Most New Jersey homeowners receiving compensation as part of the $25 billion national mortgage settlement will soon receive a check for about $1,480.

James Thompson, Flickr

State Attorney General Jeffrey Chiesa says anyone who submitted a valid claim through the National Mortgage Settlement agreement was eligible. He announced Tuesday that about 5,300 New Jersey homeowners will receive checks totaling $7.76 million

Nationwide, about 962,000 checks will be sent starting next week.

The settlement was part of deal reached with 49 state attorneys general and the country's five largest mortgage servicers -- Ally Financial, Bank of America, Citi, JP Morgan Chase and Wells Fargo.

 

(Copyright 2013 by The Associated Press. All Rights Reserved.)