Nearly 550 Kentuckians faced with home foreclosures eligible for payments

FRANKFORT, Ky. (WTVQ) – Attorney General Andy Beshear announced nearly 550 Kentuckians who faced home foreclosures from PHH Mortgage Company are now eligible for payments.

A multistate settlement is taking place against the New Jersey-based company, according to the attorney general’s office.

A settlement of $45 million has been reached with the mortgage lender and servicer PHH Mortgage Corporation.

Officials say the mortgage company is the nation’s ninth largest non-bank residential mortgage servicer.

The settlement includes $30.4 million in payments to borrowers.

According to officials, 548 borrowers in Kentucky are eligible for payment:

• A total of 300 who lost their property – 66 Kentuckians in 2009; 80 Kentuckians in 2010; 97 Kentuckians in 2011; and 57 Kentuckians in 2012. These borrowers will qualify for a minimum of $840 from settlement.

• A total of 248 whose foreclosures had not been finalized – 28 Kentuckians in 2009; 55 Kentuckians in 2010; 62 Kentuckians in 2011l and 103 Kentuckians in 2012. These borrowers will receive a minimum of $285 payment.

An administrator in the settlement will contact Kentuckians who are eligible for payments.