Approximately 175 Nebraskans will be eligible for a payment related to a $45 million settlement with a mortgage lending and servicing company.

Nebraska was one of 49 states and the District of Columbia that settled with New Jersey-based PHH Mortgage Corporation, which is the country's ninth-largest non-bank mortgage servicer.

A lawsuit against the company had alleged it improperly serviced mortgage loans from Jan. 1, 2009, through Dec. 31, 2012, which led to thousands of questionable foreclosures.

Borrowers who lost their home to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, while borrowers who faced foreclosures that PHH initiated during the eligible period, but did not lose their home, will receive a minimum $285 payment. About 175 Nebraska residents are in one of those two categories.

In a statement, PHH said that it agreed to the settlement because it was in the company's best interests, and it was not admitting any wrongdoing or liability.

 

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Business editor/reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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