mess from the beginning and I don’t see it getting any better. I don’t think they know what they are doing, just as the banks didn’t know what they were doing with our loans. Now payment is more than likely two months out. I don’t even care anymore, I will believe a check when I see a check! I would rather them completely remove my prior home from my credit report then receive a $250.00 check.

  • March 22, 2013 at 8:30 am

    i too received the card in the mail. I have been put thru the ringer between Chase and modification paperwork and modification lawyers. I purchased my home when the housing market was at an all time high. Then the Job market fell – my company cut salaries – hours and gave days off with no pay…but I had a job. Went to Chase for help – said then could not help me -I did not qualify. Continued to scrape together money to pay – but my bills got behind and my credit cards got higher- credit score went from stellar to bad. Went with a modification lawyer in Ca. who after 2 years of stringing me along – finally said he could no longer help me – he scammed me for $5000.00. (he told me to keep making my mortgage payments to keep good faith with Chase-when I could no longer do so that is when he said Chase would not help) Found another mod lawyer in NY…that cost $2500.00 – I did rec the modification. When the trial mod came – it was more than I could afford – spoke to Chase and was told it was this amount to help me get caught up. I made the payments – then the paperwork came for the modification – it was a lower amt – first four payments were the lower amount- the 5 month came and it was $600.00 more. I called and asked many questions abount that lower amount – I was assured by 4 different people that the amount stated was all I needed to pay – Scammed by Chase – I am in forclosure – but Chase is suppose to me getting me another modification package. they are the worst – you keep speaking with different people – they all tell you something different . one tells you to make a payment when you have the total amount – then the next one tells you your payments are being returned.THIS IS A NIGHTMARE…JUST WANT MY LIFE BACK TO NORMAL – I WANT TO KEEP MY HOUSE – IT IS NOT WORTH WHAT I OWE. PRESIDENT OBAMA HELP ALL OF US !!!!!

  • March 22, 2013 at 9:43 am

    My husband and I were in this unfortunate group of foreclosures in 2009 by GMAC. They appraised our house at $400,000 and wouldn’t accept two short sale offers of $125,000 or $135,000, but sold it for $155,000. We sold furniture, family heirlooms, everything we could to try to keep that house. Unless you’ve been through it, you have no idea what it’s like. I lost my job of 28 years, then we lost our house of 12 years, then I lost my sanity and have been under a doctor’s care ever since. We had to file bankruptcy so we wouldn’t be responsible for the remainder of the “value” of the house and had to give up an acre we owned, free and clear, because of the bankruptcy. I keep telling myself, “what goes around, comes around.” Hopefully, it will come back on these mortgage companies one day. Wouldn’t it be nice if we could one day sit and watch the big CEO get moved out of his mansion! Lord, forgive me for the evil thoughts, bitterness, and hatred I have. By the way, we haven’t received a card, and I don’t expect one since GMAC didn’t settle. Poor thing – they had to file bankruptcy.

  • March 22, 2013 at 10:00 am

    Good day everyone, I am devastated as well. After over two years of JPMorgan Chase Bank reviewing a loan modification, I finally got denied when after working for a government agency for over 23 years, was laid off and have been for over a year. I immediately notified all of my creditors to make them aware of my situation and it was suggested by my “Relationship Manager,” at Chase Bank, that I should consider a roommate and that would help substantiate my financial situation. I was notified months later that my Unemployment Compensation could not be a basis for repayment. The information that I received from the Representative during that time was that my Unemployment plus the extra $600 per month from my roommate would be accepted by Chase Bank. They further explained to me that they could not come up with a reasonable monthly payment for me. At the same time, the monthly payment is still being added on to my home. Chase Bank has stated that I owe $158,000 – this is just another slap in the face, when they have placed my home on the Sheriff’s Sale, here in my County for $45,000. And I agree, you lose your home, get kicked out on the street and your credit is ruined. Not to mention that the prospect of you owning a home in the future is slim to zero. I am hurt to say the least and I don’t have anywhere to go once I leave this residence. It’s just to shocking and overwhelming. I believe in Karma, but at the same time, I have the Faith of a mustard seed. I hope that my deed-in-lieu is approved so that I can move forward in my life. God Bless You All!

  • March 22, 2013 at 1:28 pm

    This is without a doubt the scariest thing I have had to face. I have been in a four year struggle for my home with Wells. I went through a divorce, which created my financial hardship. I immediately began working with Wells in an effort to obtain a loan mod to keep from losing my home. I can’t count how many times I was told my paperwork was never received after I mailed and faxed it to two different fax numbers provided to me. I was forced into chapt.13 bankruptcy, but decided to exclude my mortgage, because Wells promised to do a loan mod if it was excluded. I then received a 10 month “trial” payment plan, which I paid early each month. As soon as my bankruptcy was confirmed, Wells terminated my trial plan, without explanation and continued the foreclosure process on my home. They sent my payment back to my bankruptcy attorney with no explanation. As of Tuesday March 19, 2013, I had a foreclosure teleconference with my local court and bank and learned that I have to try a short sale or accept the foreclosure. Losing my home after a four year fight!!! If I had known Wells was really not going to try to help me save my home, I would have lumped it into my bankruptcy and started over four years ago. The stress, strain, worry, and frustration over the past four years has been incredible!! Only to still end up having my family displaced!! I hope someone really is listening and there is help and justice for the hard working citizens who have lost so much to the greedy financial institutions! Good luck all and God bless…

  • March 22, 2013 at 1:39 pm

    We to have fought with Bank of America for a very long time. We were trying to get in on the Making Homes Affordable and everytime we sent in paperwork they always told us that they never received it. They said that they were trying to assign everyone to there own manager. Well that changed many times and the first person said send in certain paperwork and I would send it to them. Either it was lost or they needed more things and also they would hold it and do nothing with it and then they said well we have to have updated paperwork. We finally gave up and we are surrendering our house and staying here until they are ready to sell at the courthouse. Our attorney said thats the best thing we could do. We are very upside down. Bank of America is a “JOKE”. Our attorney says that we can stay here legally until the sell. You would think that these banks would do eveything they could to help people. It’s called “GREED”. Some money is better than none. Why have houses just sit and rot down or have them vandalized and things stolen from them. It would be really nice to get money back so that we can move on with our lives and get enough to start over….We are not gonna hold our breathes…We will have to have faith that God will help us all that has been done wrong by the mortgage companies…

  • March 22, 2013 at 6:19 pm

    I received my card in the mail today. It said we’d receive a check or additional information about our payment in 4-8 weeks.

  • March 22, 2013 at 6:41 pm

    When we bought the home with Wells Fargo in 2005 it was our primary residence but then we built a new home in 2007 and started renting our old home which went into foreclosure in 2009. I was told I would still be eligible as WF wouldn’t help me try to avoid foreclosure as at the time we took out the loan it was our primary residence. I wonder what I would get.

  • March 22, 2013 at 10:07 pm

    They say that misery loves company, but that is not true in this case. I am saded to see all the people on here going through what I went through. I was in the military when our house was put in foreclosure. Wells Fargo refused to do a loan mod. I had to file a chapter 13 to try to save the home, but Wells Fargo appealed and I had to switch to a seven and loose the house. I hope all who was wronged is awarded compensation. Good luck all.

  • March 23, 2013 at 9:18 am

    I bought a home in 2009, when I went to the closing table, the bank decided to tell me that the only way that I could get the loan would be paying PMI points, which I didn’t have a problem with…. problem was… they ended up being $500 added to my monthly payment. I had my kids and all my furniture ready to move in. Hell, I thought… I will go ahead and make the hellacious payment for awhile and see if I can’t refinance and then those points would be gone. I did this for almost two years, and I had one late payment. They would not appove any loan modification nor a refinance, even though my credit score was considered fair-good. Home went into foreclosure because we couldn’t keep paying our regular mortage plus the added $500. in PMI points. I would love to receive all of the PMI points that I paid for 2 years AT LEAST as my compensation… Yeah right.

  • March 23, 2013 at 9:23 am

    Is there supposed to be corrections to everyone’s credit report for this mess? My credit is not too bad, but with the foreclosure on there, I cannot buy or rent to own for 2 years. Anyone know?

  • March 23, 2013 at 11:51 am

    I too was wronged by the bank. In 2007 my husband lost his job I was the only one bringing in income and struggling so when I received info about the loan modification I jumped on it and was told it was a 3 month trial period none of the mortgage numbers changed. I was told that I could not be late not one day under this agreement and to send in all requested documents, fine thats what i did. Once we were approaching our three month mark we got letters saying we had missing info ok I found my documents emailed and mailed them in, I then called to verify them receiving them the answer was yes they received them now 6 months we were struggling to begin with and still no answer on the modification. We have now received another notice stating we have to do another 3 months trial… I scared now because we are struggling as it is not paying things trying to keep up with the modifification all being told we can’t be late one day. We paid as we could with no answer but as soon as I was late one day now they have answer denied after almost a year of hoping and praying for a modification. I truly believe this was a set up they were waiting for us to be late one day as they already knew we were struggling. Now I’m told my only other option is to short sale so I obtained a realtor and buyer and the bank never once responded to the short sale then we went into foreclosure with a sale date of August 2010.
    That was devastating we lost our home after 13 years. I don’t believe they ever intended to help us. I received my card in the mail on 3/22 stating that payment will be in 4-8 weeks and believe that God has the last say. I ask that everyone that this has affected go into agreement right now that justice will prevail and that we finally will have our life back. Please believe God will not let us down. All you need is faith as little as a mustard seed! God bless you all!

  • March 23, 2013 at 12:00 pm

    We received a statement 3/20/13 stating that we will receive a check or additional information in approx. 4-8 weeks. We had our loan through JP Morgan Chase and it was the biggest fiasco. My husband was laid off from 12/08 to 7/09 and then I lost my job 7/09 due to budget cuts within the State of IL. Time after time, (too many times to count) did we get the run around regarding a loan mod. I called many times checking the status on the modification and first we were told we did not qualify, then we were told we qualified. They lost our paperwork time and time again, EVERYTIME we called JPMC, we were told something different. This dragged on for months. We were finally granted a loan mod. but then after 3 months of making the payments we were sent a letter stating that they were going to foreclose. This was such a headache. November of 2011 we were given the option to do a short sale. We put the house on the market 1/12 and an offer was made. Lets just say that JPMC played games with the realtor. Finally after 5 months of the games and headache the house finally sold for $90,000 but it appraised at double that. Does anyone have any clue to how much the settlements are going to be?

  • March 23, 2013 at 12:11 pm

    These stories sound so familiar! When i lost my job, i immediately called Metlife to plan how to make sure I did not lose my home. I was told they could postpone payments for a year and just put them at the end of the loan. They gave me a website to submit paperwork. But when i called to check the status, they said they never got my application for assistance, and so had me to resend all the information. Then said i had to wait for it to be assigned to an agent. I called and called, waiting for an agent to be assigned, but then they said they still had not received my paperwork. And then filled it all out again and had to start all over again. It was difficult because their fax numbers did not work. went to the local Metlife office to send in paperwork. And then they said they did not receive all the information, although i sent all they asked for. So they said i had to start over. So i sent the paperwork again. And they said i had a waiting period before it would be assigned. Then i found a job that was 5 hours away from my home. I took the job in order to save my home even though i was only home on weekends and missed my family. I just figured i had to do what i had to do and i would eventually find a new job. When i called to tell them i have a job and can now resume my payments, they would not let me, they said i had to pay the entire late amount at once or they would not accept any. They also said that since my income had changed, i would have to start over my application process. And then of course, i filled out all the paperwork again. After waiting awhile again for them to do their thing, i called to check on the status, and they said i had been denied because a year had passed. So… I eventually gave up and relinquished the home. 🙁 i loved that home. We filed bankruptcy. Now we cannot buy a home and must settle for renting. Been through a lot of crap. I recieved that card in the mail yesterday too. I am relieved to think it has actually been recognized what I went through. I had no idea anyone else was going thru the exact same things. I kept documentation of most of it. Wonder if i will get any compensation. Someone said in a previous post something about a grid where you can estimate what payment you will get. Any idea where I can find that grid?

  • March 23, 2013 at 2:36 pm

    Pamela, thank you for your words of encouragement, faith and prayers are awesome and they do work, I lost my job in 2007 and after many contract and temporary jobs I finally received an offer on a permament position that starts on April 1, part of the pre-employment screening was checking my credit, I was really scared because honestly, I thought my credit was shot. We have not received the postcard, but I’ve made sure to follow the process since the beginning, I’ve kept all the documents we were sent through the process and made sure that Rust Consulting had my updated address. Let me say, I really hope that we all get the compensation that is due to us, but I wonder if you can really put a price on the mess we’ve all experienced. After several modifications in 08 and 09 we were denied any more modifications and received a statement from HSBC saying were due a payment of $16,000.00, I almost had a heart attack, we tried to call the lender and we never received any answers from them as to why we would go from $1000 payment during modifications to a now due of $16k, my husband and I discussed our options because we didn’t have $16k to bring the account up to date and we didn’t want a foreclosure on our credit history, so we decided to short sale the house, we called the lender and the agent told me, “to list the house and call them when we had an offer”. I surfed the net and found a company that specialized in short sales, this was April 10, they put us in touch with a agent in our area and we listed the house in July the agent reduced the listing price every week, until we got an offer in September for $98,000, the house was appraised at $180K, the lender approved the offer in a week, which surprised us, we were expecting it to take 3-6 months we were then facing a closing date for the week of Thanksgiving, while waiting for a closing date, we recieved a letter that said our house was going into a foreclosure auction sale on the 27th of Dec, we finally closed on Dec 22, 2010 and had 48 hrs to move, we moved into my parent’s home on Christmas eve. From everything I’ve read we fall into several categories on the framework. It has been 3 years from that ordeal and now we are starting to think of buying another home, because we are being told that we must wait 3 years after a short sale to obtain another home loan. I feel everybody’s pain, but how can you place a dollar value on heartache we all seem to have experience, I know for us the $98,000 that HSBC received for our home and correcting our credit reports will be a really good start. God Bless us all!

  • March 23, 2013 at 4:29 pm

    We lost our home of more than 23 yrs. Was foreclosed on in 2008 and we left before they put the locks on our home. Filed bankruptcy, which cost us $2400 and ruined our redit. have been rent ing since then and that has taken more than $45,000 and nothing to show for it. To hear we only get a few hundred dollars, caude believe me, I know I am not lucky enough to get the upper payment amount, but it would mean much more if they would clean up our credit report by removing the bandruptcy or foreclosure, something. And the best thing they could do would be to approve us for anothe mortage if that is what we chose to do. They need to get this right, or else this was just ANOTHER waste of the goverments money, which seems to be all they know how to do. Our country is turning into a big disgrace.

  • March 23, 2013 at 4:40 pm

    I’m sorry I feel this way, but from what I see, people who are STILL living in their homes and have NOT gone thru what the rest of us have. (Losing our homes, having to move and rent, ruining our credit). They are going to receive the larger payments. What is fair about this? It makes no sense. We lose everything, they are still in their homes, and they are going to make out and we are, AGAIN, going to get screwed. Somebody, explain this to me, if you can!

  • March 23, 2013 at 6:32 pm

    Denise, where does it say that those who are still in their homes get more money? I have read that if the consumer was forclosed on and it is not possible to mod the loan they will get the 125,000 plus equity. This could be a substantial amount for some who lost loads of equity. I am still in my home and have been in foreclosure because my husband died and I had to leave my job to take care of him. I am also now disabled due to a car accident. My home has been on the sale block three times. I had my house sold at one point and the bank rejected the amount. I have packed and unpacked three times and kept my house spotless for sale. I have an autistic daughter and my home has flooded three times. I have not slept in years more than two hours a night and this is a nightmare for all of us. I have poured forty thousand into repairs on my home last year and still in foreclosure. New sale date is in July. I am reading I may get $800.00? I have mortgage PTSD for sure. I wish I could have moved and rented somewhere looking back at all the worry I have had. I couldn’t afford to move or I would have. I have also read on the scale they use that if the can re-mod, those will not get any money, just a mod. Would like to know where your info came from? I see the opposite on the OCC site.

  • March 23, 2013 at 9:19 pm

    I dont think anything they come up with is a good deal considering what families have gone through. Before this review we would have gone on without any hope of anything coming to us. This is what my oldest child keeps telling me. I wish I had his optimism. I guess that it is sure better than losing any more or losing any more loved ones. The issue we have now is evert time I like a home and get comfortable, the owner wants to sell. I can’t get a loan and I have people coming in to look at the house everytime you turn around. I really don’t like not knowing where I may be in a couple of months.

  • March 23, 2013 at 10:15 pm

    Reading these comments just break my heart, I see/read so many people saying that we were lacker and that we ae freeloaders for falling behind on payments and/or loosing our homes. When I tell them ” There but for the grce of God, there go I” I get negative comments or “thumbs down” The way these banks just did their business on us and got away scot free is deplorable. I still have my home (I think) but it is in foreclosure and since it is Bltimore and the is like a 3 year backlog in foreclosures, I have been a bit lucky. I had a load mod. Did the trial payments successfully, then told I was DENIED. Attempted to to 4-5 more modifications. At one point, they told me that i was not ALLOWED to do a modification. Another time, they told me that they would notaccept my payments and I had to pay all the arrears i order t keep my home. They wil only offer me a shor-sale, but I want to keep my home! I do not want to sell it!!! I aske, just pt the payments on the back end, they could give a Sugar-Honey-Iced-Tea! Multiple applications, then denied. The last one, they lied and said that after I sent my paperwork in, they tried to contact me to send more doc…I rote them back and told them it was a FLAT OUT LIE, and to PROVE that they contacted me, when they had my email adress as well. My provider was Chase.
    I am so sick and tired of being sick and tired, but I will be D@mned if I am giving up my home. So here I am fighting, still. This nothing but a game to them.
    I got my postcard in the mail yesterday. I was happyto receive it. If thy can give me a permanent loan mod, like the trial one and clean up my credit, I will be estatic. The money, of couse I want it, because the psychological rap, stomack upsets, inability to sleep, concentrate, and overall depression is justtoo much. Not to mention the embarassment and the negative credit reports.
    Gold bless all of you who wrote on here. I pray that you receive the maximum amounts possible and if you cn still keep your home and/or get back into them, I pray that it happens.

  • March 23, 2013 at 11:53 pm

    Had two offers to buy our home! Had Chases approval the day we were turn in bids? We found a tester on our front door saying our home was sold at auction!! This is fraud!!! Lost it all and credit went Down the drain!

  • March 25, 2013 at 10:29 am

    I lost my home also to foreclosure, I agree with previous comments about us sticking together to hold the banks responsible for a fair settlement to us all. God is in control!!!

  • March 25, 2013 at 12:21 pm

    I read these and was glad to see that I am not alone. How embarrassing when we had to tell our family our house was being foreclosed on. We tried for 9 months to get HSBC to agree to a short sale and everytime my lawyer sent information to them, they either A. never recieved it (yet it was sent certified) or B. it was misplaced. We had a buyer who was agreeing to buy the house for only $5,000 less than was owed but HSBC foreclosed on it and didn’t even give us the time of the day until after it was sold at sheriff’s sale we received a letter 3 days later from them telling us to contact them about the short sale we wanted to do and that they were willing to work with us….meanwhile the house was sold at sheriff’s sale three days prior.
    Our credit is ruined and now can not even get a credit card or credit on anything. I am still paying our lawyer fees from this and do not think we will ever have a chance of getting ahead in our finances.
    I will pray for all of you as Faye said God is in control.

  • March 25, 2013 at 12:32 pm

    Wow….so many amazing stories, I guess I can share ours……We bought property and started building without a loan in 2002. Finally we had to get one to finish-construction loan-and moved in in ’04. We were making our payments and had a decent rate for back then when I lost my job. Got behind on payments while trying to find another one and had to use our CCs more than we expected. Refinanced to pay off some taxes and the CCs – got an awful rate but it was we needed to do to save our home. Eventually started working again but was still so far behind it was impossible to catch up. Then the foreclosure notices started coming and we stopped making an effort to pay since we may lose the house anyway. Filed CH13 twice to stop them them the whole time getting jerked around on possible modifications. Our loan was now serviced by BOA after have been bought and sold around 5 times. Then they started the foreclosure process on us as well. Hired an atty to make them prove that they could lawfully foreclose on us to try and by us more time for anything to happen, and then we got hit by a tornado. Our insurance co would issue the checks then we would sign and send to BOA to pay the workers. After a year of workers not being paid and threatening to sue us we finally got the house repaired. Then SPS bought our loan and finally offered us a MOD if we passed the prepayment plan which we did in Feb of this year. Finally got the official paperwork and they forgave the past due amounts, deferred a certain portion to when the loan expires and gave us the payment we originally had when I lost my job. I can sympathize as I cannot tell you how many endless nights I have laid there wondering when we would be kicked out of the home we built ourselves.

  • March 25, 2013 at 12:49 pm

    I do understand what everyone is going thru, Myself I tried to save my home with no success. I tried everything in my power to do so I lose my job so I couldnt keep up with the payments, At this time my home went into foreclusure.
    Try to do a Short Sell the bank after many month did not answer until the buyer got tired and backed out.
    Then I tried for months to do the modification Got an answer from Bank Of American That I do not qualify. All they wanted to see was payments.
    At this point months went bye and I was getting notices in doorstep about the foreclusure and I was getting very nervious no where to go a widow at this time I owed $17,000 in maintence fees and about $100,000 in morgae payments, I had no choose to do a chapter in Bankrucy, now the problem has been after that my credit is damage when I could have avoided all this. There is no type of compersation that they could extend to any of us of all the suffuring and displacement of our lives.

  • March 25, 2013 at 2:31 pm

    The more of these stories I read, the sicker I get. It saddens me that there are so many of us that have been victimized by these BIG, CORRPUPT banks. There is not enough money in the world that will make any of us feel better. The embarrassment we all felt when our homes were at some point or another in foreclosure. Our names were in the newspapers posting the intent of foreclosure. The numerous phone calls from friends and family members asking what was going on. It was just plain awful! Some of us have been able to move on and are having to rent because our credit is so damaged. Most of this could have been avoided if these GREEDY bankers and their troll associates would have worked with us. God is in control and one day those deceitful bankers will have to answer for all the wrong doing they did. I called Rust Consultants today to get an update and I wasn’t told much except that payments will be sent within 4 to 8 weeks. I was not told how much the settlement was for either. They state they are unable to tell me. Has anyone else heard anything?

  • March 25, 2013 at 2:55 pm

    Litton Loans foreclosed after refusing to do a loan modification for me. I had taken a LOT of money out of my retirement trying to keep my home when they had no intention ever of modifying. All they wanted to do was collect money and then let their strong arm–Clearvue buy the house right out from under me for 27,000.00 I was absolutely heartbroken, and still feel the humiliationan and shame of going through this. I hope that these Rust Consultants are not a scam and I am compensating for something. I tried long and hard to keep my house, but with furloughs and other issues going on, I just failed.

  • March 25, 2013 at 3:58 pm

    This process has brought little consolation to me or my family. I had paid $350,000 mortgage down to a $150,000. While my home did not gain in value it did not lose value either. So when my 33-year-old family business was forced into bankruptcy I applied for a loan modification. Not only did I NOT get the loan modification but the bankruptcy judge in her family business over to a trustee, and she sold it for $.20 on the dollar. To complete the story. Three months later my wife, son and I were renting a double wide trailer. my grandfather rode trains from Arkansas to California to work crops. Essentially, my father lived the grapes of wrath and before he passed away this last October. He simply said “some I know it’s been hard. I’m proud of you your making the same hard decisions my dad had to make.” I guess you can see my excitement in getting a postcard told me nothing.

  • March 25, 2013 at 7:19 pm

    I also got this postcard and I’m very anxious to see how much I get!!….I have done several loan mod’s that were denied and i also paid another company 2500$ to do the mod for me which was also denied!!!….I have been going through this for4 yrs and still have no idea wtf is going on!!!….they just kept saying they never recieved it or just flat out denied me….I’ve heard a lot of stories like mine but no one that said its still ongoing from 2009…I hope I get the maximum from this!!!….doubt it but I hope!!…in god I trust!!!

  • March 25, 2013 at 8:06 pm

    Just spoke with a representative from Rust Consulting, Inc. and she could not tell me anymore than what was on the infamous postcard we all received. I’ll be honest folks, I am not looking for a big payoff of any sort. Somehow I think we are all going to get screwed again. Our stories are so very similar and disgusting. This is going to drag on and on. I sure wish that there was some way we could all find out what our payouts will be (if any).

  • March 25, 2013 at 9:03 pm

    Does anyone know how the payment will be disbursed if you have divorced since the foreclosure action? I have updated my new address with Rust Inc. twice. I called them today and discovered the post card was mailed to my ex. I asked if the payment would be split and the representative couldn’t tell me.

  • March 25, 2013 at 10:32 pm

    Will Federal taxes be taken out of the money? Or will we receive the amount given to us?
    I know we have to claim this on our 2013 taxes for next year?
    Call the Federal Government and especially consumer hotline. They are helpful.
    They told me all these names of people who lost their homes during this time will be in different piles.
    This pile receives this much This pile is receiving this much and so on.
    Rust Consulting Inc will issue the checks to the person who is suppose to receive it.
    The banks who the owner had the loan with will not be giving the check out.
    I just know I inherited my home from my Mom after she died it was left to me. I inherited the debt. Single mom with a loan that I was never paying on the principal and only on the interest was scary for me. My payments raised and kept raising. US Bank would not work with me and I became afraid and without money or support I left for a new life out of state.I lost my home.
    I had only known California and my small family ended up in Oklahoma. I believe in my Faith and God is always with me.
    I knew I could afford anything in California and I don’t see myself going to California. It has been like four years.
    I felt my world crumbling but, God is almighty. I don’t know where US Bank screwed up by not giving another chance after I inherited the debit. I lost my job. The bank did not want to hear my woes they just wanted their money.
    The home in California was my home. I am guess I am perplexed by putting an amount on how one foreclosure affected a family this way and how this one affected them this way.
    It was shameful and I felt like a dog putting my tail down and whimpering all the way.
    I just know God is great and I have learned from this humbling experience. I can’t buy anything because my credit is bad. I just pick up the pieces and continue…I still thank God all the way.

  • March 26, 2013 at 8:46 am

    It’s so sad to read all of these responses. My husband was laid off near the end of 2008 and also encountered a lot of health problems. I took a second job and worked 16 hour days to try to make ends meet. We cut everything out of our budget and the one last thing we might possibly be able to reduce was our mortgage payment. I called US Bank and asked about a loan modification and he told me straight up to default on my mortgage and they would be happy to send me a packet and get our loan modified. Looking back, this was the worst mistake of my life, but please understand at the time the foreclosure mess was unknown and we all thought there was no way a massive corporation could possibly give out this advice and then not follow through with it. We were also desperate. I sent in the loan mod packet and was totally optimistic that we would be back on track with a lower mortgage payment. Except, the loan was never modified, and no one ever responded. And when I did sit on the phone for an hour waiting for someone to pick up, they would tell me they lost the paperwork and they would send me another packet. I sent in no less than five loan mod packets. This went on for about nine months. I even sent in payments in hopes that it would show our willingness to pay and they returned them to me telling me that if I couldn’t pay the full amount past due + the interest and late fees, they wouldn’t accept any payments.
    Fast forward nine months and the sheriff shows up at our door to serve us papers. They sent us into foreclosure. We filed an emergency Chapter 13 bankruptcy and continued to push for a modification, eventually surrendering the house in 2011. Our Chapter 13 payments were so high due to the mortage arrears and even working with a lawyer, we were still unable to get a mod done. It’s now been two years and we have long since moved and washed our hands of that house, but they haven’t even set a sale date.
    I was unaware that we would receive compensation, I filed the Independent Foreclosure Review papers in hopes that someone would look over them and make US Bank pay for what they did. But honestly, I don’t even care about a few hundred dollars. That doesn’t even begin to replace the damage that was done.

  • March 26, 2013 at 11:22 am

    I am truely sorry to hear about every one’s lost – the same thing happen to my family and I – my loan was with Country Wide owned by BOA – my husand and I was laid off – had never been late on payments over 7 yrs. even though they made several errors with my payment before this when paying towards principal bal. – tried over and over to get modification – 1st I was told the investors did not allow modifications and then kept being told the only thing we qualified for was a repayment and this payment was higher than my mortagee payment – I stated if I cannot make my mortgage payment how can I setup a repayment – which I already knew I could not make – to me this was definitely setting me up for failure – after going back and forth with bank – foreclosure being suspended – we found out our home had been foreclosed on by a agent that showed up at our home wanting to look at our home to put up for sale – no heart at all – I was totally devastated – we had gone through all this work and attempts to try and save our home and no help from the bank – if you’re going to sale it to someone else at a lower value – why couldn’t they just have reduced it down for us since we were already in the home and was willing to pay – but just could not pay what we originally financed the home at – I was a nervous wreck – thinking the sherriff and movers would be at my home any day putting our stuff out – I do not wish this nightmare on my worst enemy – and to be advised that payments would be from $250 to $125,000 has made me sick on the stomach – who will determine or know if you fall in the category if they have stopped all reviews? If there is a class actions law suit formed – please definitely let me know – my email address is

  • March 26, 2013 at 1:14 pm

    I cashed out my retiremen, my sons college fund and we still lost our home to foreclosure I sent my payments several times and the bank sent my money back and took our home the last time I sent the money in the bank kept it and we were foreclosed on. This resulted in my wife and I almost getting a divorce. Wells Fargo stole our peace of mind my oldest son was 7 when they did this to us and he still asks from time to time why we let them have our home. Since these events we have lived in 4 different rentals one of which was infested with cockroaches. My son remembers that vividly as well. Life has never been the same since. Luckily my wife is a special education teacher and has picked up the financial burden on our family while I finish my art education degree. We checked into possibly buying a home and cannot get a loan due to these events so I guess the American dream is not for all of us.

  • March 26, 2013 at 6:03 pm

    My mortgage servicer was PNC Mortgage and let me tell you, what a NIGHTMARE these people were. I won’t go into details about how I ultimately lost the fight and lost my home, but I am a little concerned. I called 2 weeks ago to update my address with Rust Consulting and they told me I was eligible for payment (yes, I was one of the few who actually filled out the review paperwork in the beginning. As of today, I still have not received a postcard of any kind so I called the number and was transferred to the “specialist that handle PNC Mortgage”. They are obviously reading from a script but I simply asked why I had not received a postcard if they were mailed on the 18th. After she read more of the script she then says that I AM eligible but that her records don’t show that a postcard was mailed yet. She said “we still have another week in March”. LOL! Has anyone else that is eligible NOT received a postcard yet? Just curious.

  • March 26, 2013 at 7:19 pm

    Has any gotten a letter saying… Because you have made all your trial payments on time, you qualify for a one time Trial Period extension of (2) months. During this extension period you must return all missing documents by (whatever your date is) and make two additional Trial Period Payments one for each of the additional months. (Documents I sent 3 times they claim to not have recieved) Then DENIED stating:
    The Home Affordable Modification Program requires a calculation of the net value (NPV) of a modification using a formula developed by the Department of the Treasury. The NPV calculations requires us to input certain financial information about your income and your loan. When combined with the data in the Treasury model, these inputs estimates the cash flow the investor (owner) of your loan is likely to receive if the loan is modified and the investor’s cash flow if the loan is not modified. Based on the NPV results, your loan has not been approved for
    I also received another letter stating… I did not make all trial payments by the end of the trial period. Out of 5 payments I was 9 days late once then all of a sudden they had an answer DENIED… FORECLOSURE!
    Has any one else received the above letter? And does being 9 days late count as a reason to be denied and then foreclosed on?

  • March 27, 2013 at 8:39 pm

    I have been reading these stories and they all sound like ours. We were dealing with Bank Of America and they made it so upset. I even had one of them tell me that he didnt hve time for me. We were trying to get help with our loan and keep being tol different things and they were working on the modification but then found out we were losing our house. I received our post card and I am like everyone else I will see what they give us for all the heart ache and pain we suffered and still lost our house and now still trying t ge our self together from it all.

  • March 27, 2013 at 10:31 pm

    Most people wont get more than a couple hundred. Don’t get your hopes up do the math 4.2 million people are splitting 3.6billion. That equals about $850.00 give or take per person They cant award many people $125k stop dreaming about this money.It will be enough to take the family to Olive Garden nothing more.

  • March 28, 2013 at 12:03 am

    Which category does a homeowner like myself falls into? My house was forclosure proceedings were taking place on my home in Nov 2009. This is after I’ve been in my home 10 years at that time and NEVER missed one payment, nor was late on a payment.
    I switched careers after being in the corporate game and decided to become a nurse. I saved up enough money to not have to worry about bills for 2 years. Well, life happens and the school I obtained my BSN from could not place me in a job within their hospital after it was part of their contract and agreement for going to that school. Because of this, I did not start applying to any other hospital systems outside of that nursing school until April 2009, one month prior to graduating.
    In March 2009, I contacted Suntrust and told them I will not be able to have the May 2009 payment because I’m having difficulty finding a new graduate nursing job. Despite what the media states that nursing is “recession proof” that is not the case. I was told by a rep at Suntrust that I’m not in any default since I was still current and it was nothing they could do for me at that time until I become 60 days in default.
    Well, come July 2009 I was now 60 days in default, I was on the phone with the mortgage company every day talking to someone and faxing all kinds of papers. I finally landed a job in August 2009 and even faxed my offer letter as I was instructed. I did all this to only be told that I was DENIED for a loan modification. No reason was given other that I was denied and the forclosure process will begin. In Nov 2009, I was given a sale date and I ended up filling Chapter 13 to keep my house. Now, my credit is shot to hell.
    I’m still in the house and I’m in the 4th year of my 5 year bankruptcy plan. I have no idea what’s gonna happen next year. I don’t know if the bank will take the house or what, although I am no longer in arrears and pay them every month through my payment plan.
    I ended up getting that card in the mail that says I am eligible for a payment, but I don’t know what category I fall under. I have no idea if I should contact my bankruptcy lawyer and ask him or what. Can someone please enlighten me?

  • March 28, 2013 at 6:44 am

    We all fall into the category of stupid if we believe that we will ever get compensaed for what the banks have done to us. We all fall into the category of stupid if we actually think the goverment will look out for us. I will be shocked if anyone every receives a dime. Hey I have an idea! Why don’t we all ban together and sue the banks and the federal government. If interested please contact me at

  • March 28, 2013 at 10:12 am

    My condolences to all 4.2 million of us victims. Same story, became permanently disabled in 2007 after 25 years of working, now social security disability. Plus hubby lost job in 2008 for 19 months. We spent 45,000 dollars in savings and sent all of my 401k–58,000 dollars while waiting for situation to change. Huh, then told need to be late 60 days to modify– SUNTRUST MTG. jerked us with NO ANSWER FOR ALMOST 2 years re: modification, started our foreclosure in 2009, Lost all the savings $103,000 and the original $223,000 DOWNPAYMENT——– $326,000 Cause we couldn’t get an answer– 150 plus phone calls, constant loss of papers— not!!!!!! We can’t even have the government force the review of our application, cause the poor banks already spent 20,000/each on the 100,000 file reviewed. Too much money for the poor banks. So much for. 50 years of work between my hubby and I. Oh and yes, like most of you— renting in a tough market with bad credit!!!!!! Thanks everyone for your ears!

  • March 28, 2013 at 2:40 pm

    Like a lot of you we also lost our house to foreclosure we tried to get help with modification only for them to return our call months after they took our home. we called saxon morg. when we found out it was in the newspaper that our house was being fore closed , actually my sister was readying the paper and called us to tell us we were losing our home. we had just lost our son 6 weeks before that came out in the paper when we called saxon they told us it was not there problem we lost our son. they wanted 7000.00 so my sister called me and we went on a 3 way call to saxon and they said they would take the money but would still foreclose. just like most of you my husband had lost his job and I am totally disabled. I sure hope we atleast get enough for a down payment , we will need it because they ruined our credit. I just cant believe we were not notified about the foreclosure and it was just put in the paper 3 weeks before they took our home. in January 2009 after they forclosed they sent back my December payment . these banks can never give back what they took from us my children was raised in our home .

  • March 28, 2013 at 10:35 pm

    I received the same letter after making 9 months of trial payments from 11/09 to 7/10 on the HAMP program. EMC took the money directly from my checking account the first of the month so I was never late. During the 9 months they kept saying I qualified but they did not have enough staff to process all the paperwork for my permanent loan modification but to keep making the payments. Then Chase took them over and sent me the letter you got. They must have known they were liable because the put me in the HAFA short sale program immediately. From 8/10 to 8/12 until I sold the house I didn’t have to make any payments just maintain the property for sale. They paid all liens on the house, all closing cost, real estate fees, property taxes, homeowners insurance and sold my $339K home (appraised value in 8/08)for $150K but after the short sale fees,etc they only received $127K. By the time of the short sale I owed $398K. They forgave a $271K deficient judgement and will not hold me liable for that balance. Now, it would seem to me that they should have let me stay in my home of 13yrs of a 30 yrs. mortgage and they would not have lost $271K. I don’t know what NPV model they were using but I think the cash flow from the deal they got for the investor was far less than letting me keep making payments even if they had to start me from year 1 on a 30 yr. mortgage??

  • March 29, 2013 at 7:36 pm

    Hello All,
    In 2008 I worked with NACA to get a modification and it didn’t work. I hired an attorney and it didn’t work. litton loan would not do it. In 2009 I mass emailed all of Goldman Sach’s VP’s and told them they were required to do the modification since they took bailout money. The next morning I was contacted by Chris Wyett who said I emailed the wrong people. I told him evidently not since you have called! He now is a whistle blower for Litton. This guy sent me modification papers that increased both my monthly payment and my mortgage rate. Really?? I lost my home eventually and wasted thousands and my credit. These guys should face criminal charges. Yes you can sue, but it is very difficult suing the bank, which is what they are telling us we can still do. Most of us won’t recieve more than a 1000.00. We all should get 125,000.

  • April 1, 2013 at 9:57 am

    @Kim. I too worked with NACA and let me tell you……they were a nightmare! They NEVER returned our calls and always got the run-a-round. Chase played games with us and by the time it was all said and done, we ended up doing a short sale but of course that was a huge headache. Just like trying to do the modification for our loan, Chase kept losing all the paperwork for the Short Sale. It took months for the finalization of the short sale and I am so surprised that the buyer didn’t back out because of all the games. The realtor that we were working with stated that he’d never seen such incompetence from a Bank as he did with Chase. Best of luck to each and everyone of you 🙂

  • April 2, 2013 at 4:51 am

    Chase should be paying more than they’re paying. I asked about a modification and never got response. They need to be fined to the fullest extent, and the other servicers.

  • April 2, 2013 at 8:26 am

    Wells Fargo as well!! They foreclosed on me in like 3 months and would not work with me. They never tried to help and my payment went up like $300 a month on a small house. Then I tried to sell and I was majorly underwater and no one would buy. Then I had to file for Chapter 7, then I got laid off from my job due to the housing industry fallout! It was the most stressful time of my life and I was pregnant too. But I have moved past that now but Wells Fargo needs to pay. They are right up there with Chase, both too big and evil!

  • April 2, 2013 at 9:27 am

    @ Sheryl & HardWorkingMom, for some reason, I highly doubt that these damn banks will ever be dealt their fair share for all the wrong doing they’ve done. It makes me sick to my stomach that they’ve gotten away with all that they have! Those bank execs need to go to prison and I don’t mean a country club prison either. 🙁

  • April 2, 2013 at 10:18 am

    All was lost thanks for nothing chase you made my family sufer and many moor god will be the one to judge these bankers I have lost all my savings and my family can you put a price on that no because to me what I had was priceless

  • April 2, 2013 at 12:25 pm

    Carol..We were also through HSBC and tried to do a short sale when my husband lost his job and they would not do a modification and short sale was our last option. We had a buyer and each time our lawyer sent the paperwork to HSBC it somehow also got lost and we had to resend it…keep it mind it was always sent certifed so our lawyer had the receipts. The next thing we knew is our neighbor saw our house in the paper for sheriff sale, the day of the sale. we had received nothing from HSBC and it was never posted prior to this. Our lawyer went to the courthouse to try to stop the sheriff sale but was unsuccessful. We also had teen age children and I can not tell you the pain and suffering my marriage and my relationship with my children went through. This pain and heartbreak I do not ever want to endure again. Our credit is ruined and we can not even obtain a credit card or any type of credit to this day due to a foreclosure being on our credit report. It even effected my children trying to get college loans because we were unable to do any type of co-signing for them and kept one of my children from getting any funding on their own and was unable to obtain any grants or support because he had a savings account from working all through high school and the money he had in there put him over the limts for financial aid. HSBC destroyed not only my credit, but my family. Looking at all of the comments this is very confusing and not sure what category we fall under. We never received a packet to fill out because it was sent to the address were the house was foreclosed. I did receive the post card at my current address and when I called they said the packet had been sent to old address but that we were still eligible for compensation. However, from everything I am reading on different websites if we did not complete the packet we will get $225. It is not my fault we did not get the packet but again I will be penalized for this. The past five years have been a nightmare and believe me there have been times when I wondered if it was worth going on. $225 does not make up for the pain, suffering and heartbreak but no amount of money could bring my family back together again. I wish everyone the best of luck.

  • April 2, 2013 at 1:34 pm

    It does not matter if you submitted for the IFR review or not you will be placed in one of the 11 Waterfall categories and be paid accordingly. The OCC actually provided the 11 Waterfall categories but did note that they weren’t finalized and did not know about the payments for each category as of the end of march.
    Everyone is now equal which screws over the people that filed for the review but I never even heard of the review until I got the postcard. I was forclosed on while in Bankruptcy 13 so I am in Waterfall 3. Honestly people who totally lost their homes will be paid well above the people that are in pending foreclosures, those people will have access to the remaining 5 billion for help.
    The scary part is the banks are placing consumers in the waterfall and then The OCC is approving the monetary part per bank. The OCC is also supposed to check the banks placement of the consumer in the waterfall to make sure it is correct. Welcome to the Housing Casino – Good Luck

  • April 4, 2013 at 5:57 pm

    Hello freind they told me to do a short term loan or try to sell my home in week or go into forclosure. So I took out a loan to try and catch up and they told me it was’ t enough and they still took my home

  • April 4, 2013 at 6:47 pm

    Rust consulting told me today that checks will be issued in batches and the lady I spoke with told me she did not know how the batches were determined but everyone that is eligible will have a check by end of June. I was with HSBC and for 6 months tried to do a short sale but everything my attorney sent to them somehow was never received (even though everything was sent certified and we had receipts) and then the house went up for sheriff sale and we lost it. Does anyone know what category this would fall under? The lady at Rust told me that she could not give out the category information.
    I agree we need to ban together and stand United. Our credit is ruined, families have been torn apart and just the stress and anquish we all endured for years can never be given back to us so we should at least get compensated for pain and suffering.

  • April 5, 2013 at 1:20 pm

    Good afternoon all! I just got off the phone with an HSBC agent (Anna), who informed me that by mid April OCC will publish a listing of settlement payouts alongwith description of payouts. Prior to the payouts a letter with additional info or a check will follow the March 18th postcards that we received. Also, the info that I received about the batch was the last batch will be dispensed by no later than the end of June. So it sounds like to me that the first batch is possible being dispensed mid April. I hope this helps.

  • April 5, 2013 at 1:29 pm

    One more thing I was told by HSBC was that a very small number of people will be receiving the letter for more info. The additional info will be tax related info. I hope this helps.

  • April 6, 2013 at 7:09 pm

    We all seem to be repeating the same stories. I actually had to go through the entire application process 4 separate times. Submitting the same paperwork over and over and over. Sometimes as little as 3 or 4 days apart. I was finally put on a trial plan to see if I could make all the payments on time over a 9 month period. I was never late and never missed a payment, but in month 8 of the trial, I was once again denied and the foreclosure process began. I could never get an explanation of why.
    I finally just called Wells Fargo and told them, I was giving up after 2 years of this run around I just didn’t have any fight left in me. The young man who took my call asked me to please give it one more try, money had just been released for the HARP plan. I had never heard of it before but I started all over again and finally I was approved for a payment plan that I could afford. Granted I will be paying from the grave it was extended for so long but saving my home for my children and I was so important to me.
    I can understand why anyone could get disillusioned by the whole process, but keep at it. Submit your papers over and over, take all phone calls or call often and bug the heck out of who ever will listen.
    More troublesome right now is how payments are being determined. The independent review has stopped so how can any of us be sure we are actually receiving the correct payments. Even worse, there is no appeal process, no arguments, just take what they give you and go away. You can continue to fight your own mortgage company but you must hire your own attorney, file on your own and hope you can do better. Most of use are lucky it we can pay our bills let alone take on a huge mortgage lender. Seem like even if we win, we lose. Good luck to everyone, we can only hope and pray for the best.

  • April 7, 2013 at 6:17 pm

    I was actually rprised 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.

  • April 8, 2013 at 6:07 pm

    Former chase customer here! I have to say how frustrating this experience was but after 3 years and several attempts at a home mod and a sale reversal (they sold home while making trial payments) and 2 attempted short sales we lost our home my daughter was born with medical problems and even with medical insurance we could not keep up with payments and make home payments the choice for her life was clear! We fought so hard so keep our home even though it was not a big one or fancy it was home! But I have to say the very last time we drove away and all the embarrassment we endured it was sorta a relief it meant I didn’t have to spend much of my time trying to get help from a different person every time or trying to fax financial docs every other day anymore! We had to rent and that’s ok for us right now cuz we will eventually buy again but I learned so much! It did not defeat my marriage or family and wherever we are it is home! Good luck to all!

  • April 8, 2013 at 6:56 pm

    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:

  • April 15, 2013 at 1:00 am

    I read somewhere that majority of the people that got postcards will receive approx$300-$500 and that most individuals to recieve the $125k amount are military families, due to mtg companies not following regulations will regards to Service Members Act, and then to persons who where foreclosed on but weren’t even in default.
    What frustrates me is that Chase kept asking for more docs over and over again which i always sent in, after my trail period (which they never gave a time fame on) ended they denied a mod and in turn increased my mtg payment by $1000, the underwriter assigned to me would not take my calls nor ever returned my calls & apparently no one else was authorized to talk to me, and then in the end when i had no solution except to throw in the towel and yell defeat it took Chase close to 2 years to foreclose on my condo after i moved out which meant i now had to pay my new rent and HOA fees of $350 on the condo i was letting go. I would say i lost more than $300 but oh well.

  • April 15, 2013 at 5:29 pm

    I just got a $300 check in the mail today. That is all I have to say!

  • April 16, 2013 at 1:51 am

    I have not received my fate yet and am so sorry for those who received so little when they deserved so much more in the face of this injustice. I believe that most of us were on the path to healing when the devil showed up disguised as this little white card to pour salt on old injuries.
    They haven’t won by no means. We have come together in a group getting larger by the day. And in this group we have laughed, cried, tried to solve the mysterious bank codes, gave encouraging words met people from places we never even thought about, shared about being grateful for little things, home is where family is and so much more. God has given us peace even if some days it doesn’t feel like it. We have made it this far those troubling years are in a distance.
    I just want the banks to know while they are laughing their way to the bank by sending us these cards as though they have done something for us, that those same little white cards may someday be their curse.

  • April 16, 2013 at 3:00 pm

    I received mine today also, $6k, mortgage holder HSBC. I am not sure what category it pertains to under the matrix. Much more I should have received, but I am thankful for what I just received because I am currently unemployed. I wish everyone the best!

  • April 16, 2013 at 3:55 pm

    We just received $3k, Wells Fargo was our pain in the back side. Big suprise there. We are taking this to our attorney before cashing.

  • April 16, 2013 at 4:35 pm

    I live in check yet.we had our house for 15 yrs.The absolute worse part of all of this was the affect it had on my 3 school age daughters.Wells Fargo foreclosed on us in june of 2009.We completed our trial mod.then they just left us hanging for several months on the permanent mod.during that time I faxed paper work to them on 2 separate occasions which I got confirmation on.Both times they lost it.They claim they never received it. I fought for my home to the bitter end.We will never recover from this financially,emotionally or mentally.Thanks to Wells Fargo I will never be in a position to buy another home.Going from home owner to renter really sucks.The measly amounts of money will not get me my house back.A fair option would of been to make the banks put us into a new home.There are so many foreclosed homes that are sitting empty,bringing down property value of other homes.They are being broken in to,vandalized and squatted.There goes the neighborhood!

  • April 16, 2013 at 6:24 pm

    I received a check for $3,000 on April 15th. Check has been verified by the bank. Mortgage company HSBC. I was able to solve my mortgage problems months ago and everything turned out OK for me. I am sorry to hear how things have ended for many of you. It was a pain in the ass to get anything done and very slow. Nice to see a little payment for my headaches. I wish each of you the best as you await your payments!

  • April 16, 2013 at 6:29 pm

    Rec’d ours today, couple of hundred. BOA was beyond belief and the bank official at our modifacation was just plain rude.

  • April 16, 2013 at 9:56 pm

    We received $300. from JPMorgan Chase

  • April 17, 2013 at 10:41 am

    Rcvd ours for 7500.00 from jp Morgan Chase very surprised.

  • April 17, 2013 at 6:47 pm

    Have not received my check. Called Rust today and said they have authorized to issue a check but not issued and sent as of yet. They have through August is what they said. Wells Fargo is mortgage company. Wouldn’t tell me anything else.

  • April 20, 2013 at 5:30 pm

    I can’t stand Wells Fargo they are one of the worst banks ever!!!! I told the lady the other day on the phone she should be embarresed to work for them!!! They foreclosed on my home after trial plan and then 7 months later they admitted to an error and rescinded the foreclosure. The home got about 8 inches of water And sat in the house all that time. Now the house is full of mold. They don’t want to fix anything and want me to modify. Lmfao!!! Are they crazy or what. I wonder what I will get out of this settlement..

  • April 23, 2013 at 12:25 am

    Received a check today for $800.00 this is rediculous – after all my family and I went through and lost – this is all they have decided to give us – what a shame – I am SMH right now – real hard WOW.

  • April 23, 2013 at 10:09 pm

    I received my check today, $2,000 (Loan Servicer: SunTrust Mortgage Sunnyvale, CA)

  • April 25, 2013 at 11:31 am

    $1,000 here (Lender: Bank of America) Wasnt expecting it at all…so I’ll take it.

  • April 26, 2013 at 10:26 am

    Thanks for the $3,000 check- BUT WHAT ABOUT MY CREDIT!??? My bank SOVEREIGN foreclosed on me even though I was doing my part with the temporary loan modification agreement. I sent paper work, put the house on the market to lease, short sale, and settle for a deed in leu of foreclosure… but each time I called the lender, I go put on hold, disconnected or had to leave voicemails that never were returned. Finally, weeks later I did get in touch with the loan mod department and demanded that I speak with a supervisor. I did, and he was very rude.. he was chewing gum during our conversation (>:-{) and he stated that I was denied for the loan modification. Confused as EVER! I wanted to know why! He said “Ummm Idk, looks like you are an over spender! AHHHHH I wanted to rip his face off~ Did he care to ask me what my money was spent on?? Over spend, of course I do~ Why, as stated on my loan mod request was that I was now a single mother- ex left out of the blue, left me to care for our children and did not care to help me in any shape or form! So overspend?/ YES- especially for the furnace and hot water heater I had to replace just months earlier– because the company that handled the warranty on my home some how pulled out fine print that exluded coverage for those claims!
    So, here I am 3 years later, I pay my bills promptly, have to rent a home, but I dream of owning my own home again! However, my credit is shot!
    I literally dream about my foreclosed home… because I knew that I didnt get the assistance i deserved and was left confused and deceived by big banks..
    What about fixing our credit??!!!!!!!!!!!!!!!!1

  • April 27, 2013 at 9:51 pm

    500.00 dollars really??? Bank of America/Countrywide was partners with a broker who was unlicensed, forged my name to loan documents and ignored my pleas for an investigation, proven in court there was fraud from the beginning and broker put out of business by the Department of Real Estate and because I don’t have money to fight Bank of America in court for ignoring the court ruling you take my house! REALLY?????

  • April 29, 2013 at 8:12 am

    I recieved $400….Country wide/Bank of America. That’s absurd!!! I tried working out a payment plan with them and they told me to just foreclose the home. They refused to help me. I was so close to being homeless with my four children, if I didn’t have my family to help. I was told by the officer that I had just 6 mos to live in the house before the bank owned it. I was scarred as heck for my family. We left the house right before the 6 mos date was up. The house was vacant/neglect for 3 yrs.

  • April 29, 2013 at 1:04 pm

    I received mine today from chase. 500 dollars. I am steaming mad. Long story short i made all my modification trial payments and 3 extra and was never converted into a new rate. I submitted all the required documentation to ifr almost 2 years ago.

  • April 29, 2013 at 7:39 pm

    I agree with most of the victims here. My wife was ill (cancer) and I was the only wage earner. I depleted my 401k trying to hold onto our house. I explained that to those (rat bastards) @ BOA. No help or understanding was forthcoming. They gave us a deadline and foreclosed on us. No home, credit shot and probably forced to rent for the remainder of my life. Closing in on 50 and will probably never own my own home. And for that I received a whopping $300. Thanks for nothing. Yes, I’m a little bitter……

  • April 30, 2013 at 1:49 am

    I don’t get it! I have been a law abiding citizen all of my life and believed in the system and never in my WILDEST dreams did I think that CROOKS could/would be allowed to rule! I am saddened by this revelation….

  • April 30, 2013 at 8:55 am

    Today I received my 500.00 check from Wells Fargo,,, really? Can someone please tell me where can I sign in for a class action lawsuit? I read somewhere that there’s one? Pls help thanks and God bless us all…I live in California

  • April 30, 2013 at 5:54 pm

    After 2 years of working with bank of America, Lost paperwork, indignant representatives who think we are stupid, and telling them you cannot get the title to Hawaiian Home lands There is NO title, Hawaii owns the land! They continued to add principal and interest to the back end. When the modification was done they added $50,000 to the front of the loan. I’m so angry at this 400.00 check I got today! I know darn well all that money they got has gained so much interest and they are not handing it all out properly.. Greedy jerks! I too would like to know about any valid class action law suits that I can get involved with! Please e-mail me at mpbops@gmail . com I cannot put it together as it might not take in this letter.,

  • May 13, 2013 at 2:06 pm

    got my whopping $300. like others, the banks would NOT work with me, both of us lost our jobs within months of one another, depleted savings, 401k’s now credit is shot and can’t even think of retiring. I’m sure the CEO’s and others of those banks are sitting pretty with their golden parachutes and such.

  • May 14, 2013 at 1:48 am

    All of the families that lost their homes in YOUR chosen time frame should have gotten no less than your max of 125,000.00! So how can you justify less??? You want to split hairs? Let’s go back to the families fighting for their homes as far back as 2006!!!! You did not not do us any favors!!!!

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