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Floridians who lost their home to foreclosure could be eligible for part of a multi-billion dollar settlement

11:24 PM, Jan 14, 2013   |    comments
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AP

JACKSONVILLE, Fla. -- If you lost your home to foreclosure, you could be entitled to money. January 18th is the deadline for Floridians to file a claim under a landmark multi-billion dollar mortgage settlement. 

The Florida Attorney General's Office said more than 160,000 could be eligible to receive part of the settlement. Florida's share is more than $8 billion.

The money is for those who lost their home to foreclosure over a four year period from January 1st, 2008, to December 31st, 2011, and had their mortgage serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Florida's Attorney General entered in to a $25 billion joint federal-state agreement with nation's five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices.

In addition to the monetary benefits Florida borrowers could receive an estimated $7.6 billion in benefits from loan modifications, including principal reduction, and other direct relief.

About $170 million will be available for cash payments to Florida borrowers who qualify.

You should have received a claim packet in the mail if you are eligible, but you can also file online.

The settlement impacts nearly two million borrowers nationwide. The exact payment will depend upon how many decide to participate.

You can visit the Attorney General's site for more information. 

First Coast News

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