How a $600 Servicing Error Snowballed into a $16M Jury Verdict

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How a $600 Servicing Error Snowballed into a $16M Jury Verdict

How a $600 Servicing Error Snowballed into a $16M Jury Verdict

National Mortgage News-

Here is a cautionary tale of how a seemingly minor error can end up costing a financial services company big if left unaddressed.

A jury last month awarded $16.2 million in damages to a California homeowner who waged a three-year battle to block a foreclosure by the private-label mortgage servicer PHH Corp. The verdict is among the largest ever awarded in a mortgage case and $6 million more than PHH’s mortgage servicing business earned in the second quarter.

And, according to the plaintiff’s attorneys, it all started with a $616 shortfall in an escrow account.

[NATIONAL MORTGAGE NEWS]

CASE CAN BE OBTAINED VIA SCRIBD (I could not get this to embed)
http://www.scribd.com/doc/236663425/PHH-16M-jury-verdict-case-Linza-v-PHH

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One Response to “How a $600 Servicing Error Snowballed into a $16M Jury Verdict”

  1. Papergate says:

    Supporters of this site donate $5 to stopforeclosurefraud.com and Papergate will give you a free copy of the complaints in this case that are not available via Pacer or online!

    Reading the complaint to this case is a great resource!

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