More on the Mortgage Settlement Cash

More on the Mortgage Settlement Cash Photo (cc) by 401(K) 2012

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.

Popular Articles

These 6 Lifestyle Changes Might Help Prevent Dementia
These 6 Lifestyle Changes Might Help Prevent Dementia

Science says these practices can lower the risk of cognitive decline as we age.

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve your meals and your budget — not to mention your health, in some cases.

12 ‘Disposable’ Items You Should Reuse Rather Than Throw Away
12 ‘Disposable’ Items You Should Reuse Rather Than Throw Away

Are you throwing away money? Before tossing these items that are considered disposable, consider how to give them new purpose.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments