The Real Deal Miami

Mortgage settlement aids 100K Floridians with an average of $76K

February 27, 2013 02:00PM

The $25 billion settlement between the government and the nation’s five largest mortgage lenders has aided some 102,000 distressed Florida homeowners with an average of $75,949 in relief, according to a new report by the Office of Mortgage Settlement Oversight cited by the Sun Sentinel. Florida has received roughly 18 percent of the total aid monies. 

Most of the financial relief for Floridians came in the form of short sales, which accounted for almost $3.3 billion in aid, and second mortgage forgiveness, under which approximately 36,494 Floridians have had an average of $67,448 erased from what they owe.

“We will continue to closely monitor the banks’ compliance to ensure that Floridians receive the full benefits of the relief afforded under the settlement,” Florida Attorney General Pam Bondi said, adding “We will not have a definitive picture until the national monitor issues his audited compliance report later this year.” [Sun Sentinel]Christopher Cameron