Rubber Check Time
Here’s a man who says he lost his home to foreclosure, though he never failed to make a single payment to his bank.
“I was working overseas,” said Allen Coltin, “and to my surprise, my bank sent me foreclosure letters. I called them. I screamed. I had an attorney scream and write letters. They foreclosed and made me hit the road.”
Colton has been waiting for a promised settlement. “I can sue them, but these guys are playing with monopoly money.” He has not drawn the monopoly card that says “The bank has made a mistake in your favor.” More like: “Go directly to jail. Do not pass Go.”
In the meantime, the “Big Five” in the banking business (B of A, Wells Fargo, etc.) made a settlement with the Feds and the States to pay out billions of dollars to people who similar to Colton, were victims of “foreclosure abuse.” The payouts have begun, but sadly, and perhaps not surprisingly, some of the payout checks are bouncing like rubber balls.
The official word from the banks: “No comment.”
The official word from the consulting company hired by the Treasury Department to handle the payouts: “Our employees are not authorized to speak concerning this matter. Therefore, no further information is available through our office.”
The official word from the Treasury Department: “Take a hike,” (according to one of the rubber-check recipients).
Granted, this is a complicated business. After all, the settlement money is $3.6 billion; being paid out to 4.2 million people, in amounts ranging from $300.00 to $125,000.00. What’s the likelihood the right check will go the right person, bouncing or not?
Guess who got a check for $300.00? Allen Coltin. “And it bounced!” he screeched. “Mine was supposed to be $125,000.00! I lost my house! Gaaa!”
On the other hand, we find the lucky ones. Here’s a woman who pulled a good monopoly card: “I just got a check for $125,000.00,” she said. “I had no idea it would be that much. I knew I got jacked around by the bank, but this changes everything!”
Here’s a man who got a letter from his bank stating his entire home loan was forgiven because “Our institution has been made aware of errors in the transference of documentation regarding your mortgage.” The man remains nameless, and all he said is, “Shhh!” and very quietly, “Yeehaww.”
As for Allen Coltin, he’s still looking for that Get Out of Jail Free card.
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