Foreclosure assistance arrives, but too late to save the home

Foreclosure assistance arrives, but too late to save the home

Over the past few years, the economy in Florida, as well as the rest of the nation, has been slowly recovering from a period of high unemployment and a downturn in the real estate market. These two factors played a large part in the foreclosure problems that many began to face. Many individuals and families began to search for foreclosure assistance.

Some individuals and families began to look to their mortgage lenders for this assistance. However, they quickly discovered that some mortgage lenders were not interested in providing assistance or foreclosure alternatives. In fact, as a result of abuses related to foreclosures and questionable loan servicing, several of the larger mortgage lenders throughout the country were brought to task over this issue.

Over 1,700 Floridians whose homes were lost to foreclosure have recently received payment of almost $1,500 to settle their claims against these mortgage banking institutions. While this settlement does apply to civil claims regarding these institutions, it does not apply to any criminal claims that may be filed. To date, over 74,000 Florida residents have received close to $109.5 million as a part of this overall settlement.

This particular foreclosure assistance settlement will not apply to all Florida residents who are or have been faced with foreclosure. However, it does point out that it is necessary to verify all of the pertinent details regarding a potential foreclosure to make sure that all the proper steps have been taken. Additionally, it also shows that there are other assistance opportunities available, as well as foreclosure alternatives.

Source: opp-connect.com, Florida homeowners win US$2.5m over 'foreclosure and mortgage abuses', No author, Feb. 3, 2014