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independent foreclosure review

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by shelleyils, Mar 21, 2013.

  1. shelleyils

    shelleyils LoanSafe Member

    Just curious about this. We got a postcard thing in the mail from a place called rust consulting. It mentioned something about we were eligible to receive a payment as the result of an agreement between chase and federal banking regulators. It goes on to say something about the deficiencies in the mortgage servicing and processes of jpmorgan chase. Does anyone know what this is, or is this just some sort of scam? What sort of payment are they talking about?
  2. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    It is real go to the website listed on your card and read about it.
  3. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

  4. cwooley

    cwooley LoanSafe Member

    Yes, it's real. It's the result of the Independant Foreclosure Review. Rust Consulting is the contracted consulting firm that was processing the reviews. I filed for a review right before the deadline. I received a letter confirming my request for a review...right before they reached the settlement. The letter had a phone number for any questions. So, I called it and was transferred to a Chase Bank reviewer. They explained the whole new procedure. Everyone who had a foreclosure started during 2009-2011 is being considered for a payment from the settlement. Homeowners will still qualify even if they didn't request a review. However, the big change is that the consulting firm is no longer conducting the reviews. It is now being left up to the banks to review everyone on their own and decide what catagory you fit into...this will determine the payment amount.

    At the time I called, which was early March, they were still working out the details and payment amounts. Rust Consulting explained that they would be handling everything and if they need more information, they will be contacting the homeowners. They will be doing the final reviews after the bank determines who qualifies for payments.

    I received my post card today, as they informed me. If it goes according to plan, then we should expect either a request for more infomation or a check in the mail. And that's it. If we want to proceed with further legal action on our own...we can. Taking the settlement payment isn't supposed to cause a conflict with other legal action.
  5. woofy123

    woofy123 LoanSafe Member

    Hi, ShelleyILS,
    It is legitimate, I got mine yesterday. WF really screwed me over back in 2010 and I documented everything. Of course, they kicked me and my kids out, for years my ex and I had paid down the loan, so there was equity in the house. They sold the house for 1/2 what it was appraised for, go figure. Life is good now, I am now renting until my youngest leaves home to go to college and have inherited an awesome house on 68 acres of land in Pa. my grandmother(bless her!) bought for $500.00 cash. Anyhow, this is legitimate, I still get irritated about what happened, but figure it took the cigarette industry years to pay up, so I have been patient.
    1 person likes this.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hey Woofy,

    That is very unfortunate you lost your property with double equity then what your home was worth. But everything happens for a reason and I'm sure you will love your grandmothers house and will have years and years of fond memories to come:) I'm sorry to hear your grandmother past away and mine did also about a year ago due to a heart attack. I hope you all get a nice chunk of change from the Independent Foreclosure Review, this is the LEAST they can do after all the struggles you have been through the last few years..
  7. kriptik

    kriptik LoanSafe Member

    I got the letter today. I know I have to go to the site but what the hell??? i cant see anything good that will come of it. What? I $20 check? The letter says I'll receive a check or additional info.I get nervous when I see Federal Reserve on anything. guess I got some research to do!
  8. In GA

    In GA LoanSafe Member

    I got a post card too - I am wondering about it and how it will be applied to my situation since 2009-2010 was a bad time for our family (husband out of work) Litton started the foreclosure process 4 times during that period - after the first time they filed the robo signed assignment - I am not sure how I fit into the plan once my husband got a job we finally got a mod - but in-house with Litton NOT a HAMP - it increased my unpaid principal balance quite a lot - I could not get a breakdown from them on how they reached that total...will be interesting to see if we get a check - I have told new Servicer many times in certified letters I questioned the servicing and accounting of my loan while with Litton...and with Fremont before that...but that is another topic!
  9. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Federal Reserve Bank Important Update

    On March 18, 2013, more than 4.2 million people were sent postcard notices about payments they will receive as a result of an agreement between federal banking regulators and 13 mortgage servicers. For more information, please call 1-888-952-9105, which is the number for Rust Consulting--the Paying Agent--that is printed on each postcard.

    Watch out for scams. Beware of anyone who asks you to call a different phone number than the number above or to pay a fee to receive a payment under the agreement.

    For borrowers with mortgage loans with the following servicers: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo,1 see: Payment Agreement.

    For borrowers with mortgage loans with the following servicers: EverBank/EverHome Mortgage Company, Financial Freedom (OneWest), GMAC Mortgage, and IndyMac Mortgage Services (OneWest), the Independent Foreclosure Review process continues.

    FRB: Independent Foreclosure Review
  10. gonzo1102

    gonzo1102 LoanSafe Member

    Good Day Everyone ~

    We finally got our Loan Modification last year, however, BOA did include an additional $76K to our balance to absorb their costs for Attorney, Foreclosures Process, etc... I was very SURPRISED when I received a post card yesterday from Rust Consulting stating that we were eligable for money through the Foreclosure Review Settlement?! I thought it was a scam, but after reviewing the 3 websites that were listed on the card, it seems very real! I am very interested to see what "category" we fall into.

    I was reading another thread where a member posted, "in their opinion" since the review processs has ended, that they antipicate everyone may receive a flat settlement across the board. It will be interesting to see how this all plays out! I am just glad that the Banks are not getting away with this! There has been so many people impacted; some completely innocent, while others of us fell behind to no fault of our own; job lose, illness, etc....! In my opinion, the BANKS really did DROP THE BALL with not willing to help any of us!! I am glad that they have to pay!!!! Today, in my town, We still have quite a bit of homes vacant, and I saw 3 the other day that now have a "Sheriff Sale" poster posted to the doors...it's so sad... you work hard to live the "American Dream" just to have it rip away from...it's heart wrenching, but for those of you that are still in this whirlwind, hang on tight! You will get get there.. it was rough 3 years for me and my family, but, our story finaly came to a happy ending! Stay strong and don't give up!
  11. Jennifer Ashcraft

    Jennifer Ashcraft LoanSafe Member

    Yea quite a few people apparently got the same card, myself included. I read the posts in the Rust Consulting topic on here as well. I cant imagine what kind of payment they think is going to make up for throwing people out of their homes..
  12. kriptik

    kriptik LoanSafe Member

  13. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    I concur. Even if you get the grand prize it will not replace your house. Many are mad but majority have not complained, as per 90,000 after three extensions only filed for review. There are 4.2 million.. However; the GAO will probably intervene as there must be accountability in this and there is none. It will take awhile, but justice must be dealt out and this is some form but not complete. We are a Nation of Law and Justice and it this fails it will hurt us as a Nation. The whole world is watching.
  14. kriptik

    kriptik LoanSafe Member

    Thanks for giving my comment some weight Jeffrey L. I'll be watching this closely and I hope some real good comes out of it.
  15. StellaBee

    StellaBee LoanSafe Member

    I received the postcard as well, and it will be interesting to see what happens. We were foreclosed on while waiting months to hear a decision on a mod (same drill as others...sent the same paperwork in several times, called weekly, called the exec's office, blah blah.) We were told that because we notified Chase of upcoming financial issues months ahead of an impending job loss, our case would be put in the new "Imminent Default" department. So much for trying to be responsible. Never got our mod, and were foreclosed on. I don't have high hopes of a big check. But, part of the remedy for the payment categories in the Independent Review was that Chase would report a correction to the credit agencies.

    I have read many articles on this new cash settlement and haven't read any mention of the credit corrections. This is very important to me as I have worked very hard on repairing my credit and have been successful, except for this Chase account.

    I was wondering if any of you have seen anything regarding the credit corrections?
  16. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    In the Original Framework some categories required remove of foreclosure from your credit. The 11 step waterfall current framework is from the Washington Post and it is not on the official OCC or Fed site. One can only speculate.
  17. TooBee

    TooBee LoanSafe Member

    we also rec'd it. however, for us the mortgage was included in a bk, and we haven't lived in the house for over 5 years, and it is still not foreclosed on by chase. so i'm not exactly certain what they are after with us.
  18. jhn_plsn

    jhn_plsn LoanSafe Member

    <SCRIPT type=text/javascript><!--google_ad_client = "pub-9439165354589625";/* 300x250, created 2/8/11 */google_ad_slot = "8856379718";google_ad_width = 300;google_ad_height = 250;//--> </SCRIPT><SCRIPT type=text/javascript src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> </SCRIPT><SCRIPT src="http://pagead2.googlesyndication.com/pagead/js/r20130319/r20130206/show_ads_impl.js"></SCRIPT><SCRIPT src="http://pagead2.googlesyndication.com/pagead/render_ads.js"></SCRIPT><SCRIPT>google_protectAndRun("render_ads.js::google_render_ad", google_handleError, google_render_ad);</SCRIPT><IFRAME id=google_ads_frame4 height=250 marginHeight=0 src="http://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-9439165354589625&output=html&h=250&slotname=8856379718&w=300&lmt=1364180241&ea=0&flash=11.6.602.180&url=http%3A%2F%2Fwww.loansafe.org%2Fforum%2Fbank-america-home-loans%2F71535-rust-consulting-inc-boa-2.html%23post471485&dt=1364180241228&shv=r20130319&cbv=r20130206&saldr=1&prev_slotnames=7810522417%2C6478194583%2C8856379718&correlator=1364180240685&frm=20&adk=1688277734&ga_vid=1308012890.1364141250&ga_sid=1364179736&ga_hid=243380375&ga_fc=1&ga_wpids=UA-21403085-1&u_tz=-420&u_his=4&u_java=1&u_h=614&u_w=1093&u_ah=614&u_aw=1093&u_cd=32&u_nplug=0&u_nmime=0&dff=verdana&dfs=13&adx=211&ady=7721&biw=1090&bih=611&oid=3&ref=http%3A%2F%2Fwww.loansafe.org%2Fforum%2Fsearch.php%3Fsearchid%3D1045475&docm=7&fu=0&ifi=4&dtd=64" frameBorder=0 width=300 allowTransparency name=google_ads_frame4 marginWidth=0 scrolling=no></IFRAME>
    <!-- google_ad_section_start -->I do hope the pennies thrown around help us in some way, but it will likely be very short term (little money). Although, we can only speculate at this point.

    If I do get a check it's just something else I get to send to the CH13 trustee, but if my 2nd who did not file a claim in my BK decides to just forgive the loan and remove the lien then we could change to a CH7 and be done. That is the most I could hope for from what I have read. Unless this and the tougher foreclosure protections of 2014 will motivate my first mortgage holder (US Bank) to modify my loan further.

    We'll see.

    I look forward to reporting back any good news here, but I am so numb to it all anymore I won't even take a breath for it.<!-- google_ad_section_end -->​
  19. woofy123

    woofy123 LoanSafe Member

    Thanks, Evan.. my grandmother passed several years ago, and always said keep it in the family. My mother moved in there and passed in January, 2011. She always said keep it in the family. so now my sister and I own it, and we say , well, keep it in the family. Yes, I am hoping I will get a large chunk, I was smart enough to save all correspondence. It's funny, WF had the smarts to send a tax document in January 2011, saying what the house was worth and what we had paid on it.
    Yes, everything happens for a reason, but I believe I have had enough character building, thank you and really don't care to have any more, lol.
  20. razmik

    razmik LoanSafe Member

    I got one of those too and waiting to see what kind of payment they send to me. It may be a $10 check or $100,000 we don't know. When I get it I will post

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