Posted by: Richard Recuset | 02/15/2013

Seeking mortgage compensation?

Deadline is today to seek mortgage compensation

TALLAHASSEE, Fla. – Feb. 15, 2013 – About 90,000 Floridians have sought cash compensation for losing their homes to foreclosure, the Attorney General’s office said Thursday.
That comes to about 59 percent of the 150,000 people Attorney General Pam Bondi has said are eligible for money. That’s up only a few points, despite a recent campaign by Bondi to encourage people to sign up for the money owed them.
“We’ve tried everything,” said her spokesman, John Lucas.
Bondi went to Tampa two weeks ago to urge people to seek out their piece of a multibillion-dollar federal settlement with the nation’s five largest banks over fraudulent mortgage documents filed between 2008 and 2011.
The settlement provided $3.6 billion for Florida property owners, including cash compensation for people who lost their homes to foreclosure. It included an additional $1.3 billion to modify existing mortgages for homeowners who are current on their payments but underwater on their mortgage, Bondi said.
The fund allows for modifications of first and second mortgages. It applies only to those who had a mortgage with Wells Fargo, JPMorgan Chase, Bank of America, Citi and Ally/GMAC banks.
As of November, about 49,000 Florida property owners had received mortgage modifications. Another 18,000 were pending. The average payment was nearly $74,000, according to managers of National Mortgage Settlement.
The formal deadline for applying for help was Jan. 18. Low turnout prompted the managers of the National Mortgage Settlement to extend the deadline to today.
To apply for cash compensation, homeowners need to have an identification number provided by their bank.
Homeowners seeking modification help can file a request with the Attorney General’s office.
To reach the National Mortgage Settlement office, call (866) 430-8358. To file a request for a modification, choose the “File a Complaint” link at www.myfloridalegal.com.
Copyright © 2013 the Tampa Tribune (Tampa, Fla.), Distributed by MCT Information Services.

teamDoral is a RE/MAX Premier Associates Group. Richard Recuset is a REALTOR®, team leader, Short Sale Agent, Listing Marketing Specialist,Certified Distressed Property Expert (CDPE), Certified Internet Professional, and an Accredited Commercial Professional (ACP), serving the City of Doral, Fl., and surrounding areas.

When you hire team-DORAL for your real estate needs, you not only get highly qualified professionals on your side, but also access to information, markets, technology and a team of experts from around the world.
You also tap into a global network with vast experience in residential and commercial real estate. That network comprises thousands of dedicated individuals, all with just one thing in mind: producing the best possible results for our clients.

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advise and is for information purposes only.

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