Independent Foreclosure Review Checks from Rust Consulting

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

 

independent foreclosure reviewOn March 18, 2013, approximately 4.2 million people were sent notices that they will receive remuneration as a result of an agreement between federal banking regulators and 13 mortgage servicers. The mailer comes from the paying agent, Rust Consulting (1-888-952-9105), and Rust Consulting is the only agency that should be contacted if (previously) distressed borrowers have any questions or concerns.

As you may recall, the Independent Foreclosure Review is part of the settlement associated with the robo-signing debacle of 2010 (title my own). As part of this review, fourteen mortgage servicers and their affiliates are identifying customers who were part of a foreclosure action on their primary residence during the period of January 1, 2009 to December 31, 2010.

Originally, 13 mortgage servicers sent solicitation letters to 4.2 million potential victims of robo-signing and other foreclosure-related (and potentially fraudulent) matters. These letters provided homeowners the opportunity to request an independent review of their foreclosure process (a.k.a. Independent Foreclosure Review). If the review found that financial injury occurred as a result of errors, misrepresentations, or other deficiencies in the servicer’s foreclosure process, the customer might receive compensation or another remedy.

The postcards/letters that were sent out by Rust Consulting on March 18, 2013 are small and white and sealed on three sides. They state that a check is in the mail and should be arriving within six to eight weeks. Questions about the status of the check or any other issues surrounding the Independent Foreclosure Review should be directed to Rust Consulting only, as they are the paying agent for the Federal Reserve Board.

As short sale agents, you will likely get lots of questions about this matter as many folks are eager to get their hands on the money. After all, this money will be seen as Christmas in April (or May)… depending upon when the check is in the mail.

 

 

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Rainmaker
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Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

Thanks Melissa for another great piece of information.  You know, in all the years I have been in this business, i cannot remember anything as messed up as the past few years.

Apr 02, 2013 05:07 PM #1
Rainmaker
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Sussie Sutton
UTR Texas Realtors - Pearland, TX
UTR TEXAS Realtors - Rep for buyers and sellers.

I did not even know about this! Thanks for posting about it and I hope many get to read this post.

Apr 02, 2013 08:12 PM #2
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

MElissa - thanks, I did not know about it, either. how much money we are talking about?

Apr 03, 2013 08:10 PM #3
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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