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(EMAILWIRE.COM, February 15, 2012 ) Winter Park, FL -- A $25 billion dollar joint federal-state agreement has been entered with the nation's five largest mortgage servicers and Florida Attorney General Pam Bondi to address forecloses and unacceptable nationwide mortgage servicing practices. The parties' proposes agreement provides and estimated $8.4 billion in relief to Florida homeowners and will address future mortgage loan servicing practices.
Florida borrowers are expected to receive an estimated $7.6 billion in benefits from loan modifications, including principle reduction, and other direct relief. Approximately $170 million will be available for cash payments to Florida borrowers who lost their home to foreclosure from January 1, 2008 through December 31st, 2011 and suffered servicing abuse.
"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," stated Bondi. "This agreement holds banks accountable and puts in place new protections for homeowners in the form of strict mortgage servicing standards."
Those seeking compensation are strongly advised to seek an attorney with experience in dealing with foreclosures. “Traps for the unrepresented will abound,” states Orlando Attorney Rick Baker. While the parties of the settlement are hashing out the final details, Baker is following the outcome closely to help his clients once the details of the final settlement are released.
Baker's Law Firm, BAKER LAW, PLLC stands ready to assist, advise, and represent Homeowners in receiving all benefits available under the Settlement Agreement. They are able to assert their clients' rights and apply for and negotiate their loan modification so they can save their home. They are also working with homeowners who have already lost their homes in obtaining compensation under the new settlement.
At Baker Law PLLC, they feel that the best way to serve clients is to devote all of their time to one area of law, and that area is bankruptcy. The close-knit staff has over 20 years combined experience and is dedicated to providing personalized service so that clients can begin their fresh start as soon as possible. Baker Law is one of the largest volume filers of consumer bankruptcy cases in the Orlando division and the counties of Orange, Seminole, Osceola, Brevard, Lake, Volusia, and Polk. To learn more about Baker Law, PLLC. visit www.legalquestion.com.
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(EMAILWIRE.COM, February 15, 2012 ) Winter Park, FL -- A $25 billion dollar joint federal-state agreement has been entered with the nation's five largest mortgage servicers and Florida Attorney General Pam Bondi to address forecloses and unacceptable nationwide mortgage servicing practices. The parties' proposes agreement provides and estimated $8.4 billion in relief to Florida homeowners and will address future mortgage loan servicing practices. 