REFUNDS being Issued by Rust Consulting?? for the OCC

[justbroke]

Interesting...

Who decided who gets the money?

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

[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]

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

(Some people have received their checks.)

[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

[NoMoreCards]

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

[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!

[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!

[sh1035]

Got mine today 2,000!

[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!!!!

[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]

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.

[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.

[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).

[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

[Floridagail]

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