Florida Homeowners To Benefit From National Mortgage Settlement

A $25 billion settlement has been reached between 49 states and the nation's five largest banks, which will help homeowners across the country.

2012-12-20

December 20, 2012 (Press-News.org) Florida homeowners to benefit from national mortgage settlement

A $25 billion settlement has been reached between 49 states and the nation's five largest banks, which will help homeowners across the country with loan reductions, refinancing and cash payments for those who lost their homes between 2008 and 2011 due to fraudulent bank practices. The settlement is likely to affect tens of thousands of Sunshine State residents.

How Florida's share of the settlement money will be distributed

Florida will receive $8.4 billion of the $25 billion national award. This is the second-largest share of the settlement, with California receiving the largest piece of the pie. The majority of Florida's money, about $7.6 billion, will go to homeowners in the form of loan modifications, short sales, principal reductions and moving assistance. Another $309 million will be available to homeowners in the form of refinanced mortgages and another $170 million in cash payments will go to homeowners who were unfairly foreclosed upon between 2008 and 2011. These payments will average $1,500 to $2,000 per homeowner.

However, homeowners are not the only beneficiaries of Florida's share of the national mortgage settlement. The state will also receive a $350 million cash payment. The banks have the responsibility to inform homeowners they are eligible for an award under the settlement, but homeowners may also contact the banks for more information.

The national mortgage settlement

The national mortgage settlement was reached between 49 states and the nation's five largest banks: Citigroup, Wells Fargo, Bank of America, JPMorgan Chase and Ally Financial. Only Oklahoma declined to participate.

The $25 billion settlement in total includes funds for mortgage refinancing, loan modifications, principal write-downs and cash payments for homeowners. Banks have three years to fulfill the stipulations of the settlement and will be fined if they do not meet 75 percent of their targets within two years. The settlement does not grant immunity to the banks from civil litigation from individuals or class action suits or from future criminal charges.

The deadline to file a claim with the national mortgage settlement is January 18, 2013, so homeowners should act soon if they believe they qualify. The National Mortgage Settlement Administrator sent letters to eligible homeowners this fall, including those who lost their homes between 2008 and 2011.

In addition to the national mortgage settlement, another $1 billion will be awarded to involved homeowners in a settlement with Bank of America and Countrywide for fraudulent loan practices.

The national mortgage settlement and Florida's share of the award is only one of what may be many settlements between homeowners and banks for abusive foreclosure practices. If you believe a bank's fraudulent practices led to your foreclosure or to learn more about how bankruptcy could prevent your home from being foreclosed upon, please contact an experienced bankruptcy attorney.

Article provided by B&B Law Group
Visit us at http://www.tampabaydebtsolutions.com

ELSE PRESS RELEASES FROM THIS DATE:

Realty-Trac Numbers Show Fluctuating Foreclosure Activity Over Past Year

2012-12-20

Realty-Trac numbers show fluctuating foreclosure activity over past year Data from the real estate research firm Realty-Trac shows a housing market still struggling with foreclosures and bank-owned homes. Some believe the increase in foreclosures is a sign that the nation's banks and mortgage servicers are more confident in new mortgage and foreclosure rules and are willing to begin the foreclosure process on distressed properties. Late 2011 by the numbers In the fourth quarter of 2011, about 24 percent of all home sales in the United States were sales of foreclosed ...

Drug-sniffing Dog Cases Heard by US Supreme Court

2012-12-20

Drug-sniffing dog cases heard by US Supreme Court Recently, the U.S. Supreme Court heard oral arguments in two cases involving drug-sniffing dogs. The decisions made by the justices will affect the interpretation of the Fourth Amendment's protection against "unreasonable searches and seizures" when it comes to searches outside of vehicles and homes. Florida v. Jardines and Florida v. Harris: The facts The first case the justices heard, Florida v. Jardines, deals with allowing dogs trained to detect certain drugs to sniff outside of a person's home. In ...

Can Police Force A DUI Suspect To Provide A Blood Sample?

2012-12-20

Can police force a DUI suspect to provide a blood sample? This term the United States Supreme Court will hear several criminal procedure cases. One of these cases may change how some states collect evidence in DUI cases. The question the Justices must answer is whether a law enforcement officer must obtain a search warrant before forcibly drawing a suspect's blood to determine his or her blood alcohol content. Each state has slightly different impaired driving laws. In Maryland, for example, law enforcement officers need to obtain a warrant from a judge or a prosecutor ...

Louisiana Law Enforcement Cracking Down On Texting While Driving

2012-12-20

Louisiana law enforcement cracking down on texting while driving The next time that your cellphone beeps or vibrates while you are driving on the highway, you might want to resist the temptation to read or answer the text message, because it could cost you. Louisiana State Troopers recently announced that their officers are out in full force to enforce the law against texting while driving. The law enforcement agency said that they will use a combination of marked and unmarked vehicles to ferret out texting drivers. The unmarked vehicle will look for evidence of texting ...

The Risk And Liability Of Deadly Hit-and-Run Accidents In Sacramento

2012-12-20

The risk and liability of deadly hit-and-run accidents in Sacramento In California, it is illegal to leave the scene of a car accident or pedestrian accident. Despite this law, drivers often flee the scene of accidents they have caused. The Sacramento area has seen a series of fatal hit-and-run accidents in the last few months, including: -In the first week of December, a pedestrian was killed in Vacaville when he was struck by a pickup truck that fled the scene of the accident. -In November, a 61-year-old female bicyclist died from injuries sustained in a hit-and-run ...

Items To Include In A Commercial Lease Agreement

2012-12-20

Items to include in a commercial lease agreement Pennsylvania small business owners know the importance of a proper work space. Often, small business owners rent workspace. There are several factors to consider when signing a commercial lease agreement. A commercial lease is a contract between a landlord and a business for rental of a piece of property. Business owners often choose a commercial lease over purchasing property because it requires less capital. Differences between commercial leases and residential leases Commercial leases are different from residential ...

Selling A Business? How To Determine Its Value

2012-12-20

Selling a business? How to determine its value There comes a time in the lives of many Pennsylvania business owners when they have to consider selling their business. Whether this is a joyous occasion or not, it is important to understand how a business is valued. Otherwise, business owners could be getting less than they deserve. Valuing a business There are many factors that go into valuing a business, and sometimes the calculations are more important than the actual numerical result itself. One important factor that goes into valuing a business is the profits. ...

Who Will Make Your Health Care Decisions If You Can't?

2012-12-20

Who will make your health care decisions if you can't? What would happen if loved ones suddenly could not make decisions for themselves? Who would make these decisions? What kinds of decisions would they be able to make? These are overwhelming questions to think about, but they are important ones. Texas residents thinking about these questions may want to consider making an advance directive. What is an advance directive? Texas offers advance directives to its citizens. These allow people to officially communicate their health care decisions in the event that they ...

Credit Card Consumers Find Valuable Information on Website

2012-12-20

Credit Card Consumers Find Valuable Information on Website The Consumer Financial Protection Bureau is working to help American consumers by making credit card company and other lender practices more transparent. In June, the CFPB launched a website that posts complaints against specific banks and other lenders made by credit card customers. Visitors to the website can search for complaints by type, such as by particular complaint, card issuer name and by zip code. Resistance From Banking Industry The banking industry has fought the creation of this website. ...

Modifying a Connecticut Child Support Order

2012-12-20

Modifying a Connecticut Child Support Order Parents have a legal obligation to support their children financially. When parents divorce, or in cases when parents were never married, the parent who does not have custody of the child must pay child support to fulfill his or her responsibility to meet the child's financial needs. In some cases, parents' situations change as time goes on and they need to change child support orders after the court issues them. Connecticut parents should be aware of when they may modify child support orders and why they need to make modifications ...

Florida Homeowners To Benefit From National Mortgage Settlement

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: