Florida homeowners has so far already been given more than $3.6 billion in mortgage relief as part of a national settlement over foreclosure abuses and unacceptable mortgage servicing practices according to the office of Attorney General Pam Bondi.
The statement from Bondi’s office further revealed that an additional $1.3 billion in modification relief is also forthcoming and that Floridians will ultimately receive about $8 billion.
As of September 30, it has been reported that 48,998 Florida homeowners have received an average of $73,663 in relief per borrower after the five largest mortgage lenders agreed in February to settle allegations of past abuse of struggling homeowners. In the latest count, Floridians have received almost 14 percent of the $26.11 billion in relief awarded nationwide.
Bondi in her statement said, "Florida was one of only two states in the country that negotiated a guarantee in the settlement. The fact that servicers report $3.6 billion in relief to Florida’s borrowers within the first eight months of implementation is a promising indication that obtaining a minimum commitment from the banks has been effective."
The five big bank lenders have three years to meet the settlement's terms.
Florida borrowers who lost homes between 2008 to 2011 may be eligible for relief but must file claims by January 18, 2013.
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