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Mortgage

Florida homeowners can start claiming their $6.5M from SunTrust

More than 8,000 eligible Floridians

Florida sent out claim forms to eligible borrowers to receive their share of the National SunTrust Settlement, which allotted more than $6.5 million just for the state.

The office of Attorney General Pam Bondi found more than 8,000 eligible Floridians, whose mortgages were serviced by SunTrust and lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2013, are eligible for a refund.

The U.S. Department of Housing and Urban Development, the U.S. Department of Justice, the Consumer Financial Protection Bureau and attorneys general in 49 states and the District of Columbia reached the settlement with SunTrust (STI) to cover mortgage servicing and foreclosure abuses. 

Under the settlement, SunTrust agreed to pay $500 million in loss-mitigation relief to underwater borrowers, $40 million to consumers who lost their homes to foreclosure and $10 million to the federal government.

Borrowers should expect a package including a cover letter, claim form and instructions this week. A reminder postcard will be sent out the week of April 30, 2015, and all claims must be submitted by the June 4, 2015 deadline.

Eligible claimants will receive a minimum of $850 for each loan, and payment checks should be mailed starting in the fall of 2015.

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