Foreclosure relief checks reissued

Monday, February 23, 2015

Nearly 600,000 replacement checks are being mailed to homeowners whose homes were in foreclosure in 2009 and 2010 and who were entitled to receive some compensation to resolve the government’s Independent Foreclosure Review (IFR) of 13 of the nation’s largest mortgage servicers for faulty foreclosures.

Payments were mailed to 4.2 million homeowners in 2013 as part of the IFR compensation process. Eighty-seven percent of $3.6 billion in checks were cashed or deposited. However, about 600,000 checks were never redeemed and have since expired. Most checks were for a mere $300, but ranged as high as $125,000.

The Federal Reserve and the Comptroller of the Currency (OCC) directed Rust Consulting, the payment agent, to re-issue the outstanding checks and make renewed efforts to locate these borrowers.

Borrowers with any questions should contact Rust Consulting at 888-952-9105.