PB POST: “Insufficient Funds” to Cash Early Foreclosure Review Checks, Borrowers Told
“Insufficient Funds” to cash early foreclosure review checks, borrowers told
More than one million checks were sent out Friday to borrowers eligible to receive money from the Independent Foreclosure Review program, but people trying to cash the awards were told insufficient funds existed to make the transaction.
The checks, which range from a few hundred dollars to $125,000, were from Rust Consulting, the contracted paying agent for the review.
The company sent out a press release Tuesday saying it can guarantee there is $3.6 billion in an account to make the checks good.