At least half of the $2.5 billion mortgage settlement fund that is supposed to aid ailing homeowners is being used to cover other state-related projects, an article published by USA Today on October 8 stated.
According to the list of the National Conference of State Legislatures, most states who received the mortgage settlement fund allotted at least $1 billion to general funds, state budgets, and other non-housing related funding. The $2.5 billion fund is supposed to help troubled homeowners who were threatened by foreclosure due to the shady mortgage practices of lenders.
Enterprise Community Partners’ Andrew Jakabovics said only about $1.4 billion is being spent by the states for housing purposes.
Large parts of the settlement fund were received by states that were mostly affected by the housing crisis.
Attorney Ryan J. Really, Attorney at Law, PLLC, understands how frightening and stressful it is for Florida homeowners to face foreclosure. However, in this situation, there are certain options available that might help you keep your home. Discuss your legal options for addressing your financial issues by calling (239) 237-0675.