Beginning on April 12th more than four million people will receive payments pursuant to a foreclosure agreement between the Office of the Comptroller of the Currency and the Federal Reserve Board with thirteen mortgage servicers. This agreement provides over three billion dollars in cash payments to borrowers whose homes were at any stage of foreclosure in the years 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. Most payments will be between $300.00 to $125,000.00. Eleven of the thirteen mortgage servicers will begin sending payments to the borrowers in several distributions beginning on April 12, 2013. The payments will continue until approximately July, 2013. We are still waiting on an announcement regarding when Goldman Sachs and Morgan Stanley will start distribution of their payments to the borrowers.
Borrowers will most likely get a letter enclosing a check. This letter is being sent by the Paying Agent-Rust Consulting, Inc. Rust Consulting may also send some borrowers a letter requesting more information. Recently, Rust Consulting sent postcards to the borrowers making them aware of their eligibility to receive this payment. Borrowers may reach Rust Consulting at 1-888-952-9105 to update their information or to verify their eligibility.
It is important for Borrowers to be aware of scams relating to this foreclosure agreement. If anyone asks a borrower to call a different number or to pay a fee to receive their payment do not do as they ask and report the call to Rust Consulting.
Receiving payment under this agreement does not prevent borrowers from taking any action they may wish to pursue related to their homes and/or the foreclosure suit. If you have questions regarding options to avoid foreclosure please contact me right away!
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