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Mailing Checks To Consumers -- National Mortgage Settlement Version

Any reader of this blog knows that the Independent Foreclosure Review has been utterly bungled all the way down to bouncing checks. Not to be out-bungled, the National Mortgage Settlement is about to enter its payout stage. Unlike the IFR, the National Mortgage Settlement (NMS) required homeowners to submit a claim form to be eligible for a payout. 

The deadline for submitting a claim form was January 18, 2013. If you did not submit a form, then you are not eligible to receive a check. The minimum payment under the NMS is $840. According to the NMS website, most people receiving checks will likely receive more than this amount. It makes me wonder whether this is due to a high number of valid claims based on serious bank misconduct or whether it is due to a very small number of claims being submitted. 

Rust Consulting of IFR check-bouncing fame will be issuing the NMS payout checks in mid to late May. Individuals receiving checks may want to wait a few days to be sure that Rust puts the money in the correct checking account. 

14 Comments

We did not send claim form for the National Settlement, because in order to qualify for a payment under the settlement we would have to 1) be "on time" with payments and want to keep our home; or 2) have lost our home to foreclosure.
But, we were in court fighting for our truth-in-lending consumer right to withold payment until our debt dispute was resolved (fyi this right, and the Statute which provides for it, turned out to be toothless AND gumless), and we hadn't lost our home yet (nor could we sell it, and bank also refused deed-in-lieu).

So, I'll bet that the reason is that not many people filled out claim forms, because 1) there were so many people who were not "on time" (some people I know who needed/wanted mods were being told that they had to be behind on thier mortgage to get one) - and, if they already lost thier home, they may not have even received notice at their "new" address.

http://youtu.be/_j8JXsoRfRc

The National Mortgage Settlement is just as big of a fiasco as the IFR. This video shows the incompetent call center who reads from a script. This entire process of Rust Consulting is victimizing the borrowers all over again.
Did you know Rust Consulting is owned by Source HOV and Citi Bank owns Source HOV. No conflict there!

They claim to have mailed my check on April 19, 2013 and its May 16, 2013 I still havent received it. When I called in on April 3, 2013 they told me they would send out a form to issue a stop payment and reissue the check. I havent received that either. They have my correct mailing address on file and contact number. All they keep telling me to do is wait

The Independent Foreclosure Review is paying out different amounts to individuals. In the National Mortgage Settlement that is suppose to be paid mid 2013 is everyone getting the same amount? Does anyone know how the NMS process is administered?

Thanks, PsR

I think it's pretty telling that out of the entire settlement, the states all got their various million dollar amounts months ago, for them to attribute to "mortgage issue related programs" (how many of them actually did that...), and ultimately the settlement benefitted the mortgage companies, so basically the only component of that national mortgage settlement that hasn't yet occurred is the payment to individuals who lost their homes etc. All this fuss, and the people who were most harmed are the ones who are yet to receive one cent. How much do you want to bet that these NEVER get sent? My money is on that outcome. There will be some kind of event or situation that makes those payments not possible, or whatever. It's all more b.s. that we are supposed to all be okay with.


David Olavarria
Your check you received was it from the Independent settlement or the National ? And does anyone know when the National checks are to be mailed?

To the people who received checks already, that was for the Independent Forclosure Review, which is completely different than the National Mortgage Settlement we're talking about here. Under the National Mortgage Settlement, the checks have NOT been mailed yet (they are supposed to be mailed late May-early June 2013........the payements under the Independent Forclosure Review have already started going out (started 4/12/13 and should be completed by late July 2013)

Anyone heard an update at all about the National Mortgage Settlement? Says checks go out mid 2013 and it's mid 2013 now and I have not seen any new news at all?

Rust said they mailed my check out on 4/19 /2013 have not received yet called several times they was supposed to send a form out on 5/8/13 no form called back on reissued a form on 5/15 /13 no form what else can i do

I was not aware that I would have to submit another claim,however, it stated in the letter that if any additional information was needed then I would be contacted. I still have not been contacted. The last thing I heard was that checks would be mailed in mid 2013.

so,let me get this right? we should be getting a check from 2 different (Rust consulting and who)? received check in 1st week of june,no problem occurred, now im wondering if we should be getting check from other agency(settlement) national mortgage settlement? does anyone no?

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