News from our Partners-1

News from our Partners

Please alert your community that the check arriving in the mail next month is for real. Mortgages servicers will be sending $3.6 billion in cash payments to borrowers who were in foreclosure in 2009 and 2010.

Payments will range from a few hundred dollars to $125,000. Consumers may also be eligible for mortgage modifications — even if they’ve been turned down before. These funds replace the Independent Foreclosure Review process, and are the result of a settlement between regulators and 10 mortgage servicers. (Participating servicers are Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.)

Borrowers will receive a letter from Rust Consulting in March explaining the process. Actual checks will be mailed in April.

Consumers should direct all questions to Independent Foreclosure Review at (888) 952-9105.