Friday, February 10, 2012

$8.4 Billion in relief for Florida homeowners

Some Floridian homeowners may benefit from the settlement announced by Florida's attorney general:
  • $7.6 billion to some delinquent Florida borrrowers for loan modification 
  • $309 million for the refinancing of loans to some underwater homeowners
  • $350 million direct payment to the state of Florida for foreclosure protection programs
  • $170 million cash payments to some Floridians who lost their homes to foreclosure
The settlement is for customers of five lenders only:
  • Ally/GMAC
  • Bank of America
  • Citi
  • JPMorgan Chase
  • Wells Fargo
Note:  The Tampa Bay Times reports that it can take months or even years beore some of the promised relief gets to many Floridians.
Full article from the Tampa Bay Times

NationalMortgageSettlement website

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