Experienced Guidance For Real Estate Closings & Title Services

  1. Home
  2.  » 
  3. Mortgages
  4.  » Settlement funds may help Floridians facing foreclosure

Settlement funds may help Floridians facing foreclosure

On Behalf of | Nov 20, 2012 | Mortgages |

A previous post here back in September discussed the positive implications for homeowners in Florida coming out of the historic $25 billion settlement that the majority of states agreed to with some of the country’s largest mortgage lenders. A large portion of the funds agreed to were to go directly to helping homeowners who were facing delinquent payments and other problems associated with their mortgage plans. However, Florida lawmakers have been wrangling with the state Attorney General over about $300 million of the funds. Now, it appears the two sides have come to an agreement.

As part of the deal, it seems that the state budget will get a nice boost, as the sides agreed that $74 million of the overall total will go into the general fund, for lawmakers to vote on how to use that amount however they see fit. As for the rest, it could be used in variety of ways which are intended to help Florida homeowners, but they lawmakers will have to vote on exactly how the funds are distributed.

Although many homeowners throughout the country, including in Florida, have already seen some of the benefits that the massive settlement with the banks can bring, others are still waiting for relief.

In South Florida and throughout the rest of the state, the prospects on the real estate market have been improving in recent months. And while that is good news to enjoy for some, many are still facing foreclosure or are otherwise having problems maintaining their payments on their property. Anyone who finds themselves in this type of position with their finances might want to get some information on whether or not they are in line to benefit from the funds which will be dispersed by the state legislature.

Source: nwfdailynews.com, “Florida attorney general, Legislature reach mortgage settlement deal,” Nov. 5, 2012