More than four million borrowers will receive payments beginning on April 12th pursuant to a foreclosure agreement reached last year between the Office of the Comptroller of the Currency and the Federal Reserve Board with thirteen major mortgage providers. This agreement will distribute over three billion dollars in cash payments to borrowers whose homes were involved in the foreclosure process in 2009 or 2010 and whose mortgages were serviced by: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo or their subsidiaries. The payments will be anywhere between $300.00 to $125,000.00. Most of the mortgage providers will begin sending payments to borrowers beginning on April 12, 2013. The payments will continue until approximately July, 2013. Goldman Sachs and Morgan Stanley have not made an announcement regarding when they will start distribution of payments to borrowers.
The payments will be sent to most borrowers in the form of a check with a letter. The letter will be sent by Paying Agent-Rust Consulting, Inc. Rust Consulting may also send certain borrowers a letter requesting more information to determine eligibility. Rust Consulting has already sent postcards to the borrowers making them aware of this payment. Borrowers may reach Rust Consulting at 1-888-952-9105 to update their information or to verify their eligibility.
If you are a borrower and are eligible for this payment it is important that you be aware of scams relating to this foreclosure agreement. If anyone asks you to call a different number or to pay a fee to receive your payment do not do as they ask and report the call to Rust Consulting.
For your information, receiving this payment pursuant the foreclosure agreement does not prevent you from taking any action you may wish to pursue related to your home and/or the foreclosure. If you have questions regarding options to avoid foreclosure please contact me right away!