California Real Estate Fraud Report

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More Hitches in Foreclosure Fraud Settlement to Consumers

Consulting firm, Rust Consulting Inc.,  which has been overseeing payments to former homeowners and the paying bank, Huntington National Bank, have made corrections in their systems, which resulted in consumers being unable to cash or deposit their checks due to non-sufficient funds (NSF). The payments to the 4.2 million borrowers were a requirement of the agreement between bank regulators and the 13 largest mortgage servicers.

Originally, Rust Consulting indicated that 1.4 million payments had been sent on April 12, some of which were unable to be cashed, but now says that $3.6 billion is available.

However, consumers were unable to cash or deposit their checks due to insufficient funds.

Rust has since corrected the problem and verified that $3.6 billion is available to be cashed or deposited.

In a press release, James Parks, senior vice president of Rust Consulting, said “We apologize to anyone who experienced problems trying to cash their checks. We are working hard and communicating with the banking regulators, the servicers, and other banks to ensure those issues are not repeated. We want to assure the public that checks we have mailed under the Independent Foreclosure Review Payment Agreement process are valid.”

Read the original article in National Mortgage News.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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