Rss Feed
Tweeter button
Facebook button
Technorati button
Reddit button
Myspace button
Linkedin button
Webonews button
Delicious button
Digg button
Flickr button
Stumbleupon button
Newsvine button

Thousands in Arizona could get money from $45M settlement over bad foreclosure practices

More than 2,000 Arizona families are eligible for part of a $45 million settlement with PHH Mortgage Corp. for its handling of mortgage payments and foreclosure aid during the housing crash.

Forty-eight states, including Arizona, reached a settlement with the New Jersey-based mortgage lender and servicer. The settlement was announced Wednesday.

The deal resolves allegations that PHH charged borrowers unauthorized fees, failed to process requests for loan modifications and threatened homeowners with foreclosure while they were in a program to keep their houses, according to the settlement filed in the U.S. District Court for the District of Columbia.

Homeowners foreclosed on by PHH between 2009 and 2012 qualify for at least $840 from the settlement. Borrowers who faced foreclosure by the lender but didn’t lose homes will receive a minimum of $285.

Homeowners eligible for money from the deal will be contacted by a settlement administrator, according to the Arizona Attorney General’s Office.

“Predatory mortgage servicing abuses put thousands of Arizona families into foreclosure,” Attorney General Mark Brnovich said in a statement. “Our settlement holds PHH accountable and requires new servicing standards to help ensure that PHH won’t harm consumers again.”

Several big lenders and mortgage servicers, including Bank of America and HSBC, have been sued and reached settlements for bad mortgage practices during the housing crash.

In a statement, PPH said the $45 million settlement “is not an admission of liability or that we (the company) violated any applicable laws.”

The settlement includes approximately $30 million in payments to 52,000 PHH borrowers nationwide.


HOAs leading surge in Phoenix-area foreclosures

Phoenix ranks 2nd in U.S. for apartment evictions

Last Frank Lloyd Wright-designed home for sale

Skip the high-rise rental and go horizontal

5 ways Trump’s tax plan may impact AZ housing

Want more news like this? Click here to subscribe to

Article source:

Speak Your Mind