Nearly 600,000 checks still uncashed from foreclosure-relief deal.


>> An agreement reached between 13 large mortgage servicers and federal banking regulators back in January 2013 provided for $3.6 billion in cash payments to borrowers whose homes were in any stage of foreclosure in 2009 and 2010. However, some of that money still has not reached those borrowers. But it hasn't been for lack of trying.

Beginning in April 2013, the first checks were mailed to all of the nearly 4.2 million borrowers eligible for relief under the agreement. As of January 2015, nearly 600,000 checks remain uncashed and will now have to be reissued because the earlier checks expired. The new checks must be cashed or deposited within 90 days of the issue date or they will expire.

In a joint press release from the Federal Reserve and the Office of the Comptroller of the Currency (OCC), the regulators said that more than 3.4 million of the checks, totaling more than $3.1 billion, had been cashed or deposited as of January 2015.

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