The last few weeks have been a roller coaster of information related to the foreclosure fraud and mortgage settlement deal. Originally thought to be a massive $25 billion payout for victims, we soon learned that only $5 billion of the funds were actually earmarked for restitution payments. Now more information is coming forward regarding whether a participating state will actually get their money in the end.
Not a Done Deal
At least 48 states are said to be involved in the settlement deal, many of which are also pursuing their own litigation in addition to the deal. However, it is said that only two states have been guaranteed their portion of the payout. Florida is just one of these two guaranteed states, that is expecting nearly $ billion in mortgage relief in the next few months.
It is reported that $3.1 billion of the money set aside for Florida will go to help homeowners in financial hardship reduce their mortgage payments. The remaining funds will be allocated to provide homeowners with a restitution payment up to $2,000 for those eligible. As one of the hardest hit states of the foreclosure crisis, Floridians can rest easy knowing that money may soon be headed their way. For now the remaining 46 participating states are left wondering if and when their money will be seen.