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Servicing / The Ticker

Homeowner awarded million-dollar mortgage settlement

Will homeowner ever receive a dime?

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KEYWORDS Mortgage / PHH / Settlement
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A court in California award a distressed homeowner quite a bit of money.

The homeowner charged that PHH Mortgage Services errors nearly cost him his home.

But what's unusual is the sheer size of the settlement, which PHH is fighting and other lawyers say is excessive.

Lawyers for Philip Linza said the award included $514,000 in compensatory damages and $15.7 million in punitive damages.
 
The typical settlement is usually much lower.

According to the article:

PHH vice president Dico Akseraylian said Monday that the servicer believed the verdict wasn't supported by the facts presented in the case or by applicable law, and that the jury award "is grossly disproportionate to any alleged damages."

PHH "has taken steps to seek further judicial review of the case and verdict," he said, adding that "we take our responsibilities to borrowers seriously and remain committed to meeting all of our obligations as a servicer."

 

Source: Philly.com
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