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Released: April 18, 2013
Mortgage relief checks go out, only to bounce
Source: Jessica Silver-Greenberg & Ben Protess, N.Y.Times (Free Registration)
When the bank account is running dry and the mortgage payment is coming due, the phrase “insufficient funds” is the last thing you want to hear. Now imagine hearing those two words when trying to cash a long-awaited check from the same bank that foreclosed on you.
Many struggling homeowners got exactly that this week when they lined up to take their cut of a $3.6 billion settlement with the nation’s largest banks — lenders accused of wrongful evictions and other abuses.
It is unclear how many of the 1.4 million homeowners who were mailed the first round of payments covered under the foreclosure settlement have had problems with their checks.
Read Full Article: Mortgage relief checks go out, only to bounce
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