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Mortgage Settlement Checks Bounce

posted by Nathalie Martin

Remember the $3.6 billion settlement the government made with huge lenders accused of wrongful evictions and other abuses? Wronged homeowners are beginning to get their settlement checks in the mail, only to find that some of them bounce. That’s right. After more than two years of waiting for the checks, the first round of checks arrived last week, but the company chosen to distribute the checks, Rust Consulting, failed to fortify the account upon which the checks were written, Huntington National Bank in Ohio. Read the dealbook story by Jessica Silver-Greenberg and Ben Protess here.

Comments

Saw the first one today from a recently discharged Chap 13 Debtor. I wonder how difficult it would be to have them change the name on the check as the debtor was awarded the home in a Tx Divorce.... We will see...

I mean, really, you can't make this stuff up...

I don't know whether to laugh or cry. I assume that the homeowners are going to get charged bounce fees...

Bounced checks is only half the story. The other half is that homeowners are not getting the amount of money as noted in the payout grid. I should have rec'd $6,000.00 under the grid but only received $300.00. $300 is the least that you could receive. I was in a loan mod under HAMP, made 7 payments and then Wells Fargo returned all 7 payments in violation of HAMP and I did not receive a written letter as to why I was declined for HAMP. (To date, Wells Fargo has failed to provide this letter. A letter supposedly sent out in May 2010). Then Wells Fargo moved forward to foreclose on me and then I'm compensated with $300.00.

Just think of the revenue on 1.4 million NSF fees.

I also should have received at least 6,000.00. Got $500 and no word yet on whether our foreclosure will be rescinded. The whole system stinks....The last 2 years have been hell for our family :(

I also should have gotten $6000 according to the payout chart. I was denied for mortgage modification not 1, but 3 times and I filled out the original settlement paperwork. This whole thing is a bunch of S*%t. I figure the reason there is no appeals process is because a majority will be grossly underpaid vs what is stated in the settlement guidelines.

Typical obama lies. Nothing more then a slap in the face to the american people

I agree Obama have a answer for everything, most people are to stupid too see he only make corrections to the issues that don't matter. Yep I received my weak $500 check.

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