Foreclosure settlement: Fla. to get $8.4 billion

TALLAHASSEE, Fla. – Feb. 10, 2012 – Florida homeowners and foreclosure victims will receive almost one-third of the $8.4 billion mortgage settlement announced yesterday. The settlement amount is second only to California.

“This settlement will provide substantial relief to struggling Florida homeowners, and ensures that our state gets its fair share of the relief being provided nationally,” says Florida Attorney General Pam Bondi.

According to Bondi, most of the money will go to current homeowners who are underwater – who owe more on a mortgage than their home’s current worth – in the form of principal reductions and/or converting their mortgage interest rate to lower levels. About $170 million will go to homeowners who lost their home in foreclosure.

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