One of the largest consumer financial protection settlements occurred earlier this year and as a result, Florida homeowners received more than $3.6 billion in mortgage relief. Between March 1st and September 30th, more than 309,000 borrowers across the nation received some sort of mortgage relief. According to a report by Joseph Smith who monitors the settlement, the average relief per homeowner was about $84,385. As of September 30th, approximately 48,998 Floridians have received relief. On average, Floridians received $73,663, which is about $10,700 less than borrowers in other states.
The settlement was between 49 states and the five largest mortgage lenders for a total of $26.1 billion. According to Smith, around $13.1 billion of that relief came in the form of short sales. Banks have cut homeowners’ mortgage balances nationwide by $6.3 billion as a part of the settlement. Refinancing home loans accounted for approximately $1.4 billion. Banks participated in trial loan modifications equivalent to $4.2 billion. Also, as part of the settlement, banks erased $2.6 billion in first-lien loans and $2.8 billion in second-lien loans.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
