More than $8.6 billion in mortgage relief has flowed to Florida homeowners under last year’s National Mortgage Settlement, a heftier windfall than state officials expected and one that has been paid out two years before deadline.
A progress report released Tuesday on the landmark deal between the nation’s attorneys general and its five largest banks shows 111,913 Florida borrowers received mortgage aid through actions such as principal reductions, refinances, second mortgage forgiveness and short sale approvals. That’s an average of $77,341 in savings per homeowner.
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How the relief was awarded
Primary mortgage reduction, $1.3 billion
Second mortgage forgiveness, $3.1 billion
Short sales, $3.3 billion
Refinances, $344 million
Deeds-in-lieu of foreclosure, $7 million
Borrower transition money, $81.8 million
Deficiency waivers, $57.5 million
* Does not include all categories or modifications in process
Source: Office of Mortgage Settlement Oversight