Finally. Settlement Money.

by Isaac Benmergui, Esq on October 2, 2012

Thousands of Florida homeowners should be anxiously checking their mailboxes for a packet telling them they are eligible for a piece of the $25 billion national mortgage settlement with the nation’s five biggest banks and their state’s attorney general.

Florida Attorney General Pam Bondi made the recent announcement, stating that 167,400 Floridians who saw their homes repossessed between January 1, 2008 and December 31, 2011 by one of the five mortgage lenders who were part of the settlement would be receiving packets in the mail soon.

Some foreclosure defense attorneys don’t support the settlement and view it as “too little, too late.” The problem may be there is simply not enough settlement monies to go around and if every one of the estimated two million borrowers across the country who suffered foreclosure are deemed “eligible,” it would work out to about $1,000 each.

Only $1.5 billion of the settlement is earmarked for homeowners who lost their homes, with the remainder of the $25 billion to be used toward refinancing for homeowners who continue to be underwater with their homes.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email for more information or to set up an appointment today.



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