Mortgage Lenders News

Foreclosure Settlement Checks

WASHINGTON – Some 96,000 borrowers who received checks to compensate them for wrongful. as "robo-signing," automatically signing off on foreclosures without properly reviewing documents. The.

The problems with the independent foreclosure review settlement checks keep coming. Most recently, it’s been exposed that over 400,000 settlement checks have been mailed to the wrong addresses. This blunder comes after other foreclosure settlement checks bounced, or we issued for far less than what the homeowner was owed. It’s unfortunate that so many homeowners who were wrongfully foreclosed on are still having to deal with the mistakes of the lenders.

And she’s one of 400,000 whose checks could not be delivered because they were sent to the wrong address, according to the Office of the Comptroller of the Currency. That amounts to 10 percent of all foreclosure settlement checks mailed so far.

Correcting Foreclosure Practices. Updated January 31, 2017. OCC to Escheat remaining foreclosure review funds, Completes Payment Program. Under the Independent Foreclosure Review (IFR) Payment Agreement, more than $3.2 billion was distributed to more than 3.6 million eligible borrowers, representing more than 90 percent of the total amount available for distribution.

The settlement created new servicing standards that remain in place until 2015; provided cash payments to many homeowners who were wrongly foreclosed.

Some of the foreclosure checks bounced. A bunch of big banks agreed to a $3.6 billion legal settlement a few months ago to halt a review of improper foreclosures. Under the settlement, checks will be sent to more than 4 million homeowners who lost their homes to foreclosure in 2009 and 2010.

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Borrowers who submitted a valid payment claim form through the National Mortgage Settlement received a check for approximately $1,480. Checks first went out between June 10, 2013, and June 17, 2013. The initial deadline to make a claim was January 18, 2013, and the final deadline to submit a claim has now passed.

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Did you receive an Independent foreclosure review settlement check from RUST? (The Independent Foreclosure Review Administrator) If so, you may be wondering what the check is for and how it might impact your case..

The Independent Foreclosure Review Payment Agreement payment process has concluded. If your servicer was Aurora, Bank of America, Citibank, MetLife Bank, PNC, Sovereign (now known as Santander Bank), US Bank, or Wells Fargo, your loan was regulated by the OCC.

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