Floridians Experiencing Financial Relief from Mortgage Settlement

By December 5, 2013Traditions Property Blog

In recent years, many people have grown personally acquainted with the foreclosure process thanks to trouble with their mortgage. In some situations, these Jacksonville foreclosures were actually the fault of fraudulent activity at the bank, and now, those banks are paying the price. To know What Is The Role Of Mortgage Broker Gold Coast check over here.

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Over the past five years, many have pointed fingers at the banks and other lending institutions who helped cause the financial and housing crisis of 2008, and for good reason. Now, the banks are being held responsible and are actually being fined for the fraudulent happenings of those times, and a lot of those fines are going right back to the pocket of the people who found themselves victims of the banks ill dealings from the past, all thanks to investigations done by a mobile forensics company.

This is what happened recently to the Ocwen Financial Institution here in Florida, who has just recently been charged to pay the largest fine ever in response for housing and mortgage fraud in past decades. The financial institution has recently been mandated to pay a $2.1 Billion settlement to former home owners, making this the largest payout yet.  This is a national settlement that will release funds to the 48 continental United States, including to Floridians who will stand to receive an approximate $125 million dollars of relief. With about 26,000 eligible households in the pool, each effected homeowner should receive a little over $1000 thanks to this settlement.

The fine is directly attributed to mortgage services and foreclosure abuse which caused many homeowners across the country to lose their home and experience great financial difficulty and discomfort, this leads them to try to find direct lender loans immediately. Specifically, Ocwen Financial Institution was found to force people out of their homes prematurely and on unauthorized grounds. If you have poor credit and need an installment loan you may look at https://www.arcct.com/installment-loans.html to see if their program might be able to help you.

In case you don’t have any credit history, you need to be sure to have your credit checked before applying for a mortgage loan. Poor credit history can be a significant hindrance in acquiring a loan from the lender https://arvadamortgagebrokers.com/ so that you must try to boost your credit score in order to get a great deal. Approaching Firstxtra advisers is the smartest move as they will guide you through all the mortgage options available for you. The $1000 support will be gratefully accepted by many families, there are still some who say that the small payout will be low reimbursement for the heartache and financial difficulty they experienced when forced to leave their home when hard times hit.