The Real Deal Miami

More than $187 in mortgage debt erased in Florida as part of settlement

August 30, 2012 11:15AM

The average debt wiped away for Florida homeowners as part of a national settlement between banks and attorneys general amounts to approximately $74,240. Homeowners in the Sunshine State will eventually get $1.7 billion in relief from troubled mortgages as part of the deal, with Florida’s homeowners already having seen $187 million in debt erased, according to the Palm Beach Post. “The preliminary information we’ve gotten is encouraging, to me at least, but it’s just that – preliminary,” said Joseph Smith, an independent monitor. “Victory is not declared yet.”  [Palm Beach Post]