More Foreclosure Settlement Fiascoes: Rust Consulting Underpays Some Harmed Borrowers

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Rust Consulting, which handled the borrower mailings during the Independent Foreclosure Review and is now acting as paying agent, continues to screw up in every way imaginable.

Recall that Rust and the servicers were criticized by the GAO for producing borrowers outreach letters that were written well over the head of the average American and were deemed by the GAO to have made inadequate efforts to reach borrowers eligible for a review. After the settlement was reached in embarrassing haste and payments were determined in an arbitrary manner, Rust sent out checks that in many instances bounced. Rust also has made it cumbersome for recipients to provide current addresses (readers have reported receiving changing instructions, and apparently taking their lead from servicers, not processing completed forms). And we’ve wondered whether this incompetence is by design, since Rust’s current owner, private equity powerhouse Apollo, has deep ties to the residential real estate industry, and the firm is being sold to the venture capital arm of Citigroup.

The latest blunder: Rust sent out checks that were too small to some eligible borrowers. The Fed put out a press release with the not-exactly-forthcoming headline “Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley” (Deontos):

Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday . The payments are being made to correct an error by Rust Consulting, the paying agent, when the original payments were sent last week.

As Rust Consulting has announced, approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay. The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks.

The notice indicates that the 96,000 affected borrowers were out of a total of 217,000 who were set to receive payment from the two servicers.

The New York Times wrote up the incident. Unfortunately, it conflated the Rust error with the by-design inadequate payments:

What’s more, some homeowners complain the problem is broader than Rust has acknowledged. Jennifer Lawson, whose husband is on active duty with the Navy, said she was stunned when she received a check on April 19 for $600. Under the terms of the settlement deal, Ms. Lawson expected thousands of dollars in compensation for her foreclosure.

“First we are wrongfully tossed out of our home while serving this country and then we get basically no money,” Ms. Lawson said.

The problems have alarmed Capitol Hill and prompted investigations into the settlement.

“This is the worst settlement I have seen in my life,” said Representative Elijah E. Cummings, a Democrat from Maryland, who has opened an investigation into problems with the settlement, including the use of Rust.

As NC readers who’ve read the comments section on our posts on the IFR know, the overwhelming majority people who received checks deemed them to be too small. They either felt they were eligible for payment under a category with a bigger amount attached or found their payment to have no relationship to the sort of damage they’d suffered. And that is not a mistake.

Remember, there was no way for the banks to make payments based on actual harm. First, they never completed the reviews, remember? Second, even if they had figured out who was harmed, the amount agreed to be paid per bank was too small relative to the number of people who’d suffered. Recall the estimates from the Bank of America whistleblowers, of serious harm averaging 30% to 40% across the files they’d seen.

We’ve had numerous complaints from readers, with details, about why they should have gotten more. The Times has an example too:

But anecdotal evidence suggested that Rust had encountered separate problems, beyond Goldman and Morgan. Housing advocates point to the case of Ms. Lawson.

Under a federal law, banks are required to obtain court orders before foreclosing on active-duty members like Ms. Lawson’s husband. Some military members who were wrongfully evicted are eligible to receive up to $125,000 in compensation through the settlement. Ms. Lawson, whose home near Jacksonville, Fla., was sold at a foreclosure auction in 2010, said the “piddling amount” of $600 was an injustice.

Mr. Cummings, the congressman from Maryland, also notes that Rust does not include an explanation of what homeowners are owed under the settlement.

“Borrowers are not being told how their compensation under the settlement is determined,” he said, “so it’s impossible for them to know whether they are receiving the correct amount, which just adds insult to injury.”

Earth to Representative Cummings, this is well-meaning but obtuse. This failing isn’t Rust’s doing. It is fundamental to how the settlement was arrived at. The party to blame for the mystery and nearly always too small payment amounts is the OCC. And providing explanations along with checks was never part of the deal.

Determining who got what was inherently arbitrary. From our transcript of the April 17 Senate hearings on the IFR:

Sen. Menendez: Well, it’s a question that we’re going to look to work with you. I know that Congresswoman Waters also is joining us in this effort from the House side, and Ireally want to know that. Because if people went through harm, then at the end of the day you have to have the resources to address the harm. And to come to a figure that is defective, from my perspective, because you don’t have the sound science, so to speak, to make that determination, is at best a guess. Miss Goldberg, do you have any comment on that?

Ms. Goldberg, NFHA: I’d say it’s probably a low-ball guess.

Goldberg provided more detail in response later in the hearing:

Ms. Goldberg, NFHA: I’d like to correct one thing, Senator Merkley, which is thatwhen the independent reviews were stopped, the decision was made not to find harm, not to worry about finding harm. So the categories, as I understand it, the categories that borrowers were placed in for purposes of payments was based on how far along they had gotten in the loss mitigation process, or the foreclosure process, with their servicer. So the fact that a particular borrower was in a particular category wasn’t a reflection of whether they were actually harmed, but just kind of what stage of the process they had gotten to.

The Times does provide a good recap of Rust’s numerous lapses:

Once Rust issued the first round of checks in April, it failed to move money into the bank account used for the settlement. The decision prevented some homeowners from cashing their checks.

Rust played down the mistake at first, saying in a private e-mail to banks that the “perceived issues” with a handful of checks lack “merit,” according to a copy of the e-mail reviewed by The New York Times.

But, in effect, the checks bounced. And after the incident, Rust lost significant credibility with the regulators, officials said.

More recently, homeowners have complained about clerical errors at Rust, problems like checks sent to the wrong addresses or issued to deceased borrowers.

Norma Gammon, 54, said she thought things could not get much worse after her home in Evansville, Ind., was sold at foreclosure auction in June. But then she started dealing with Rust. After contacting Rust at least six times to update her address, Ms. Gammon said, she learned that the firm had sent the check to her foreclosed property. To receive another payment, Ms. Gammon has to fill out a new form. But Rust says the form has been sent three times, apparently to the wrong address.

“It’s so frustrating that I just want to cry,” she said.

Yves here. It’s important to stress that the perception of how good or bad service is is not a function of the error rate, but of what the organization does when it recognizes it goofed. People are forgiving if the company remedies the problem quickly and apologizes, and if the mistake is significant, provides some sort of concession as a way of making amends. Rust is just digging its hole deeper by going into denial and failing to fix its procedures. But of course, that assumes they care.

The only upside to this seemingly unending saga of stuff-ups is that it keeps the IFR fiasco in the press, which in turn reminds Congressmen and the public of how dreadful the OCC is. The best outcome would be to eliminate the agency or have its role curtailed severely. To help that along, if you’ve been shortchanged by the IFR process, let your Congressmen and local media know. The more heat, the better.

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  1. Fraud Guy- Also

    It flabbergasts me to see the NYT repeat Rust’s spin on the checks it bounced:

    “Once Rust issued the first round of checks in April, it failed to move money into the bank account used for the settlement.”

    The checks bounced. Period. Then, two paragraphs later, the Times partially concedes the point:

    “But, in effect, the checks bounced.”

    What is this “in effect” qualifier?

    This is a prime example of how the press uses supposed “objectivity” to tell “both sides of the story” when there really is no argument supporting the interests of the powerful whom the press is afraid to offend.

  2. 2little2late

    Honor among thieves? What a joke. The criminal, when asked what his punishment should be, will always choose banishment to Pleasure Island, paper umbrella cocktail in hand.

    Fuck each and every one of these lying bastards. They got my $450K house, which I hand hammered in place on a shiny hill, for $500. Such a deal. And the government watches and waits, content. Who needs an army to capture a nation these days? All it takes is connections, and fiat money.

    “….based on how far along they had gotten in the loss mitigation process, or the foreclosure process….”

    I endured five years in this process with a pretend modification that was never honored. I got $500. That’s $100 per year. Rust leaves tips larger than that. Ask harder questions Senators.

  3. clarence swinney

    Wendy’s changed projected cost per store from $25,000 to $5000 per year.
    Popeyes have had only 5% sign for it at only $2.50 per week.
    Low wagers will be forced to choose: pay the premiums or pay the penalty.
    January 14, millions will get affordable coverage for the first time.
    This should lessen the load and costs of emergency care.

    1. Lambert Strether

      Some “millions” (we’ll see) and not other millions. There isn’t even a pretence that ObamaCare is universal anymore. In fact, it’s systemically creating first and second class citizens (and third…. and fourth…)in every detail of its implementation.

  4. Anthony B Glazwicki

    Isn’t the entire check writing exercise proto-socialism?
    These are people who made a bet and refused to pay, this is something we might see in Venezuela, where handouts are provided to losers.

    1. just me

      Socialism for the banks and their designates you mean. They farm crime.

      With the excuse of providing a measure of justice to harmed homeowners for known widespread bank crimes and errors (and for only two years, 2009-10), the “independent consultants” hired by the banks under the imprimateur of the DOJ and OCC got paid about $20,000 for each of the 100,000 homeowner’s cases they had started to process (out of eligible 4+ million) before their plug was pulled — the same cases where the homeowners are now getting the few hundred dollars that you’re whining about. Bet the banks can’t wait to do it again, when the OCC and DOJ enable their crimes to pay off so fabulously and inoculate them from prosecution. What a return on investment! What a gift that keeps giving! And always we can blame those bad homeowners and socialism.

      If you try to put the whole system in your head at one time (which I do, not too well), by crashing the economy the banks got or cost us, what, trillions? But they did it via crimes. Now what? Well, then the DOJ and OCC and SEC settlements. And now you complain about socialism for the homeowners. Kicking them around will keep us occupied, occupied for a while. It’s so sweet! Laugh, applause.

      Meanwhile, nothing got fixed. It’s nice to think of it as a fraudcycle or a doom loop or a rube harvest, but that assumes that it will keep going round. Can it? There’s my question.

      1. sharon

        my husband left the state..leaveing me with house i couldnt pay for.thats why i had forecloser..but i have check with his name on it so i cant even try ro cash .i really could use 300.but most of u lost alot more then i did,im sorry for u

        1. Vivace 56

          What a JOKE theIndependent Foreclosure Review turned out to be!!! I received the application for a review and filled it out, being led to believe that our government might actually care about the millions of families who had their homes stripped from them by unscrupulous lenders and mortgage servicers. At a later date, I also received a notice stating that our foreclosure case was being reviewed.
          What a surprise to find out in March that the review process was being scrapped, and what a huge disappointment to receive a measly $500 and no explanation as to the wrongdoing committed. At this point, since I have no other recourse, all I can do is say a big THANK YOU to two very prominent mortgage servicers. THANK YOU, HOMECOMINGS FINANCIAL (ALLY), for placing an escrow account on our existing mortgage without any prior notice to us, forcing us into default on our loan, and very quickly selling it to AURORA LOAN SERVICES. And, THANK YOU, AURORA LOAN SERVICES, for offering us NO HELP WHATSOEVER and ultimately foreclosing on us. Through faith in my Creator, I know that when Judgement Day does come, those responsible for the mortgage mess will receive their own INDEPENDENT REVIEW.

  5. Johnny Fraudclosure

    Agree, let’s reveal this marketing ploy for what it is.
    Checks to pay off human rights, it’s done all the time.
    The billions of dollars that Banks allegedly earn for their shareholders are almost entirely a gift from U.S. taxpayers. Now that’s something we won’t see in Venezuela.

  6. tawal

    I believe it is even worse. BAC acknowledges that $125,000 is owed. But Rust deliberately only pays $600, pocketing the difference.

    1. Yves Smith Post author

      No, there are very specific #s of people who have been determined to get money in various amounts. The banks generated charts showing how many in which payout category.

      If the money is not all paid out after 2 years (the distribution time frame) Rust assuredly won’t get to keep it. Rust is a mere agent.

      The remainder will either go into state escheatment funds or be returned to the banks. The Fed and OCC are looking into this now. I suspect which happens will vary by state depending on the strength of that state’s law re unclaimed property.

      1. tawal

        Thanks for the reply, but I remain unconvinced of the transparency. Unless I see a list of those harmed and their current addresses, I call bullshit. It’s way worse than we imagine. All these fuckers keep multiple books. At least A. Anderson could disaggregate Enron. Citi’s hedge fund in the Caymans buying Rust’s parent … not a chance. Follow the money, good luck.

        1. Yves Smith Post author

          This isn’t Enron. This is simple payments. You think banks are gonna let someone like Rust steal from them?

          They are keeping a separate account. It’s a not hard data dump exercise to look at checks cleared and amounts. It’s a certainty the banks have audit rights on the payments.

          And Rust does this sort of thing all the time. They distribute class action payments too. If the firm steals or an employee tries embezzling, there are other firms in this game. They’d be toast.

          1. Lambert Strether

            So, the underpays, the address screwups, the general addition of insult to injury for those aleady harmed; what’s in it for Rust? I don’t believe incompetence as a theory. is it simple sadism? Are they incentivized to minimze payouts?

  7. Bravo

    Provide an explanation with the checks? Here you go….. “eenie meenie miney mo catch a tiger by the toe if he hollars let him go my momma chooses the very best one and you are not it.”

    1. Jeoff Lenders

      We just have to assume a good effort was made to determine a who a “harmed borrower” is. Keep in mind, these determinations are being made by a system of individuals who can’t understand what housing actually is, and never will.
      It’s a template of the absurd, but it’s comforting to suggest some benign process sorted the wheat from the chaff. It just never happened, not when they lined up a sucker for her signature, pretended to evaluate the victim to see if they had anything else worth suing for (HAMP) or they continue the multi-year marketing effort to cover up the fraud of the universe.

    2. sharon

      i would like to cash or at least try…should i call number to see if i can cash with just my id..or should i try to find ex to get his sig too

  8. Johnny Fraudclosure

    This isn’t check kiting, or fraud per se. But the FBI quickly swoops in to put an end to the horrors of inappropriate pornography, why then isn’t the FIRE sector front Rust under consideration for gross malfeasance?

  9. bittersweet

    What a weird experience to receive a check in the mail for my foreclosure. I did not claim malfeasance, but the check was VERY welcome. (I been earning about 1/8 of my prior yearly income, since the financial collapse in 2008.)
    Was it a mistake for me to even be included in this payout? I feel like hiding in case Rust tries to claw it back. What category did I fall under? Why did I receive a relatively large check?
    This morning, I finally found the OCC chart that shows the payout amounts.
    My foreclosure was initiated when I was in bankruptcy. According to the chart, I should receive $3,700.
    Instead, I received a check from Rust for $3000. What happened to the other $700? So, I am grateful, but confused.
    They must have paid me according to some other category. I have to conclude that the actual payout categories were applied randomly. If they audit Rust consulting, am I going to have to write a check back to HSBC?

    1. Cindi

      I too was in Bankruptcy when Wells Fargo Initiated foreclosure. I recieved $500.00 from Rust and I also filed for a review of my loan.
      I did the trial Modification made all my payments on time
      for 10 months , not the three months that was the original agreement.
      They denied my Modification 2 times before they finally approved it BUT my loan that I had had for 11 years was now again a 30 year loan and I owed 25K more than I borrowed in the beginning. The math just isn’t there. It was very frustrating to believe that Wells Fargo may finally have to pay for what they did to so many, to open the envelope and see $500.00. And the service men and women that lost their homes Seriously??? That really gets me and many others. Just plain wrong!

      1. bittersweet

        Well Cindi, I will jump in.
        It is a crime in itself that you received so small a check. As I said, their classifications must have been totally random!
        You really need to contact your Federal Representatives, the OCC, Rust and anyone else you can think of, and demand your payment according to the OCC chart!
        And I for one would like to hear what they tell you!

    2. tawal

      $700 here, $125,000 – $600 there. Pretty soon it adds up to big money. No transparency!

  10. Susan the other

    Everyone in the USA has been forsaken. They just want us to realize it in increments.

    1. diane

      yep, part of the algorithm is the fact that a high enough number of people be allowed to escape their neighbors fate (for the time being) and therefore: subconsciously wishfully believe, or arrogantly and openly believe, the neighbor must have made a bad decision with those Personal Responsibility Shoes.

      1. diane

        and who knows, as regards foreclosures, I wouldn’t be at all surprised that the Banks have backdoor software, to ensure they don’t make more than one hit at a time, on any given block of houses, in falsely accusing homeowners of late payments, and illegally setting up a forclosure process.

    2. just me

      Bar scene. Killing Them Softly. Brad Pitt is a hit man and wants to get paid. But now he’s being told his pay has been cut.

      Barack Obama (on TV): …to reclaim the American dream and reaffirm that fundamental truth, that, out of many, we are one…

      Guy at bar: You hear that line? Line’s for you.

      Brad Pitt: Don’t make me laugh. One people. It’s a myth… This guy wants to tell me we’re living in a community? Don’t make me laugh. I’m living in America, and in America you’re on your own. America’s not a country. It’s just a business. Now fuckin pay me.

  11. Rick Hauk

    tried calling your firm 3 times today with no responce back on my forecloser check I got in the mail for $1,000 reference number 1201996260. I do not know how you came up with $1,000 when I purchased my home January 2008 for a price of $525,000. I put $110,000 down on this home and with working in the auto business for 21 years the auto business took a hard hit later that year and then I was getting a divorced. I had a mortgage through citibank who assured me my remod was done, I made my monthly agrred payments on time for 9 months, not the 3 months they said would be needed. Long story shory they foreclosed my home, sold the house for $450,000 and poceted the $45,000 in equity and citi bank did not pay the 2nd mortgage off. Here I am 2 years later still paying a second mortgage every month because citi bank kept the profit of the home, and your company wants me to take a $1,000? I spent $40,000 fixing the home up with new windows, roof, stucco and made it my dream home. Now i am stuck with a 2nd mortgage, credit issues due to my forecloser. I cannot even get a replie back from your company.

    Richard Hauk

    1. Sean A

      Your story reads exactly like mine….wife,2nd mortgage,equity loss,payment schedule was setup,private aviation instead of auto….except my house was $120k and they sent me $600…WOOHOO

  12. francie

    House value now is 2012 is 60k,owe 151k due to all of the attorney’s fees that were added to this loan. In 2009 after going into foreclosure, paying Saxon 5000 and working with an attorney to get the modification, Saxon agreed on a payment with taxes included for $700.00, the next month when the statement came it was for $1400.00 and we were back to going into foreclosure again. During 2009 t from through April 2011 I was unemployed. Started calling the State of Ohio Attorney’s general office and sent the documents that I requested when they contacted me when they started the investigation and working with my Congressman. Finally in late 2011 we were able to finally get a loan modification. We received a check for $300. After following the chart and they said Saxon loans would receive more, I have spent more than the 300 in time and money from attorney’s fees and time and that includes lost sleep and other issues that went with this

  13. Jackson

    It was stated by the most recent notice that I read that those that suffered the least harm would receive $300 and those that suffered from a “complete foreclosure” would receive a minimum of $31,250. My question is, “What is the definition of a complete foreclosure?” Also, someone please explain what is meant by the term, “those that suffered the least harm.”

  14. Karen M.

    Who can we contact about this situation or who might be able to help?

    Here’s the story: My son and his then-wife bought a condo here in California. Subsequently they were divorced. He stayed in the condo but lost it in a Wells Fargo foreclosure action while he was working on a short-sale. She now lives in Louisiana. My son is here in California. He has been unemployed for over 2 years.

    About 2 weeks ago he received a $6000 check from the Independent Foreclosure Review process – the check came from Rust. It is made payable to my son and his ex-wife. They want to split the check 50/50.

    Here’s the immediate problem:
    1) His bank will not let him deposit the check as it’s payable to both of them and his account is not a joint account with her.
    2) He spoke to Rust and asked if they could issue 2 checks, 1/2 to her, 1/2 to him – and he would send the check he has back to them. They say no.
    3) He has been told the only way they can cash this check is for either she comes to Calif, they open a joint bank account, deposit the check & wait for it to clear, and then cash it. Or he goes to Louisiana and they follow the same process. Neither one of them are in a financial position to do this.
    4) The Fed Reserve Office of Consumer Complaints says there’s nothing they can do and to call Rust. He has called Rust several times. They won’t do anything.
    5) When he applied for the Independent Foreclosure Review he says the application did not ask anything about his marital status. If it had, this whole mess would have been avoided.

    There must be thousands and maybe even hundreds of thousands of people in this same situation – he can’t be the only divorced person trying to cash one of these checks. I feel as though it has been done this way intentionally so that the checks won’t/can’t be cashed. What if he didn’t know where she is or vice versa?

    Thank you for any thoughts you might have on this mess.

  15. cheryl vialpando

    I received $600.00. I owed $72,000.00 on my home. It was sold out from under me for $32,000.00. What a joke all of this is… I too was expecting so much more for THERE mistake. Now it sounds like we all are going to get screwed again on this so called national mortgage settlement. (I sent my reply and got a answer last year.)
    I found out last week that Rusk is apart of citi bank. All the banks are in on it. The OCC is paid by the banks. The banks are paying Rusk. It’s all one big circle….

  16. Manuela Carmona

    Why not review the Crooks RUST.. See where they sent all those billions their claiming they sent out!! Lol..,Frauds..

  17. Christina

    I had litton loan servicing and the foreclosed on my house that I owned for 14 yrs never offered a modification after losing the paper work 3 times, took my home in 7 months time a during which I filed for Bankrupcy hoping to slow them down and force them to acknowlege the possibility of a modification only to be locked out and thrown in the street like an piece of trash and to receive $3,900.00 when that chart they posted on the Internet for Goldman Sach Clearly States $ 38.750.00 for a completed forclosure, Hmmmm. check it out yourself the name is Christina Sebolt go to the Clark County Nevada Records I have nothing to hide at this point they already stripped away all the dignity and self righteousness I ever had…..

  18. Tiffany Kosa

    We got a check for $3k dated April 24th but according to the chart we should have gotten $25k. What can we do?

  19. Pilar Arrellano

    Spoke with Rust today. Chart said I
    Was owed 50000, they sent 6000. Reading off a script, Rust says over and over: NO APPEAL. NO REVIEW!! Suggested I sue Chase. Yeah right. Any further hope? Help!

  20. alexie

    i am still waiting for mine, dont know where it went to, i too was trying to get a loan modification, refinace,tried getting help from bank, did not want to talk to me.

  21. sharon

    I haven’t recieved any payment from Rust Consult.,Inc only a scripted speech each time I called. I have heard so many lies just to get me off the phone. I wish we had a group of attorneys to speak on our behave against these banks. Is there a group of attorneys that is willing to represent us?

  22. Sharon C.

    Amen to that! They wouldn’t give me a loan modification after doubling my payments from $900 a month to $1,700, while I was in bankruptcy. After that, they sold my home out from under me, without even warning me. They just came to my door and said, “get out we sold your home.” They stole my home (of 13 years) and said they would give me $31,000 to make up for it, but it really doesn’t. Then when I received the check it was $400. Why not just write me a letter that says, “we can do what ever we want, so just deal with it!”

  23. pat

    I received a post card over 2 months ago saying i was going to get a check three weeks ago I received a notice saying my tax info did not match and to fill this form out. i did and sent it back in. i also called and said i needed to change my address. i was told a form would be send and it would take about 10 days. 10 days to mail a form to change your address seriously ?????? anyway it has been 3 1/2 weeks now and 3 phone calls later and i still do not have the change of address form. i am appalled at the way this whole thing has been handled. this rust consulting firm is incompetent on a level that is hard to fathom.

  24. Lynn

    I filed a request for review back in the spring of 2012; my foreclosure was complete in the fall of 2012 and I was evicted; I received a trial modification from PNC before all of this and paid my trial payments on time; I have ALL paperwork, including timely delivery of the payment and trial modification paperwork they sent me. After paying the trial payments, I kept calling PNC asking when I’d received the conversion to a final and permanent mod. Six months later I got a form letter saying I was not entitled to a modification. I got a check for 2,000 this past April from this settlement. Funny, the paperwork with the check (attached to it) said I could call PNC for foreclosure prevention assistance. I was evicted in the fall and had to move despite 3 years of trying to save my how. The chart on say I am supposed to get 50,000. I don’t think there is any oversight or the bank (PNC) or Rust made a mistake or paid me much lower than I was charted to receive. Anyone know who to contact so this can be reviewed. The contact at rust in the PNC section was laughing when I called to ask what happened. She read off of a paper about how there is no appeal process which is says on the document they sent with the check.

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  26. Beth B.

    I feel for each of you – all of our stories are so similar. I cannot imagine why the banks couldn’t see this coming, I guess they were so busy seeing $$$$ they were going to make by selling our homes. Divorced mother w/three kids, ex has been on the run for 4 years avoiding child support payments. But we were surviving without his money until I lost my job in Feb 2007. I depleted my 401k & savings to pay my mortgage & bills. We changed our lifestyle, our treat was eating McDonald’s once a month, got rid of cable, had a few yard sales, only clothes shopped when absolutely necessary at thrift & discount stores. Called mortgage company (MetLife), who wouldn’t help until I was 4 mos behind, basically at risk for foreclosure. My money finally ran out & I tried to send 1/2 of the mortgage, which they would not accept. I finally got 4 mos behind & they started foreclosure. Gave me a trial modification (because I didn’t have a job) & delayed the foreclosure. I received 4 trial modifications, I made the payments on time. After 21 months, I got a job – making 1/2 of what I was before & immediately contacted MetLife asking for the permanent modification, since they couldn’t give me one before. Sent in all my paperwork, gave me another temporary modification, but $300 higher, this process lasted another year, sending in paperwork, waiting, only to not get a perm modification. Got another job, making 2/3 of what I was making originally, called MetLife & received another temp modification with the payment double of the original temp modification & $700 more than my mortgage. MetLife sold my mortgage to NationStar & during that transition, while I was still making payments on time – MetLife foreclosed. Was only after the mortgage was transferred & I called NationStar as they requested after their 60 day review, did they inform me that I no longer owned my home. Tried to get my home back, got evicted. Lost over $60k in equity. Filled out all of the IFR paperwork & have to date seen nothing but a tax form to fill out. I had hoped I’d get the $50k per the IFR agreement details, but after reading all the stories, I guess I’ll get a check for $300. Cannot believe the banks are getting away with this.

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