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Rust Consulting

Established Member

Rust Consulting

I was just wondering if anyone has gotten a letter from Rust Consulting? I got one last week and it stated that my previous mortgage holder, Litton Loan, was sued in a class action law suit. I googled some of the details in the letter and apparently some mortgage holders were foreclosing on homes when they should not have. I have to say that it feels great to know that mortgage holders are having to pay for their mistakes.

Message 1 of 9
8 REPLIES
New Contributor

Re: Rust Consulting

I received a post card last week as well. I had no idea this was going on.  I am curious to know how much I will be receiving.

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.
Message 2 of 9
Established Member

Re: Rust Consulting

I guess we will find out in a few weeks. Be sure to call and verify that your address is correct. I still can't believe Litton almost doubled my mortgage and then foreclosed and sold our $160,000 home for $35,000. 

Message 3 of 9
New Contributor

Re: Rust Consulting

Silly thought, but do you think that we will be able to purchase a home sooner than the allowed time due to unfair foreclosures?  Just thinking how my mortgage company did not work with me and sold my house for pennies on the dollars. UGH! Oh well time will tell. Smiley Happy

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.
Message 4 of 9
Established Member

Re: Rust Consulting

Our home was foreclosed on 3 1/2 yrs ago, so we are actually in the market to purchase a home now. Well, as soon as my score reaches 640. I read the original part of the deal was anyone that was involved with this review would have their foreclosure removed from their credit. I hope that is still the case.

Message 5 of 9
Highlighted
New Contributor

Re: Rust Consulting

Just read that 1.4 million checks are going to be mailed April 12. We'll see!  www.occ.gov

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.
Message 6 of 9
Regular Contributor

Re: Rust Consulting

There's actually a Facebook page on this if you're interested in tracking what people received from Rust.

 

Facebook IFR

 

Message 7 of 9
Member

Re: Rust Consulting

My dad actually just received his check from Rust Consulting regarding the mortgage settlement. I took it to the bank to verify that it was real. He never had to do anything, we just regular updates via mail on the status of the settlement. Check was only for $300. I thought maybe he might get another since he actually bought two homes during the time period, but I guess not.

Message 8 of 9
New Visitor

Re: Rust Consulting

My mortgage was serviced through Litton Loan I went on permanent disability and ended up using the Making homes affordable act to get a loan modification which to my suprise was approved.  My house payment including escrow was a decent payment as I was underwater in my mortgage.  Thing's were great until I received an escrow report for 2012 by housepayment went from 645 per month to 1, 999 per month.  I thought this was a program to make homes affordable?  No it wasn't I am on a fixed income $645 including taxes was perfect.  Litton never bothered to see if I could afford that much Litton paid my property taxes that were in arrears and assumed the loan would be added to the principle balance to make my home affordable.  Don't think they did instead I had a big fat negative amount in my escrow account.  There was no way I could afford that kind of payment THAT'S WHY I APPLIED FOR A LOAN MOD...I had to sell my home on a short sale and lost all the money I put into it and now I am broke, disabled and I received a piddly $300 for my troubles when Goldman Sachs who owned Litton received a BAILOUT...........talking about a slap in the face I feel like I have been hit by a mack truck!

Message 9 of 9