New Errors in Foreclosure Relief Further Exasperates Frustrated Borrowers

To add insult to injury, nearly 100,000 home loan borrowers received incorrect foreclosure error checks.  These borrowers were being compensated for potential foreclosure errors arising out of their home loan foreclosure and for which  payment was being made out of a settlement that required banks to send 3.6 billion back to borrowers.  The Federal Reserve said the checks were for less that the payment amount scheduled and was the second error made in the settlement compensation plan so far.  Earlier last month, some borrowers were unable to cash the checks after the payment firm who processed the checks was unable to verify that the funds necessary to cover the checks was available.

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