REFUNDS being Issued by Rust Consulting?? for the OCC

[tobee43]

no check yet here i was all ready for some strawberry shopping. if it's big enough i bet i could buy a entire field of strawberries!

that's a lotta pies!

[NoMoreCards]

My ex got a check from them two days ago, 3000.00. Hope I get one too. He had boa.

[goon]

Interesting stats... as of 4-16,
207,287 checks have been cashed or deposited
for an amount of $200,468,532

The "average" of the checks cashed so far is $967

http://www.occ.gov/topics/consumer-protection/foreclosure-prevention/correcting-foreclosure-practices.html

[justbroke]

I have no check either. I like your thinking... perhaps they saved the best for last?

(Some people have received their checks.)

[Colorfulstom]

Well still waiting on the check. Just curious as to whether the all of the people getting the $300 checks get them in the first mailing and those getting larger amounts waiting until the second mailing and if the banks collect interest the longer they hold on to the money. Rust Consulting is in Minnesota. I wouldn't think it would take longer than a week to get checks if they mailed them out on the 12th no matter what state you lived in.

[justbroke]

Interesting...

Who decided who gets the money?

The banks and servicers. Federal regulators also checked off on the payments.

[Toby629]

Well, got the check today from Rust Consulting Inc for $300.00. The explanation given for the amount of payment, why you are receiving the payment is as follows: "Regulators determined your payment amount based on the stage of your foreclosure process and other considerations related to your foreclosure." Just sounded like a generic explanation to us. Most of the checks are for $300.00, not surprising, they just want to get the money distributed. It also says in the letter that "The payment amount is final. There is no process to appeal the payment." The $300 is what it is. Surprised really that anybody got anything at all.

[spidge]

I did not think the late 2012 card was legitimate either so I filed it in the recycle bin. So my concern of getting taken again will be rewarded with $300 rather than $500. Whoopee. Not much to begin with anyway. Week I tell ya.

Where is the smiley where I am getting the shaft you know where?

[justbroke]

Well, I agree with the sentiment that those who trusted a strange letter from "Rust Consulting" could receive 100% more than those who did not respond. I actually left the original letter on my bathroom counter for 2 months! I did not know if it was real, but I thought it may be real. I did not respond because I thought it was another of those $2.00 class-action lawsuit deals. I didn't want to get all my paperwork together for $2.

Hindsight is 20/20! If I qualify for the $7,500 automatic stay violation, then my ineptness will have cost me $3,750.

(They also never recorded my modification, so I wonder if that counts too? So many issues with my mortgage account, it's not funny!)

Now, back to "Check Watch" already in progress!

[spidge]

It bothers me that those who trusted the decision makers to do a review and be included in it, are rewarded for it. That trust is what got us into the mess. Not to take away from any money passed out to anyone, it just bugs. It was those decision makers (power brokers) who caused much of this.

I'm guilty of it too, as I was suckered in as many others were.

Stepping down now.

[Toby629]

justbroke, we fall in the same category as "lender attempting foreclosure while in bankruptcy" plus modification of loan, and one other one. Just hope we fall into this first mailing of checks.

[justbroke]

It would be interesting how they figure it out. If they look at mine, perhaps I fall into the category of the lender attempting foreclosure while I was in bankruptcy (although they filed a motion for relief!). I also fall into the modification approved category. Strange.

I did not file my paperwork during the review period which ended December 31 (2012). So, it looks like I'm entitled to half of whatever. I only wish I knew what "whatever" was, but it looks like at least $300 and maybe $3,750?

[Toby629]

I hope in the letter they explain how they arrive at our compensation. Looking at the categories listed in the link, I could see we fall in 3 categories, will be good to know how they arrive at our total comp check. Would be nice to get more than $300, but anything really is appreciated.

[justbroke]

The minimum is $300, so we should all be able to pay a bill or use it towards a mortgage payment. I wish I knew which category that I was in!

[spidge]

"Servicer initiated or completed foreclosure on
borrower who was protected by federal
bankruptcy law"

I wonder if this still applies if the home was surrendered in the BK (and they were granted a relief of stay).... if so I could be in for a nice big check... but I doubt it.

I guess we know who will be buying drinks.

I'll buy one round of beer during happy hour and whatever is on special.