Being served with the notice that you will lose your home to foreclosure is something that no homeowner ever wants to experience. For some homeowners, that was the nasty reality. Some of these foreclosures, however, were unnecessary and even fraudulent. A recent announcement from the Florida Attorney General notes that some former Florida homeowners who lost their home to foreclosure will get a check for $1,480 as part of a settlement.
The payments that will be coming soon to more than 1,700 former homeowners are part of a $25 billion settlement that included five mortgage lenders. Wells Fargo, JPMorgan Chase, Bank of America, Citigroup, and Ally Financial negotiated the settlement in 2012 to end a foreclosureabuse investigation. Florida negotiated the largest portion of the national settlement. This was one state that was really hit hard during the economic recession.
This release of payments totals approximately $2.5 million. In a previous release of payments, approximately 73,000 former homeowners received a check in the same amount.
If you are facing foreclosure on your home, you may have options available that allow you to keep your home. Exploring those available options, such as loan modification or bankruptcy, can help you to determine the best option for your needs. It is important to try to find a suitable avenue as early in the foreclosure process as possible, but it might be possible to save your home later with the right assistance. Contacting an experienced Florida bankruptcy attorney is one way you can determine what methods you have available to stop foreclosure on your home.
Source: CBS Miami, “Foreclosure Settlement Means Checks For Some Floridians” No author given, Jan. 25, 2014