Mortgage Checks Bounce for Struggling Homeowners
Posted on Apr 19, 2013
Some banks have even been accused of wrongful evictions and abuses against homeowners. As a result, they recently had to pay out $3.6 billion to homeowners.
1.4 million homeowners received the first round of payments. It turns out, many of those payment checks are bouncing.
Yes, the very banks that threatened foreclosure and even wrongfully evicted people are also sending them bad checks.
The banks say they are working on the problem and that people shouldn't give up on cashing their checks.
But regulators fear homeowners will just give up and never get the money they deserve. Some homeowners may believe the promised checks are a scam, or might be so insulted or confused after the first checks bounced that they don't go back to try again.
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