$26B National Mortgage Settlement: thousands of Floridians to receive mortgage relief checks
7:45 PM, Jun 4, 2013
9:57 PM, Jun 4, 2013
TALLAHASSEE, Fla. - Thousands of Floridians who lost their homes to foreclosure between 2008 and 2011 will receive a check as part of the $26 billion settlement entered last year between 49 state attorneys general, the federal government and the nation's five largest mortgage servicers, said Florida Attorney General Pam Bondi in a media release Tuesday evening.
More than 72,000 Floridians who submitted valid foreclosure claims through the national mortgage settlement will receive about $1,480, Bondi's office said.
The payment amount is uniform for all eligible claimants throughout the country, according to Bondi's office.
To be eligible, "borrowers must have lost their homes to foreclosure between January 1, 2008 and December 31, 2011, suffered certain foreclosure abuses and had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase or Wells Fargo," Bondi's office said.
"The money from the banks that we negotiated to be provided to Floridians who lost their homes to foreclosures is one of the myriad ways we are providing relief under the national mortgage settlement," Bondi said.
Every borrower who filed a claim will receive a letter regarding their outcome in the upcoming weeks.
Borrowers with questions about their National Mortgage Settlement payment should call the settlement administrator at 1-866-430-8358.
These checks are separate from those being sent out from the Independent Foreclosure Review Payments by the U.S. Office of the Comptroller of the Currency.
The IFR payments began in mid-April of 2013 and the final payments will be mailed in mid-July.
For more information on the OCC Independent Foreclosure Review settlement, go to www.OCC.gov and click on Independent Foreclosure Review.
Bondi, along with 48 other state attorneys general and the federal government, announced the historic settlement in February 2012. Preliminary, self-reported data by the banks shows that the servicers have provided approximately $8.6 billion in direct settlement relief to borrowers in Florida.