In 2013, the Office of the Comptroller of Currency and the Federal Reserve System compelled over 29 mortgage servicing companies to disperse $10 billion to borrowers that went through foreclosure over a two year span. Payments were made to borrowers in the form of direct cash, or through foreclosure prevention assistance.
Why did I get a check?
Consumers who had mortgages with one of the servicers under the Independent Foreclosure Review and went through foreclosure process on their home between January 1, 2009 and December 31, 2010 received checks in 2013. Many borrowers did not deposit those checks and now there is a fund of money remaining. A redistribution of funds plan was announced in November of 2015 to distribute the remaining funds that were not originally deposited out to consumers that did deposit checks. Consumers that did deposit their first check in 2013 are now receiving second checks of about $120.00.
More information on the release of the payment can be read about here.
You can read more about the redistribution of funds here.
Drewes Law regularly helps Minnesota homeowners dealing with foreclosure-related issues. Contact us now for more information or to schedule a free consultation.
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