REFUNDS being Issued by Rust Consulting?? for the OCC

[goon]

As to the issues with cashing some of the checks early on, here is a press release from the Board of Governors of the Federal Reserve System (I have been checking them and the OCC site daily cause I am alittle OCD that way)

http://www.federalreserve.gov/newsevents/press/bcreg/20130417a.htm

Interestingly for the first 3 categories in this settlement it is possible to receive a check for an uneven amount, gotta look at the fine (thou those 3 categories cover a very small group of people)

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20130409a1.pdf

The table contains only standard payout amounts; it does not
include amounts for lost equity, which borrowers in the first and third categories may receive in addition to the standard
payout amounts, or the payments calculated on a case-by-case basis in the second category.

*Total amount received by borrower in the first and third categories listed here may differ from amount shown because of offsets resulting
from other legal settlements.
**Servicemembers who were charged interest rates higher than limits allowed by the SCRA Section 527 will receive payments of $300 or
the amount overcharged and paid by the borrower, whichever is greater.

[rjsdsu]

just cashed the rust check for 1k. no idea why that amount. happy as a clam!

[TRfromillino]

I dunno IBroke...just saw this on MSN.... maybe it doesn't even affect you folks...

http://money.msn.com/saving-money-tips/post.aspx?post=212af8ba-2594-40c6-a3ef-00ab500674c6

[justbroke]

Bounced for a while? They just went out last Friday (4/12/2013). The earliest anyone could cash it would be Monday. I'm confused and I don't know what to believe. On one of my Foreclosure Websites, they indicated that a person in Michigan complained, but talked about a check for $635.34 dated Sept. 5th bouncing. No check was for an uneven amount. That anecdotal incident was apparently some other $27 million dollar settlement... not this one.

From what I read is that they are not bouncing, but not being "accepted" at some banks. The banks are trying to verify them and this issue has been corrected.

Still waiting for mine!

[TRfromillino]

surprised no one has mentioned that some of the checks actually bounced for awhile, because they forgot to put funds in the account...lol

[tobee43]

i thought that could be the reason as well floridagail, but according to this one person she said it all has to with the reasoning of why. again, who knows. she also said our check was not yet sent. i actually spoke this two people. the first one from rust just did the written scrip but the other person was handling chase "people" only.

colorfull was told aug, i was told july, so its sounds like none of us is really getting solid info.

[Floridagail]

Good news, We are in Florida and no check yet.

[freeme0215]

If you got a payment, what was the explanation for why you got the amount you did got?

I had citibank ..then they sold me to LBPS in October 2010, then LPBS changed to Seterus(not sure of date) I have not yet been foreclosed on. I did get from Citibank before they sold the mortgage notice of default and there was a lein placed, LBPS also did there Notice of default. I think, do not know for sure, but getting the minor amount...I would think...when you call Rust do they say how much you are getting???

Nothing yet

[justbroke]

Maybe this is a sign for those of us that haven't gotten ours yet, that the checks get bigger as they go

I do not believe it is a sign. It looks like, with my rudimentary math skills, that about 2,000,000 of the 3,500,000 people are going to get the smaller payments (based on the charts).

[Colorfulstom]

Called Rust Consulting to see if I could get anymore information. All they were able to tell me was that I will be receiving a check between now and August of 2013 and the check has not been mailed yet.

[tobee43]

what is the matter with these people.


your home was a HUGE capital loss believe me, i'll be deducting 3k for the next 50 years. there are ALL types of 1099s S, A, C so on and so forth. when it is a settlement for a loss i hate to say trust me, but trust me LOL!!!!!\

an example we got a 18k 1099S on damage the ten gas line did on our property, however, the damage totaled over 100k. we are still claiming the loss.

[goon]

Another update - http://www.occ.gov/topics/consumer-p...practices.html

4/17:
Checks cashed or deposited: 342,558
Total amount: $332,661,718

Average is slightly higher at $971
Maybe this is a sign for those of us that haven't gotten ours yet, that the checks get bigger as they go

Also as an FYI, not sure if it was this thread or another one that was discussing taxation of this settlement....

In reference to the primary payment

This is a lump sum payment that does not represent reimbursement of any particular amounts. The entire “Base payment” may be subject to taxation as income depending on the borrower’s individual circumstances. For checks in an amount of $600 or greater, the Paying Agent will report such payments as income to the IRS and appropriate state agencies and to borrowers on a Form 1099 MISC. The Paying Agent will mail this form to borrowers in the first quarter of 2014, according to the deadlines for mailing required by the IRS. The Paying Agent will not report a “Base payment” of less than $600 to the IRS or to the borrower, but the amount may still be subject to taxation depending on the borrower’s individual circumstances.

If you are getting additional monies "returned" to you (for example over paid interest) than that portion may be taxed differently or not at all.
But anyone getting $600 or more for their base payment is going to get a 1099.

https://independentforeclosurereview.com/TaxInfo.aspx

[tobee43]

Got mine today 2,000!

COOL!!!!!!!!!!!!!! burger king on sh1035 tonight!!! i heard they have a turkey burger now so i can eat there LOL!!!!

[sh1035]

Got mine today 2,000!

[tobee43]

just got off the phone with them. they said the checks are being issued categorically....i guess that means if the more the bank stuck it to you, it could reflect in the amount one rec's. i was also told it was the position you were with the foreclosure. interesting enough, being in a judicial state, the rules of the court were not followed during our process i.e. we rec'd a NOD as opposed to a NOI. now, what that accurately means, not a clue, although she did imply the greater the infraction the greater the pay out. don't hold your breath!