Florida mortgage reduction averages $114,000
Discount to help distressed real estate owners from foreclosure.
Lenders have until Feb. 28, 2015 to meet the settlement requirements.
Since the February 2012 approval of the settlement between lenders and state
attorneys general. over 1,000 Florida homeowners have seen an average debt
reduction of $114,000 on their primary mortgages.
Due to the $25 billion National Mortgage Settlement, about one in six of
homeowners nationwide who have benefitted from the settlement live in
U.S. Housing and Urban Development Secretary Shaun Donovan said “We require
the lenders when they are doing principal reductions to create a payment and
a situation for homeowners that will ensure they will be able to stay in
Between March 1 and June 30, a total of $1.7 billion in loan help was
distributed in Florida through mortgage principal reductions, refinances,
short sale approvals and activities such as providing moving assistance for
people who can’t stay in their homes.
Nationally, $10.5 billion in mortgage relief, including $1.3 billion in debt
reduction, was given out by banks, according to the report issued by the
Office of Mortgage Settlement Oversight and independent monitors.
The banks included in the settlement are JPMorgan Chase, Wells Fargo,
Citigroup, Bank of America and Ally Financial, formerly GMAC. Loans held by
Fannie Mae and Freddie Mac are not included.
According to the progress report, about $115 million in primary mortgage
debt in Florida was eliminated since March. JPMorgan Chase offered the most
in principal reductions on primary loans at $76 million. Bank of America
said it was offering about 200,000 underwater homeowners nationwide mortgage
reductions that for the first 5,000 people approved had averaged $145,000
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