Rust Consulting - People who are in active bankruptcy, no payment received or information.

TeaTyme

LoanSafe Member
Apr 29, 2013
46
1
0
I assume the bankruptcy cases has to be carefully reviewed due to Court requirements in handling these particular settlements. Unfortunately, I believe most of the bankruptcy settlements will mimic the lower amounts unless the review shows major foreclosure violations. Not sure but just a feeling.

Nope, still waiting .... grrrrrr
 

vhtheone

LoanSafe Member
May 20, 2013
60
0
0
I assume the bankruptcy cases has to be carefully reviewed due to Court requirements in handling these particular settlements. Unfortunately, I believe most of the bankruptcy settlements will mimic the lower amounts unless the review shows major foreclosure violations. Not sure but just a feeling.


According to the payouts on the Federal Reserve webpage remediation framework(4/9/13) the minimum payment for chapter 13 is 3,3750 max-62,5000 with only over 28,000 borrowers. thats not many out of 4.2 million....so if one is in active chapter 13 bk in 2009-10(with harmed mortgage included in plan) until now means $$$$$$... It looks like Rust is giving out mailing dates for chapter 13 on Tier 1 and Tier 2 looks like July 15, 2013 is the day the checks are going out. Also I've read those who had checks lost or mailed to the wrong address might have to wait until 12/31/2013....I've also read 32% of the checks havn't not been cashed. That is a lot of unclaimed cash....What will happen to the cash that is not claimed?? Sounds like a good homework assignment :nuts:.
 

Iamfiesty

LoanSafe Member
Apr 17, 2013
42
1
8
According to the payouts on the Federal Reserve webpage remediation framework(4/9/13) the minimum payment for chapter 13 is 3,3750 max-62,5000 with only over 28,000 borrowers. thats not many out of 4.2 million....so if one is in active chapter 13 bk in 2009-10(with harmed mortgage included in plan) until now means $$$$$$... It looks like Rust is giving out mailing dates for chapter 13 on Tier 1 and Tier 2 looks like July 15, 2013 is the day the checks are going out. Also I've read those who had checks lost or mailed to the wrong address might have to wait until 12/31/2013....I've also read 32% of the checks havn't not been cashed. That is a lot of unclaimed cash....What will happen to the cash that is not claimed?? Sounds like a good homework assignment :nuts:.
I hope we get a good payment... I had to file bk 13 in 2010 only to save my home..
 

jhn_plsn

LoanSafe Member
Apr 29, 2008
357
6
18
Riverside, Ca
Anything new with anyone? not with me.
Nothing here. It's not July 15th yet so am not betting on anything until then. Although I am surprised there has been no request for more info. Makes me wonder but not dwelling on it.

Also, the IFR was focussed on first mortgages, but I wonder if 2nds included in the bk13's are holding things up. I am a bit hopeful that the 2nds will be forgiven and lien removed instantly as part of another program we were not included in because of the bk13. I think it was a settlement from 2012 that took effect near the beginning of 2013.

I do hate not knowing, so don't get me wrong. I just choose not to dwell on it and call them to get the same response constantly.
 

jhn_plsn

LoanSafe Member
Apr 29, 2008
357
6
18
Riverside, Ca
According to the payouts on the Federal Reserve webpage remediation framework(4/9/13) the minimum payment for chapter 13 is 3,3750 max-62,5000 with only over 28,000 borrowers. thats not many out of 4.2 million....so if one is in active chapter 13 bk in 2009-10(with harmed mortgage included in plan) until now means $$$$$$... It looks like Rust is giving out mailing dates for chapter 13 on Tier 1 and Tier 2 looks like July 15, 2013 is the day the checks are going out. Also I've read those who had checks lost or mailed to the wrong address might have to wait until 12/31/2013....I've also read 32% of the checks havn't not been cashed. That is a lot of unclaimed cash....What will happen to the cash that is not claimed?? Sounds like a good homework assignment :nuts:.
I read this and thought it sounded great, but keep in mind that you had to be in BK(as stated) and illegal action had to be taken by the mortgage company. If you filed later you don't qualify for the bk category payout mentioned, but rather the amount where you end up categorized.
 

TeaTyme

LoanSafe Member
Apr 29, 2013
46
1
0
I also was in active bk in 2010 and harmed mortgage included in plan. I also submitted an IFR review. Recently, BofA removed the lift for stay and just recently offered me a mod. The funny thing is I received a Fedx'd letter today from BofA stating that I was ineligible for a mod based on the information that I gave them and therefore they "closed" my application. I NEVER applied for a loan mod nor have I given BofA information! How can you deny a mod based on no application, no information and then formally write a denial letter. This just supports my letter that I've been drafting to the Attorney General, OCC, Office of Mortgage Oversight, etc. BofA's letter will support my complaint that BofA has NO intention of approving certain mods although they are legally required to do so. I will continue to be an advocate for those that have been pierced from this illegal foreclosure nightmare.




I read this and thought it sounded great, but keep in mind that you had to be in BK(as stated) and illegal action had to be taken by the mortgage company. If you filed later you don't qualify for the bk category payout mentioned, but rather the amount where you end up categorized.
 

when will it end

LoanSafe Member
Apr 26, 2013
50
0
0
According to the payouts on the Federal Reserve webpage remediation framework(4/9/13) the minimum payment for chapter 13 is 3,3750 max-62,5000 with only over 28,000 borrowers. thats not many out of 4.2 million....so if one is in active chapter 13 bk in 2009-10(with harmed mortgage included in plan) until now means $$$$$$... It looks like Rust is giving out mailing dates for chapter 13 on Tier 1 and Tier 2 looks like July 15, 2013 is the day the checks are going out. Also I've read those who had checks lost or mailed to the wrong address might have to wait until 12/31/2013....I've also read 32% of the checks havn't not been cashed. That is a lot of unclaimed cash....What will happen to the cash that is not claimed?? Sounds like a good homework assignment :nuts:.
This is a good post, vht. Keep on keeping us informed.
 

vhtheone

LoanSafe Member
May 20, 2013
60
0
0
I read this and thought it sounded great, but keep in mind that you had to be in BK(as stated) and illegal action had to be taken by the mortgage company. If you filed later you don't qualify for the bk category payout mentioned, but rather the amount where you end up categorized.


Jhn according to the payment chart 28,287 borrowers fit in this catagory its a very small percentage. chapter 13 2009-2010 with harm from lender. remember lenders settled so there were no reviews just payment. its a small percentage because not many folks were able to maintain those trustee payments month to month from 2009-2010-till July 2013. The catch is the plan has to be active now to show the harm back in 2009-2010.
 

when will it end

LoanSafe Member
Apr 26, 2013
50
0
0
I just got a letter from my new servicer, NationStar (use to be BOA). "If you intend to retain the property and you are interested in loss mitigation opportunities, please contact our Bankrupcy Loss Mitigation representatives at 1-877-xxx-xxxx."

Any suggestions, before I call them?
 

TeaTyme

LoanSafe Member
Apr 29, 2013
46
1
0
Yes...ask them are they just going through court ordered protocol and scripted dialogue.....ultimately foreclosing no matter what the National Settlement banking procedures are....

I just got a letter from my new servicer, NationStar (use to be BOA). "If you intend to retain the property and you are interested in loss mitigation opportunities, please contact our Bankrupcy Loss Mitigation representatives at 1-877-xxx-xxxx."

Any suggestions, before I call them?
 

sandra l anderson

LoanSafe Member
Apr 19, 2013
108
0
0
Jhn according to the payment chart 28,287 borrowers fit in this catagory its a very small percentage. chapter 13 2009-2010 with harm from lender. remember lenders settled so there were no reviews just payment. its a small percentage because not many folks were able to maintain those trustee payments month to month from 2009-2010-till July 2013. The catch is the plan has to be active now to show the harm back in 2009-2010.
I was in BK 13 from 2008-2010 it was dismissed in like Sept 2010 and I redo my bk 13 in 2011. I had a 2nd mortgage and couldn't not make not only my morgage plus my second and what I was paying to the courts it got to be to much. I was able to strip the 2nd off in the 2nd BK13 filing so I don't have to worry about. My payments from my house are paid through the trustee along with anything that was owed. What is so ironic is that BOA sent us fedex packages to do a remodification and when we started and filed the 2nd BK they took us because we called for the "payoff" which the trustee needed and said we assume when we people call for the payoff the are going to pay off their morgage and I was talking to the BK dept at BOA. I have no idea what catagory I fall into. I am only anticpating $300.00 and no more than that.
 

TeaTyme

LoanSafe Member
Apr 29, 2013
46
1
0
Can you elaborate on the payment chart in terms of "with harm from lender"? What plan has to be active? Not understanding the terms of that payment category.
 

TeaTyme

LoanSafe Member
Apr 29, 2013
46
1
0
I BELIEVE JUST BROKE THE CODE! The first wave of checks were mailed out on April 12. You have 90 days from April 12 to cash the check. If you don't cash the check within the 90 days, the check becomes null and void! The IFR will know on July 12 how many checks were cashed and/or sent back as undeliverable, etc. This allows the IFR to know how much money is left in the settlement pool. Not sure if they will disburse the remaining monies to the folks that haven't received a payment. But the July 15 date I'm sure has something to do with the amount of money left in the settlement pool to disburse to the remaining parties.
 

jhn_plsn

LoanSafe Member
Apr 29, 2008
357
6
18
Riverside, Ca
Jhn according to the payment chart 28,287 borrowers fit in this catagory its a very small percentage. chapter 13 2009-2010 with harm from lender. remember lenders settled so there were no reviews just payment. its a small percentage because not many folks were able to maintain those trustee payments month to month from 2009-2010-till July 2013. The catch is the plan has to be active now to show the harm back in 2009-2010.
Still clear as mud. Are you saying that to be in the BK category one would have to have been in BK13 during 2009-2010 and remain active until the payouts? Maybe a read it wrong. What if a case were to have been completed and the discharge given? Harm was still done.
It does not make any sense that the plan would still have to be active at this point. I think the hold up is simply an attempt to make sure the individuals gain some benefit so the trustees don't just take the money. Although if in a 100 percent plan it will only speed up the plan. Maybe that could be something they are looking into. Could they skirt BK rules to allow for this to go against the bk13 plan, yet not add to the overall payout. Meaning if you are in a 50 percent bk13 plan you would stay at 50 percent and the payment would reduce the time in the plan. That would be nice.
 

CityGurl

LoanSafe Member
Apr 23, 2013
61
1
0
I emailed Jason at Rust - [email protected]. He responded within 15 minutes.
This record is marked for payment and is scheduled for 7/15, and we have received your W9. The mailing address is correct also. Thank you.

This is more information that I was able to receive from the call center.
 

TnGal

LoanSafe Member
Jun 3, 2013
16
0
0
I too am in BK and I haven't been given a check date other than all the remaining checks are being sent July, 15th. The original loan date was 6/2005. I went into foreclosure in 2008 but i was given a modification and started making payments again. There was a 2000 fee that started the loan off that wasn't put in the modification and I couldn't pay enough to keep the bal. current. The loan is with Countywide/Bank of America(the loan servicing has since been sold to Ocwen). But I believe Countrywide/Bank of America still owns the loan. I was foreclosed again in 2009 I was never offered a modification for my FHA backed loan. I eventually got to someone on their emergency response team, he moved the sale date and had me send him modification docs. I never heard back from him after that. I filed for BK the day before the sale date and my atty had to get a stay ordered to stop the sale. I filed for BK in July, 2010. On the Ocwen site, you can see copies of your loan paper work. I see the original note but not the "new" note that the has the modification information(lower interest rate and longer loan). I've seen some people post about lost loan paper work, does the modification constitute a new note. If they lost that, where does that leave me?

So I was a little incorrect. I went to the FreddieMac website and my loan is owned by them, since 2005. Countrywide serviced it, then it went to BOA, now Ocwen. BoA loan servicing is one of the 13 companies listed in the IFR website. Was there any special rules regarding these loans that the servicers were supposed to follow before foreclosing. Oh and I did fill out the IFR claim form last year and mailed it back before the first deadline. I've been waiting for this for a long time. They kept moving the deadline for filing, then the review deadline took forever, then canceled. Now this final wait. Doesn't anyone know a hacker that can break into emails so we can find out what's going on.
 

sandra l anderson

LoanSafe Member
Apr 19, 2013
108
0
0
So I was a little incorrect. I went to the FreddieMac website and my loan is owned by them, since 2005. Countrywide serviced it, then it went to BOA, now Ocwen. BoA loan servicing is one of the 13 companies listed in the IFR website. Was there any special rules regarding these loans that the servicers were supposed to follow before foreclosing. Oh and I did fill out the IFR claim form last year and mailed it back before the first deadline. I've been waiting for this for a long time. They kept moving the deadline for filing, then the review deadline took forever, then canceled. Now this final wait. Doesn't anyone know a hacker that can break into emails so we can find out what's going on.
How do you check to see if you loan with with Freddie Mac last year when BOA had to offer the 200,000 people refinancing I thought I would be one of them but when I called to find out they told me loan was with Freddie Mac/Fannie Mae since 2002 which I was not aware of the told me that I could do it but they were just the servicer. At that time we refinanced out house with an 80/20 so we could get rid of our PMI. We were originally with Countrywide until the sold it to BOA who than just sold it to Greentree. I didn't mail back my paperwork simple because they had sent me paperwork back in 2011 for a modifcation I made 1 payment went into BK13 and they took me out because I asked for the payoff for the trustee their excuse was when someone calls for a payoff we assume they are going to payoff their loan yeah that makes a lot of since since I was in arrears for $16,000.

We were part of the settlement with Countrywide for whatever that was for didn't realize until I got the checks.