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Rust Consulting Inc./BOA

Discussion in 'Bank of America Mortgage Help' started by faroff, Mar 20, 2013.

  1. faroff

    faroff LoanSafe Member

    I just received a notice from "Paying Agent- Rust Consulting Inc." in regard to BOA and states
    "You are eligible to receive a payment as the result of an agreement between Bank of America
    and federal banking regulators-the Office of the Comptroller..........." It goes on to say "You will
    receive a check or additional information about your payment from Rust Consulting within four
    to eight weeks." Says this payment is related to Independent Foreclosure Review.

    Everything I researched on this company,etc. seems legit. Has anyone else received anything
    like this? I was able to workout a permanent mod w/Boa so I have no idea if this is even relevant
    to me. Any ideas?
  2. shessocrafty

    shessocrafty LoanSafe Member

    Totally legit

    Got mine today too. This is for loans that were in foreclosure process in 2009-2010... BOA dumped us on Seterus in October of last year. I filled out the review in June of last year... a few months before that BOA had sent us a form that needed to be notorized pertaining to our in house loan mod that was completed in August of 2010. Super curious how many of these loans they sold off... We're working on a second mod with Fannie right now and am crossing my toes. I can't WAIT to see how much this check is going to be for. We were denied a HAMP or any other kind of assistance and I had to deal with the Office of the president. Funny thing is the payment amount was 1100 dollars on the paper work we signed and our first mortgage payment came and it said 1007.00. The numbers never matched up for us. So i'm SUPER curious what this is gonna end up looking like for us.

    But yeah this is totally legal. Even if you didn't complete the review they are supposed to be evaluating everyone's account who was in foreclosure at that time.
  3. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    Wow waiting for my golden envelope. Did it come in regular mail? Did they tell you how much you were getting?
  4. faroff

    faroff LoanSafe Member


    Yes it came in regular mail in postcard form with perforated edge to open.
    No it does not state how much you are to receive just to "watch the mail"
    "You will receive a check or additional information about your payment from
    Rust Consulting within approximately four to eight weeks."
  5. shessocrafty

    shessocrafty LoanSafe Member

  6. faroff

    faroff LoanSafe Member


    I'm very very curious myself. I know during that period BOA had me thinking I was completely bonkers.
    Like so many others I would fax the requested info,etc.,call and follow up only to be told they never
    received anything! Finally had to go the Office of the President,thanks to this great forum, to get
    mod and now permanent mod. It would be nice to receive a substantial check after the craziness
    of that period,not to mention the stress!
  7. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

  8. shessocrafty

    shessocrafty LoanSafe Member

    Yeah That's in the PDF... I have NO idea where we fall on that though I would put me in the 2500 category... LOL that's what i'd like to get from those jerks. I've heard rumors around that the lowest will be 500. We actually filed for a review and i have NO idea if one actually happened or not.
  9. Jeffrey L. Shurtliff

    Jeffrey L. Shurtliff LoanSafe Member

    THe OCC settled with the banksters for 3.8 billion to be paid to 4.2 million people.
  10. shessocrafty

    shessocrafty LoanSafe Member

    I'm being realistic here... If it ends up being over 500 i'll be happy. But I don't trust anyone at this point lol.
  11. Evan Bedard

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

    Wow are we finally going to see some payouts from the Independent Foreclosure Review?? Please keep us posted on this guys we have been waiting a long time to see if anything would come from this settlement...
  12. MJY1966

    MJY1966 LoanSafe Member

    I got my card today as well. I think I fall somewhere in the $2000 to $2500 range with a outside chance at the $10K.

    I am over 3 years into the mod process. I have sent some of the forms 4 or 5 times over. Monday I got the request fedexed to me from BOA asking for the 4506-T which I have sent on 5 occasions all ready. They had rejected me saying I didn't send it, I sent it again along with copies of three previous submissions of it with fax and fedex tracking confirmations.
  13. xevets

    xevets LoanSafe Member

    Got mine today, thing is I was never foreclosed on : |
    I was in a foreberance plan, when Bofa decided to try and foreclose on me. I fought it and got a reversal, but they tacked an additional $28,000 on the back end of my loan, all for some bogus lawyers fees. Now since they admitted they screwed up will I see that money wiped clean or what?? I cant wait... Right now I'm 15 months of a strategic default in NJ because of this very descrepency on my mortgage. No NOD yet, nada,..... I'm making some popcorn now, this is gonna be interesting.
  14. shessocrafty

    shessocrafty LoanSafe Member

    you don't actually have to have been foreclosed on... you just need to have been in the process and the forbearance foreclosure IS one of the categories. I'll be interested to know how the payments are going to break down on this. I was really interested in the results of our review. Nothing ever made sense with them. It's like they pulled imaginary money out of the air. I'm pretty sure we should have qualified for a HAMP but that was NEVER mentioned to us.
  15. faroff

    faroff LoanSafe Member


    Hmmmm---- I wonder if possible I might fall under category 1. SCRA Violation. I sent all requested paperwork during that
    period that never was "received". Then I got foreclosure notices, even got to auction dates on more than one occasion, only
    to receive a stay of relief. Then fast forward to this wonderful forum and I found Office of the President and finally got our
    permanent mod and "normal status". However this mortgage is still not on my credit report??? Curious.
  16. Colnago NJ

    Colnago NJ LoanSafe Member

    I think that there is a mixture of good and potentially bad information on this thread so far.

    The good info is that this Rust Consulting seems to be in charge of dispersing the settlement funds. I, too, received the card in the mail today. This jibes with the news I've read. See

    Independent Foreclosure Review. $3.3B Settlement Fund Awaits Payment Plan | ecreditdaily.com

    What I see as bad info pertains to the link above to the financial remediation framework. That framework was dated BEFORE the settlement which ended the reviews. That framework is dated 6/12 and the settlement was 1/13. I do not believe that the 6/12 document is the current payout framework. In fact, I do not believe that the new payment framework has been finalized. The reason behind the new settlement was to eliminate the reviews. How would they know how much to give you using the June 2012 framework if they haven't reviewed your case, and have no intention of reviewing any more? That is what leads me to believe that they are probably going to give everyone a flat settlement amount.
  17. Evan Bedard

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

    Your mortgage was discharged through BK correct? A loan modification will not reaffirm a mortgage after BK as a refinance will so it will not be reported to the bureaus.
  18. faroff

    faroff LoanSafe Member

    Hi Evan- No I never did receive a discharge.
  19. faroff

    faroff LoanSafe Member

    That is what leads me to believe that they are probably going to give everyone a flat settlement amount.


    Well I guess a flat settlement is better than no settlement! :)
  20. shessocrafty

    shessocrafty LoanSafe Member

    Uh the only reason i posted that is it IS the only framework put out. I don't think its possible to go by that framework with 4.2million people. That would just be silly don't you think? But It IS my understanding that they are using the same categories... and this is the main reason i am wondering if you would fair better if you DID fill out the paperwork prior to December, for the review. I don't think anyone here has any idea what the payment amount would be or we wouldn't be posting here :)

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