Attorney General Bondi Announces that Mortgage Servicers Report More Than $3.6 Billion in Relief to Florida’s Borrowers

Attorney General Bondi Announces that Mortgage Servicers Report More Than $3.6 Billion in Relief to Florida’s Borrowers

TALLAHASSEE, Fla.—Attorney General Pam Bondi announced today that the nation’s five largest mortgage servicers that entered the federal-state settlement over foreclosure abuses and unacceptable mortgage servicing practices report that they have provided more than $3.6 billion in borrower relief to Floridians as of Sept. 30, 2012, with an additional $1.3 billion in modification relief in the pipeline. The servicers reported that 48,998 Floridians have benefitted from an average of $73,663 in relief per borrower. Nationally, the servicers report that more than 300,000 borrowers have received a total of $26.11 billion in relief and an average of $84,385 in relief per borrower.
“Florida was one of only two states in the country that negotiated a guarantee in the settlement. The fact that servicers report $3.6 billion in relief to Florida’s borrowers within the first eight months of implementation is a promising indication that obtaining a minimum commitment from the banks has been effective,” stated Attorney General Pam Bondi.

Consumer relief can include the following: first and second lien modifications; enhanced borrower transitional funds; facilitation of short sales; deficiency waivers; forbearance for unemployed borrowers; anti-blight activities; refinancing programs; and benefits for members of the Armed Forces.

Additionally, the report contains information provided by the servicers regarding the implementation of servicing standards or reforms made by the servicers, all of which were required by the settlement to be in effect in early October. The report released by Monitor Joseph Smith today is not required by the settlement, and none of the data has been confirmed, credited or otherwise approved by the Monitor. Separate, state-specific reports were also released by the servicers and are posted on the Monitor’s website. These reports are required by the settlement, but the reported results have not been confirmed by the monitor.

Florida borrowers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 and who may be eligible for payment under the $25 billion national mortgage foreclosure settlement must file claims by Jan.18, 2013. Forms have been mailed to qualified borrowers. Borrowers who have questions or need help filing their claims can contact the settlement administrator, toll-free, at 1-866-430-8358, or send questions by email to administrator@nationalmortgagesettlement.com.

The full report can be found here. The Monitor’s state-by-state data map is available here.

The federal-state settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo was reached in February 2012, and the mortgage servicers must meet all of the terms of the settlement within three years of the execution of the settlement.

SOURCE: http://www.myfloridalegal.com

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4closureFraud.org

Comments
5 Responses to “Attorney General Bondi Announces that Mortgage Servicers Report More Than $3.6 Billion in Relief to Florida’s Borrowers”
  1. bobbi swann says:

    Hey Incognito123 – Good to hear from you! Want to know how the ‘system’ helps? I had a hearing on 10/31 for Request to Substitute Plaintiff (which I had filed an answer). Get this: the Judge would NOT allow me to speak! Not to opposing counsel; not to him. He didn’t even have the answer that I had filed in response. He denied allowing a 2nd respondent via telephonic to appear there at the hearing. He approved the motion and told me if I wanted to ask counsel any questions I could call them up after the hearing! Previously denied my Motion to Dismiss. I have filed a complaint with the District Judge O’Grady but no response back yet. Talk about flagrant denial of my rights!!! I was so angry that I slammed the door to the Judge’s chamber so hard that the entire walls shook. Beware everyone of Judge Walter L. Shafer Jr., Pasco County. Corrupt, corrupt, corrupt. Take witnesses, record your hearings with this so-called Judge. No experience in foreclosures – he comes from child services court. What a joke this whole system of justice!

  2. Mark Bowen says:

    Nothing to see here…move along…

  3. incognito123 says:

    Bobbi, the “servicers” are not angels, tell me it isn’t so, I believe Ms BLondi, she is just SOO honest and hasn’t taken a dime of bribe money, come on get with the program, and move along now folks, nothing bad to see here……

  4. bobbi swann says:

    The whole national agreement is a joke!!! Lenders taking credit against their obligations under the agreement for deficiency balances on short sales, modifications that don’t have any $$$ coming from the lender unless there is a principal reduction (hahaha), transitional costs which is nothing more than the Cash for Keys program which has been in place way before the agreement, refinancing which is all paid for by the borrower not the lender (and again if only there is a principal reduction) and facilitation of short sales?? What the hell is that? I want just ONE Florida homeowner to come forward and state that they were a recipient of HELP under this agreement. This is just a cockamamie bunch of bullshit!

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