Final foreclosure payments set to start going out on Friday

Last week, a group of House Democrats asked for an independent consultant to oversee billions in payments to borrowers after some of the first checks sent out could not be cashed. 

{mosads}Distribution of checks to borrowers whose mortgages were serviced by the other 11 servicers began April 12 and will continue through mid-July. 

As of last Friday, approximately 1.2 million checks have been cashed or deposited totaling approximately $1.2 billion dollars, the Fed said. 

Borrowers with any of the 13 firms will not be prevented from taking any action related to their foreclosure if they receive payment from this settlement. 

Servicers are not permitted to ask borrowers, in connection with accepting these payments, to waive of any legal claims.