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Five major financial institutions have delivered billions of dollars to more than 120,000 Florida residents as part of a $25 billion mortgage financial relief settlement. According to a national report, lenders gave homeowners about $9 million in order to enable home sales and forgive liens or loans. The landmark settlement followed a foreclosure abuse investigation.

The Florida State Attorney General told the Associated Press that the amount Florida residents received as a part of this settlement exceeded her expectations by $800 million. According to records, the financial crisis hit Florida residents the hardest, especially as far as foreclosures were concerned. Florida homeowners received a significant amount in the settlement that involved Wells Fargo, JPMorgan Chase, Citigroup, Bank of America and Ally Financial. The amount of aid was not verified, and it reflects only the numbers that were shared by the banks.

Florida residents who are having difficulty keeping up with their mortgage payments or experiencing the threat of foreclosure may feel frightened because they do not know what the future holds. They might not know what they would do if they lost their homes and had nowhere to live.

An attorney who is skilled at foreclosure and bankruptcy proceedings might be able to help. Such a legal professional may be able to review each case in order to determine if the homeowner’s rights were violated. In addition, a lawyer might be able to review several options available to the homeowner, such as short sale, strategic mortgage default or negotiating for a mortgage or loan modification. An attorney may be able to help homeowners achieve the most positive outcome based on their circumstances.

Source: WFSU, “Floridians Get More Aid Than Expected Under Foreclosure Settlement Agreement“, Jessica Palombo, August 23, 2013