The Real Deal Miami

Florida homeowners failing to cash foreclosure checks

Nearly 122,000 Floridians have yet to deposit remediation money

Foreclosure1Nearly 122,000 Florida homeowners are missing out on $80 million worth of remediation checks in compensation for moving after a foreclosure or selling their house in a short sale, according to a status report released Wednesday.

The report found that 490,025 Floridians cashed in $369 million in checks as a result of wrongdoing by lenders such as Bank of America, Citibank, JPMorgan Chase and Wells Fargo. Homeowners who don’t realize they’re eligible for the program, however, often confuse checks with spam and toss them in the garbage.

The distribution company responsible for mailing the correspondence is searching for 500,000 homeowners nationwide whose checks were returned undeliverable. [Palm Beach Post] – Kerry Barger