The clock is now at zero for the borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check, and their money is going to the borrowers who already cashed their checks.

As it said it would last year, the Federal Reserve Board announced Monday that any leftover money from the $3.9 billion set aside for borrowers as part of the Independent Foreclosure Review will go to borrowers who already received money because some borrowers took too long to cash their checks.

The Fed said last year that borrowers who had not cashed their check had until Dec. 31, 2015 to request a replacement check. Those borrowers then had until March 31, 2016 to cash their new checks.

Now that March 31 has come and gone, there’s still more than $80 million left, and the Fed is directing the…