Mailing Checks To Consumers -- National Mortgage Settlement Version
Any reader of this blog knows that the Independent Foreclosure Review has been utterly bungled all the way down to bouncing checks. Not to be out-bungled, the National Mortgage Settlement is about to enter its payout stage. Unlike the IFR, the National Mortgage Settlement (NMS) required homeowners to submit a claim form to be eligible for a payout.
The deadline for submitting a claim form was January 18, 2013. If you did not submit a form, then you are not eligible to receive a check. The minimum payment under the NMS is $840. According to the NMS website, most people receiving checks will likely receive more than this amount. It makes me wonder whether this is due to a high number of valid claims based on serious bank misconduct or whether it is due to a very small number of claims being submitted.
Rust Consulting of IFR check-bouncing fame will be issuing the NMS payout checks in mid to late May. Individuals receiving checks may want to wait a few days to be sure that Rust puts the money in the correct checking account.