We now have a better idea how much eligible Floridians who lost their homes will get from the multibillion national bank settlement.
We recently summed up the huge mortgage settlement in Homeowners: Get Your Share of Bank Billions, and we’re now starting to see how small those shares are in various places.
At the time we reported, the settlement would include “at least $840” to ex-homeowners who wrongfully lost their homes to foreclosure. In Florida, more than 150,000 homeowners should expect about $2,000 back, according to the Sun Sentinel. But if people don’t participate, the amount could be higher…
The checks will be sent out in early 2013, with more than a third going to people who lost homes in Broward, Palm Beach and Miami-Dade counties, estimated Jack McCabe, a housing analyst based in Deerfield Beach.
People need to send in forms to receive the money by Jan. 18. How much people will receive depends on how many borrowers participate.
It’s small consolation for many. But it’s better than nothing, which is what most will get. “About 400,000 Floridians were foreclosed on between 2008 and 2011 but the settlement affects only 167,398 of them,” the article says. The amount may also be higher in states with fewer foreclosures – and as we wrote before, the settlement does not mean there won’t be more lawsuits.