Thousands of Michigan Borrowers may be Eligible for Funds from Settlement with Mortgage Servicer
Over two thousand Michigan borrowers could be eligible to receive part of a multi million dollar settlement with a mortgage lender and servicer.
The Michigan Attorney General announced the settlement with the New Jersey-based PHH Mortgage Corporation on Wednesday.
The $45 million dollar settlement includes $30.4 million in payments to borrowers.
An estimated 2800 Michigan residents will be eligible for relief payments, including homeowners who lost their property to foreclosure and those under foreclosure proceedings by PHH.
The settlement resolves allegations that PHH, the ninth largest non-bank residential mortgage servicer in the nation, improperly serviced loans between January of 2009 and December of 2012.