Possible Relief in New Jersey!

In an agreement between the state of New Jersey and PHH Mortgage company, PHH has agreed to pay the sum of $6.25 Million to cover allegedly misleading activities in processing/granting of loan modifications and other processes to help homeowners avoid foreclosure. Of this total, "the settlement includes $3.61 million in restitution for approximately 2,000 borrowers nationwide whose loans are serviced by PHH. For example, 44 borrowers whose homes were sold in sheriff’s sales while loan modifications were pending will receive $10,000 each." These payments will be made within thirty days of the effective date of the settlement. The balance of the settlement will be paid to the state of NJ. Additionally, PHH will have to make regular reports on all loan mod applications and foreclosures to the NJ Attorney General for the next two years. If you have, or had, a loan with PHH, or your loan was serviced by PHH, you can call them or the NJ Attorney General for more information as to how this settlement affects you. As always, Good Luck!