mortgage settlement

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

The Federal Reserve says some 96,000 borrowers who received checks to compensate them for wrongful foreclosures on their mortgages will be getting an additional check to correct for errors in the initial payment.

New Jersey homeowners will receive an estimated $762 million in direct relief as part of the $25 billion settlement between five mortgage lenders and 49 states.