Over 500 Kentuckians Faced with Home Foreclosures from PHH Mortgage Eligible for Payments

Attorney General Andy Beshear announced on Wednesday, January 3, 2018 that nearly 550 Kentuckians who faced foreclosures on their homes from New Jersey based PHH Mortgage Company are eligible for payment through a multistate settlement against the company. Beshear, along with 48 other state attorneys general, the District of Columbia, and over 45 state mortgage regulators have reached a $45 million settlement with PHH Mortgage Corporation. The settlement resolves allegations that PHH improperly serviced single-family residential mortgage loans from January 1, 2009 to December 31, 2012. The $45 million settlement includes $30.4 million in payments to borrowers. In Kentucky, 548 borrowers are eligible for a payment. A total of 300 who lost their property will qualify for a minimum payment of $840, while 248 Kentuckians whose foreclosures had not been finalized will receive a minimum payment of $285.

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