More than $7.7 billion in mortgage relief has flowed to Florida homeowners from last year’s landmark foreclosure abuse settlement, but consumer advocates complain too little of it was used to keep people in their homes.
Just 12 percent of Florida’s take so far has gone to making home loans affordable by reducing the amount owed on primary mortgages, according to a progress report released last week by settlement monitor Joseph Smith.
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Total mortgage relief in Florida through Dec. 31: $7.7 billion
Total homeowners helped: 101,573
• Primary mortgage forgiveness: $935 million to 7,221 homeowners
• Secondary mortgage forgiveness: $33 million to 673 homeowners
• Secondary lien extinguished: $2.46 billion to 36,492 homeowners
• Short sales with deficiency forgiven: $3.27 billion to 29,251 homeowners
• Deeds in lieu of foreclosure: $7,395,354 to 84 homeowners
• Refinances completed/consumer savings: $275,930,310 to 8,530 homeowners
$25 BILLION SETTLEMENT
Banks signed a $25 billion settlement with 49 state attorneys general following a more than year-long investigation into foreclosure wrongdoing. Signed in March, the agreement gives lenders until 2015 to provide required relief to homeowners. Banks have been contacting eligible borrowers, but homeowners may also apply for the settlement on their own through their lender.
For more information, go to www.nationalmortgagesettlement.com or call (866) 430-8358.