Florida’s Hopes Pinned on $8.4 Billion

by Isaac Benmergui, Esq on March 26, 2012

The recent settlement with the nation’s five biggest banks and 49 Attorney Generals from across the nation, has Florida eager to receive its share, value at $8.4 billion. The lawsuit came about after JPMorgan Chase, Wells Fargo, Citigroup, Bank of American and Ally Financial were accused of illegal foreclosure practices, which came to be known as “robo-signing,” by 49 states. The settlement was for $26 billion total.

South Florida Needs the Biggest Chunk of Settlement with Nation’s Five Banks

In a state that is considered one of the hardest hit by the real estate bust, however, even $5 billion doesn’t cover the South Florida area, and the State lawmakers want to use the settlement to cover the State’s budget deficit. The already foreclosure-upon homeowners, those living in homes that are ready to enter the foreclosure process, and the homeowners just waiting for a notice to leave the premises, might be out of luck for seeing any relief and need legal representation to help them find a solution that works best for them.

If you are a homeowner facing foreclosure, contact the law offices of Isaac Benmergui who can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.


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