Arizonans Could Receive SunTrust Foreclosure Restitution

Arizonans Could Receive SunTrust Foreclosure Restitution

PHOENIX – June 1, 2015 – (RealEstateRama) — Attorney General Mark Brnovich reminds Arizona consumers that the deadline to file a claim form for a foreclosed borrower payment under the National SunTrust Mortgage (SunTrust) Settlement is June 4, 2015. Consumers who lost their primary residences to foreclosure by SunTrust between January 1, 2008 and December 31, 2013 may be eligible.

On September 30, 2014, the U.S. District Court for the District of Columbia entered a consent judgment between 49 state attorneys general, the District of Columbia, the Consumer Financial Protection Bureau and SunTrust. A portion of this settlement includes a payment to foreclosed borrowers who file valid claims. Rust Consulting is the claims administrator responsible for distributing the $40 million dollars in the foreclosed borrower fund to more than 48,000 borrowers nationwide.

The claims administrator sent solicitations to more than 2,500 Arizona citizens asking them to submit their claim form to verify eligibility for payment. Presently, only a portion of that 2,500-plus pool of foreclosed borrowers have submitted their claims and the Arizona Attorney General’s Office would like to see as many eligible Arizona residents benefit from this settlement as possible. This process is designed to be as simple as possible and does not require impacted consumers to pay a third party to help them file.

Notices went out to Arizona residents on March 6, 2015 and March 16, 2015. After the June fourth deadline, Rust Consulting will review the submissions for eligibility and divide the $40 million amongst those who successfully filed valid claim forms nationwide. Checks under this settlement are expected to be mailed in the fall of 2015.

If you are eligible to participate and have not submitted a claim, you may do so by visiting: https://nationalsuntrustsettlement.com/mainpage/ClaimForm.aspx or by returning the form you received via mail. If you are unable to submit your claim form through the website, need another claim form mailed to you, or have not received a claim form but believe you may be eligible, please contact the National SunTrust Settlement Administrator, Rust Consulting, toll free at 1-866-590-8532.

For more information, members of the media may contact Kristen Keogh at (602)542- 8019 or Kristen.Keogh (at) azag (dot) gov.

Contact: Kristen Keogh (602) 542- 8019 or Kristen.Keogh (at) azag (dot) gov

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