Taxes May Be Due on Mortgage Settlement Checks. Slap!

Double Whammy: Mortgage Settlement Payments Will Be Taxed (via Credit.com) If you are one of the more than 1.8 million people who have received a check from the Independent Foreclosure Review (IFR) settlement — or if you have one coming — don’t spend it all in one place. These payments are considered taxable income for … Read more

Mortgage Relief Checks On the Way and Being Cashed

Nearly 50,000 checks totaling nearly $50 million relating to the Independent Foreclosure Review Payments have been cashed or deposited as of close of business on Monday (April 15), according to officials at the Office of the Comptroller of the Currency. Borrowers with questions regarding payments should contact the Paying Agent—Rust Consulting, Inc. at 1-888-952-9105, Monday … Read more

Time Running Out for Free Foreclosure Review and Possible Compensation

People who were foreclosed on in 2009 and 2010 may be eligible for financial compensation from a settlement fund a number of banks have participated in. The problem is that with a December 31, 2012 deadline to get claims in for review, many may not be aware of this program. According to the official website … Read more

Doubts Spread About Independent Foreclosure Reviews

by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims … Read more

Foreclosure Victim Guide on How to Get Compensation You Are Entitled To

by Paul Kiel ProPublica, If you’re a victim of banking abuses during the foreclosure crisis, the government says it’ll make sure you receive compensation from your bank. It’s a simple idea. But for victims, determining who’s eligible, how to apply, and when you might get a check in the mail isn’t simple at all. So … Read more