Foreclosure Settlement Checks Bouncing

Posted on April 29, 2013

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Checks bounce to mortgage fraud victims.

According to Bankrate.com, some of the checks sent out to homeowners as a settlement for illegal mortgage practices actually bounced.  That’s right, there was no money in the account of the bank to cover the check.

” And, according to the Federal Reserve, at least some of them bounced. The Fed phrased it this way: “Some early recipients of checks informed the Federal Reserve’s consumer helpline on Tuesday that they were told their checks could not be cashed.” The Fed says the problem has been solved.”

This turn of events raises an interesting issue: does the non-performance of the terms of the settlement deal, i.e., that the money was not paid, mean that for those people the settlement agreement is null and they can pursue individual legal actions?  There is an argument to be made there.

There will be more to this story.

 

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