"Bank regulators have worked to strengthen oversight of Rust Consulting’s execution of the payment process and is continuing to closely monitor the payment agreement." ~ Fed Spokesman
Minneapolis, Minnesota (PRWEB) May 26, 2013
The Office of Comptroller on the Currency (OCC) just released news that Foreclosure Review compensation checks already cashed or deposited add up to $2.3 billion, as of May 23, 2013. As efforts continue to correct foreclosure poor practices, homeowners who find they have a good check to cash are glad they are not bouncing as previous ones have.
"Many of the Independent Foreclosure Review check recipients are homeowners who had to face and make some really hard decisions along the way. While it is probably not enough to be a deposit down on another home purchase, it can help start saving toward that end. The checks are an acknowledgment that a genuine concern exits to help stop foreclosure wrongs and put some funds back into the hands of those who may have born the unnecessary burden of losing their home," states Jenna Thuening, owner of Home Destination.
The successfully cashed or deposited checks total nearly $2.3 billion through May 23, 2013. Overall, more than 3.9 million individual checks have been sent out to eligible borrowers, totaling more than $3.4 billion. The OCC press release stated a promise too: "A final wave of checks that required additional information from the borrower will be issued during the summer."
In an effort to correct foreclosure practices in the very practical manner of compensating struggling families hurt in some manner by a foreclosure activity, the payments will range from $300 to $125,000, according to the OCC updated web page. The first wave of Independent Foreclosure Review checks was released on April 12, totaling 1.4 million in dispersed checks. The final wave is expected in mid-July 2013. More information posted April 9, 2013 can be found on the OCC website under the heading "Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12".
To ensure that the checks are being cashed by the intended recipient, institutions where the checks are presented are sent notice that to help prevent fraud, foreclosure checks require positive identification before cashing or depositing. According to the OCC, instructions are provided clearly on the back of the checks to help banks validate authenticity.
Minnesota Foreclosure Review checks are arriving in the mail to designated homeowners from the Independent Foreclosure Review settlement paycheck fund to compensate homeowners who were impacted by foreclosures in 2009 and 2010. According to the Office of Attorney General Lori Swanson, two different sources are sending foreclosure compensation checks and they should not be confused. "There is a separate, additional settlement between a number of banks and the Office of the Comptroller of the Currency and the Federal Reserve."
"Rust Consulting is also the Settlement Administrator for that settlement, and some payments have recently gone out under that settlement. Please know that this settlement is not related to the National Mortgage Settlement, and if you are eligible for a payment under the National Mortgage Settlement, you will receive another check from Rust Consulting. We understand that Rust Consulting will not be sending out checks in the National Mortgage Settlement until June 2013 at the earliest," explains the Minnesota Office Of Attorney General.
Rust Consulting acknowledged a "clerical error" caused some checks to bounce in a May 8th press release titled "Rust Provides Update on Independent Foreclosure Review Settlement Payments". Rust receives no benefit from uncashed checks or remaining funds in the IFR fund and has handled over 100,000 calls already in an attempt to answer questions and soften concerns.
Questions pertaining to receiving a check should be addressed directly to Rust Consulting. Rust Consulting is designated by the Federal Reserve and the OCC to be the one to respond to correspondence needed about Foreclosure Review Checks being cashed or deposited, or any other related questions. Inquiries can be made by calling 1-888-952-9105, Monday through Friday, 8 a.m. - 10 p.m. or Saturday, 8 a.m. - 5 p.m.
Questions to help stop foreclosure, or for tips to avoid foreclosure or how to navigate in the Minnesota foreclosure timeline, call Home Destination at 612-396-7832 to gain guidance. Jenna Thuening helps both buyers and sellers make Twin Cities real estate decisions and is dedicated to help families stay strong together and remain in their homes if facing foreclosure.