Despite being defeated multiple times in past legislative sessions, the bill designed to speed up the foreclosure process passed the Senate on Friday, May 3rd with a 26-13 vote, largely along party lines. The bill has already passed the House and will go to Governor Rick Scott next for final approval. Concerns about the number of foreclosure cases clogging up the court system have been an ongoing issue for years.
The first wave of checks from the $3.6 billion dollar federal settlement will be mailed this Friday according to the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System, with hundreds of thousands of them going to Florida residents. Out of the 4.2 million borrowers who will be receiving settlement checks, a lucky 1,100 residents nationwide will receive the maximum payout of $125,000 and about 2.3 million borrowers will receive the $300 minimum.
In the wake of the housing crisis, lawsuits against lenders, and settlements between government entities and some of the world’s biggest banks, an alphabet soup of loss mitigation programs has emerged and re-emerged. To help make sense of all of the available programs and how they relate to your situation, I have prepared the below outline which describes substantially all of the major programs being offered on residential loans today.