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Independent Foreclosure Review and National Mortgage Settlement Checks -- An Update


As we get further into the summer, we should be receiving more information about the Independent Foreclosure Review settlement and the National Mortgage Settlement. The IFR checks should all be sent by the end of the summer, and the National Mortgage Settlement checks should start arriving at homes nationwide in the next few days.

In the meantime, we are left with a few tidbits of information regarding both programs.

According to the OCC, $2.4 billion in IFR checks have been cashed or deposited so far. The final wave of checks is to be sent this summer. So far, $3.4 billion in checks has been mailed out. This leaves me wondering where the remaining $1 billion in uncashed checks is located.

The N ational Mortgage Settlement checks were all mailed between June 10 and June 17. This means that people should be receiving them any day now. The average payout is to be $840. If you receive a NMS check, then please let us know how much you received.