Borrowers, 4.2 million of them , who were involved in foreclosure proceedings with roughly a dozen lending institutions will begin getting payments this week, according to an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage companies.
The payment date of April 12 was announced in a news release Tuesday morning.
Cash payments of $3.6 million to borrowers whose homes were in any stage of foreclosure in 2009 or 2010 and whose mortgages were handled by one of the following companies – Aurora, Bank of America, Citiban, Goldman Sach,s HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Well Fargo – are included in this agreement that was reach earlier this year.
Reviews by federal agencies are continuing for those who worked with OneWest, Everbank, and GMAC Mortgage.
These payments, explains the Federal Reserve, will range from $300 to $125,000 and in most cases borrowers will receive a letter with an enclosed check from Paying Agent-Rust Consulting Inc. Some borrowers will receive a letter requesting additional information.
Most borrowers will have their checks sent April with some coming out in mid-July. Borrowers can call Rust at 1-888-952-9105 to update their contact information or verify that they are covered by the agreement.