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

  • ConcernTroll

    The independent foreclosure review was the most shameful episode of the foreclosure crisis. The feds didn’t even get past Step 1 in determining how many people had been openly robbed of their houses since they were too busy letting the bank’s lawyers and consultants run the process. The company that mailed the checks, Rust Consulting, sent them out using postcard stationary that looked exactly like junk mail and then wondered why, oh, why, people thought it was junk mail.