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This settlement is closed!
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SunTrust Mortgage Inc. has agreed to pay $500 million as part of a class action settlement with the federal government and the attorneys general in 49 states and the District of Columbia related to SunTrust’s alleged misconduct regarding its mortgage servicing and foreclosure practices. If you were a SunTrust borrower who was foreclosed upon between Jan. 1, 2008 and Dec. 31, 2013, you may be eligible for benefits from the SunTrust settlement.
SunTrust was accused of signing foreclosure documents without confirming the facts were correct. The mortgage company was also accused of signing the documents without having a notary present.
The SunTrust settlement will provide approximately $500 million in various forms of relief to eligible borrowers. Under the terms of the SunTrust settlement, approximately $40 million in direct payments will be distributed to foreclosed borrowers. The SunTrust mortgage settlement was reached in June 2014 and took effect in September 2014.
The SunTrust settlement administrator mailed Claim Forms to approximately 45,000 Class Members earlier this month. If you did not receive notice of the SunTrust settlement but believe you may qualify for benefits, contact the settlement administrator at 1-866-590-8532.
Who’s Eligible
Borrowers must meet certain minimum criteria to be eligible for payment from the SunTrust settlement:
- The loan must have been serviced by SunTrust at the time of the foreclosure sale;
- The loan went into foreclosure sale between Jan. 1, 2008 and Dec. 31, 2013;
- The borrower made at least three payments on the loan;
- The home was, or was intended to be, the borrowers’ primary residence at the time the mortgage loan was obtained;
- The borrower had a mortgage loan secured by a one-to-four unit residential property; and
- The unpaid principal balance of the first-lien mortgage loan did not exceed $729,750 for a one-unit property; $934,200 for a two-unit property; $1,129,250 for a three-unit property; or $1,403,400 for a four-unit property.
Borrowers who received a payment from the National Mortgage Settlement (involving Bank of America, JP Morgan Chase, Citibank, Wells Fargo, and GMAC/Ally) or the National Ocwen Settlement (involving Ocwen Loan Servicing, Litton Loan Servicing, and American Home Mortgage Servicing Inc. aka Homeward Residential) are ineligible to receive a payment from the National SunTrust Settlement.
Note: Borrowers from Oklahoma are not eligible for direct payments because Oklahoma did not join the SunTrust settlement.
Potential Award
Varies. The Notice Package, which was mailed earlier in March 2015, will contain a letter containing the minimum payment you are eligible to receive and instructions on how to file a claim. According to the SunTrust settlement website, eligible loans will receive a minimum payment of approximately $850.
If you did not receive a Notice Package but believe you may be eligible for benefits from the SunTrust settlement, contact the settlement administrator at 1-866-590-8532.
Proof of Purchase
N/A
Claim Form Deadline
6/4/2015
Case Name
United States of America, et al. v. SunTrust Mortgage Inc., Case No. 1:14-cv-01028-RMC, in the U.S. District Court for the District of Columbia
Final Hearing
N/A
Settlement Website
Claims Administrator
National SunTrust Settlement Administrator
1-866-590-8532
SettlementAdministrator@NationalSunTrustSettlement.com
Class Counsel
N/A
Defense Counsel
N/A
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199 thoughts onNational SunTrust Mortgage Settlement
Well it pretty sad that SunTrust did people this way I will never do business with them again. They sold my home on courthouse steps and the very same day they transfer my loan to a new company and at the end of the year they sent me a tax paper telling me file it on my taxes and I never done business with them. all you get is it’s fall they’ll be sent out in 2015 it is fall where are the checks suntrust didn’t drag along putting everybody out of their homes so why should they get the right to the drag this out getting the checks to the people that deserve them.
$850 hardly compensates for the tremendous impact foreclosure has had on our lives, including our credit score. Speaking of which–will Suntrust Mortgage be required to remove the foreclosure from our credit reports? That would be a great relief!!!
Yeah, I was surprised to see someone say they got a call and that checks had been mailed out. Is that perhaps for the Suntrust HAMP settlement or something? Rust Consulting, the administrator handling the settlement has shown a similar timeline across all the mortgage related settlements over the past couple of years, its almost always six months between when they first start gathering forms and payment. I will be shocked if we see anything before November. If you call the 1-800 number, they know nada. They give the same song and dance about it takes a long time to process the forms. What a load of garbage. They know from the start approximately how many claimants will return the forms, and how many employees they will need to process those forms in a timely manner.
I just called the number provided and they stated that as of now they have not mailed any checks out and do not know anything besides they will be mailed out in the Fall. Ridiculous, as it’s now fall and they have no date stil!
I received a call yesterday to verify my address(I moved) because my check was returned so with that being said some checked have already been issued not sure if it’s in alphabetical order but my first and last name starts with an A and I was also givin a 4 digit tracking # ..
Did you receive the check yet, if so was it $850 or more. The amount is based on how many actually filed for this claim…so we could get more than 850
My guess is that it will be in November. If you look at the amount of time it took between the deadline to turn in forms for the original National Mortgage Settlement and the IFR, (Independent Foreclosure Review), and the time they paid out, it was around five, six months. Same administrator handling this settlement, so I would be willing to bet it will take around the same timeline.
Well, December 21st is the first day of Winter. Hopefully, well get a check before then. Has there been any information out that I may have missed on payments?
Has anyone heard any new updates on when to expect checks other than the fall of 2015?
I too used all my savings/retirement funds to make payments to SunTrust save a home that was lost eventually to foreclosure. They have made it pretty clear that they are not going to determine settlement amounts individually. The mailing said the amount will be evenly divided, across the board. They gave the figure of $850 as a minimum, although it could be more, if not everyone in the settlement responded to the mailing. When they had the original National Mortgage Settlement back in 2013, (before SunTrust joined the settlement), they would up paying everyone around $1,400.00. My guess? This will be similar. I also am guessing it will be late October/early November when payments start going out.
I would like to know when these settlement checks are being issued and if they are using some of the extremely deceptive practices of Suntrust to determine the size of the settlements. I had been encouraged to try and keep my house even though I was getting those ominous foreclosure statements on a regular basis. So I kept paying. Starting working on a refinance package which they said would stop foreclosure. Then the suddenly floreclosed and I was out of my house — thank you very much for being gullible. Heck, I made no less than three payments of $3175 that I would have kept in the bank if I had known foreclosure was inevitable. And THEY knew they would only get that extra cash if they kept hope alive for a refi. LIARS!