From The Settlement Comes (Some) Cash!

Well, for those of you awaiting some form of relief from the previously announced $9.3 Billion settlement on foreclosures between the Feds and 13 lenders, some cash is finally on the way. This cash does not cover all of the $9.3 Bn agreed upon, but only the cash payment portion of the deal. Beyond this there is still some sizable amount, about $5.7Bn of 'foreclosure prevention assistance'. Eligible homeowners will shortly receive a post card regarding their eligibility from the paying agent, Rust Consulting. This card will arrive in about 2 weeks, around the end of the month. About 4.2 million people are estimated to be in line for this, according to the Fed and the Office of the Controller, the federal agencies overseeing the implementation of the deal. This card will be followed in 4-8 weeks by further correspondence and the actual payment. If you think you're eligible or are unsure about your status, you can contact Rust Consulting at 1-888-952-9105. The banks and servicers covered by this payment program are: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo. There are three other institutions that were part of the original settlement that didn't agree to this payout program. They are Ally Financial, EverBank, and OneWest. Negotiations with them are still ongoing. For all those of you who had loans from the aforementioned institutions, or were serviced by same, not every loan is eligible for payment. So, a call to Rust is a good idea. In any event, good luck to you all.