Foreclosure Review Payments Near Completion

Foreclosure Review Payments Near Completion

08/05/2013 BY: ESTHER CHO

In its latest foreclosure review payment update, the Office of the Comptroller of the Currency (OCC) announced nearly 3 million people have cashed or deposited foreclosure review checks as of August 1. The payments are valued at more than $2.6 billion.

In addition, almost all of the 4.2 million relief checks have been sent, with about 37,000 remaining checks scheduled to go out later this summer.

The payments were issued as a result of foreclosure deals reached between federal regulators and 13 servicers. The 13 servicers in the settlement agreed to provide $3.6 billion in payments to borrowers whose homes in any stage of the foreclosure from 2009 to 2010.

Recently, GMAC Mortgage also struck a similar agreement with regulators, adding another $230 million for 232,000 borrowers.

The OCC also stated the checks have a 90-day expiration date to prevent fraud, which means the checks that were sent out during the first wave back in April are reaching expiration. Borrowers with expired checks can contact Rust Consulting, the paying agent, at 1-888-952-9105 for reissued checks.

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