Michigan borrowers will receive compensation following national settlement with PHH Mortgage Corp.
More than 2,800 Michigan residents are eligible for compensation following a multi-million dollar settlement with the nation's ninth largest mortgage lender.
New Jersey based mortgage lender and servicer, PHH Mortgage Corporation, has agreed to pay out $45-million to residents of 49 states for improper loan service practices.
Megan Hawthorne is Attorney General Bill Schuette's Press Secretary. She said roughly $2-million should go to Michigan residents.
“Everyone will qualify for a minimum of $840.00 if they had their home foreclosed on and that’s a minimum. If they had foreclosure proceedings started but they did not lose their home they will receive a minimum of $285.00”.
Hawthorne said eligible homeowners will be contacted by the settlement coordinator within the next couple of months.
“It is homeowners who had their mortgage serviced through PHH Corporation and they will be contacted by the settlement coordinator and then they will have an opportunity to file their claim”.
Hawthorne said final disbursement amounts will be determined once settlement coordinators know how many people have filled claims.