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Almost 112,000 Floridians benefit from lender settlement

Floridians have received about $8.7 billion in relief under the national mortgage settlement, as reported by the five largest mortgage servicing banks that are parties to the settlement.

According to the latest Settlement Monitor’s report released yesterday, more than 111,000 Floridians have received some type of relief. About $1.39 billion went to mortgage modifications; about $3.15 billion went toward forgiving the entire balance of second liens.

Overall, the average recipient receiving a mortgage modification got $133,560. The average recipient with a second-lien cancellation saw $68,333 removed.

Five banks participated in the settlement, with their numbers confirmed by the Monitor in an independent audit. The five banks include Ally/GMAC, Bank of America. Citi. JPMorgan Chase and Wells Fargo.

“Today’s report indicates that 111,000 Floridians have benefited from $9 billion in relief – significantly more than the $8.4 billion that we expected when we entered the settlement,” says Florida Attorney General Pam Bondi.

Nationally, the five lenders have distributed $50.63 billion in direct relief to over 620,000 homeowners, at roughly $81,000 per homeowner.

A chart detailing the Florida money distribution by type of consumer and bank is available online in PDF format.

© 2013 Florida Realtors® 5/22/13