Payments coming soon for hundreds of Floridians who lost their homes to foreclosure
TALLAHASSEE, Fla. (AP) - More than 1,700 Floridians who lost their homes to foreclosure will receive small payments as part of a national settlement with five major banks.
The state had previously announced that payments of $1,480 were paid to approximately 73,000 former homeowners who qualified for assistance under the settlement.
Five lenders negotiated a $25 billion settlement in 2012 to end an investigation into foreclosure abuses.Florida Attorney General Pam Bondi announced Friday that payments of $1,480 would be paid next week. A total of $2.5 million will be distributed.
Florida - which has been hit hard by the foreclosure crisis and the collapse of the housing market - negotiated one of the largest shares in the settlement agreement with Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.
A total of $2.5 million will be distributed.
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