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The Federal Trade Commission announced last month that it is mailing out refund checks to 200,000 American homeowners who were charged excessive fees in their mortgages by Countrywide Home Loans.
The FTC sued Countrywide last year for using unfair and deceptive practices while servicing the mortgages of homeowners in default or Chapter 13 bankruptcy.
According to the Countrywide lawsuit, the lender “abused” and overcharged 200,000 struggling homeowners who fell behind on their mortgage payments. These abuses included:
– charging excessive fees for default-related services like property inspections;
– making claims about amounts owed by homeowners in bankruptcy that were false or couldn’t be backed up; and
– not telling people going through bankruptcy when new fees or charges were being added to their loans.
The FTC Countrywide settlement will provide $108 million in refunds to homeowners who were charged inappropriate fees or were victims of false statements made in bankruptcy court.
The Countrywide refund checks began going out in late July 2011. Eligible homeowners will automatically receive a check in the mail. However, if you have moved, you can submit your change of address in writing to:
FTC v. Countrywide Home Loans, Inc.
c/o Gilardi & Co. LLC
P.O. Box 808054
Petaluma, CA 94975-8054
For more information on the FTC v. Countrywide Home Loans settlement, call (888) 230-3196.
124 thoughts onCountrywide Settlement Refunds Go Out to Abused Homeowners
I also was a victim of Country Wide predatory deceptive practices in 2007, and applied for compensation in the lawsuit, but as of today have not received anything.
I also was a victim of Country Wide deceptive predatory lending in 2007, I did apply and as of to date, I have not received any compensation from the lawsuit settlement.
Did anyone ever help you? I believe I was part of predatory lending without a doubt but after 14 yrs they are foreclosing on my home for over 2x what I borrowed due to fees. I think they waited until I had equity in my home to come after me! 14 yrs the loan sat and not one court filing for the money!! I’m lost now! They will probably take my home.
I WAS PART OF BOTH CLASS ACTION LAWSUITS AGAINST COUNTRYWIDE AND NEVER RECIEVED PAYMENT FOR EITHER LAWSUIT. I BELIEVE THE ATTORNEYS OR SOMEONE ELSE STOLE ALOT OF MONEY FROM PLAINTIFFS. IM OWED ALOT OF MONEY AND CAN DO NOTHING ABOUT IT. TOTAL WASTE OF TIME!
I was notified about the countrywide /Bank of America lawsuit and have heard nothing. It has been atleast 8 years.
Lost my home to countrywide back in 2007/2008 time period. I was behind and making payments to catch up but they would never resolve it for some reason. I finally gave upand it foreclosed before I could get it sold. They’d say one thing but do another.
I feel I was scammed by Countrywide for a HELOC when the housing boom happened almost 15yrs ago. They got me a $15k line of credit on a home that they claimed was worth almost 60k more than what I paid for it 2 yrs prior. 14 yrs later I am in Foreclosure due to nonpymt of the HELOC loan but why wait 14 yrs for their money. My loan was transferred to SLS Inc and now they want almost $32k in loan fees or they are foreclosing on my home. I think they waited until I had some equity in my home and know they can now possibly get at least the $14k they say I owe them. This is terrible. What can I do about this? I’m doing an RMA but they want almost $10k down payment. The fees are more than the loan. This is not fair to us that this is happening. Who can help us though?
I had my home stollen from
Me back when countrywide and Bank of America merged ! I paid 120,000 and I had a buyer and the morgage company said I owed 180,000 ! Then to find out that my checks for my mortgage had been cashed several times be b of A ! And then found out the new owners were employed by countrywide ! I want my money , y’all stole it from me and took my home illegally , I was ill at the time and could t fight it then !
I am checking on my check from Countrywide concerning the civil lawsuits.
At the end of 2005, beginning of early 2006, I was advised that Countrywide Home Loans had approved me for my home which was built by KB Homes, Atlanta from the “Ground-Up”. Although, I stated concerned regarding my credit scores, which at the time were likely less than 600. However, Countrywide Home Loans stated that my home loan, in the amount of $228,000.00 was approved & my real estate agent also advised me that because I am a Registered Nurse, with great earning potential is likely the reason that Countrywide approved me for the loan. Not to mention, I only placed $1,000 down on the home with an additional $3,000 at closing. Prior to closing, I had a 2 mortgages with fixed rates for the next 3 years and I was told that after the 3 year period ended, Countrywide Home Loans would provide me with another fixed rate as long as continued to show credit worthiness. Well, I did exactly what they told me to do, increased my credit score, paid both mortgages on time without missing any payments for that time period but Countrywide was sold to Bank of America and they would only allow me to continue with a variable rate for my 1st & 2nd mortgages which then costs me nearly $4500.00 per month. I would send payments to BOA every month, but they were returned to me and I almost went into foreclosure. However, in 2013 I was told that I was approved for a loan modification with Select Portfolio Servicing and now my monthly payments were reduced to $1358.99/month which included escrow for property takes and lender-placed insurance. Over course, I was extremely relieved that I wouldn’t lose my home. But, I later found out that the 2nd mortgage was not included in the Modification and I started receiving statements from “Real-Time Resolutions” in regards to my 2nd mortgage. I explained to them that I was under a loan modification but later found out that the modification only applied to my 1st mortgage which was initially $188,000.00 but now is estimated that I owe an outstanding balance of $295, 474.75. Although I’ve been making my monthly payments on time without going into default, only $242.62 is going towards the principal and $596.90 is going towards the interest with a fixed rate at 3.5%. And with “Real-Time Resolutions”, who took over my 2nd mortgage in the amount of $40,000 is now stating that I owe over $90,000. I’ve been monthly making payments to “Real-Time Resolutions” in the amount of $400-$500 but now I’m unemployed but with the help of family and savings, I’ve been able to remain current with my 1st mortgage with “Select Portfolio Servicing”. Real-Time Resolutions refused all mortgage loan modifications when presented. Since I’ve advised Real-Time Resolutions that I am unemployed and was on Medical Leave since 05/14/2021, but still making payments, they’ve advised me to presented me with a “Loss Mitigation Application” & requests that it is completed by 11/01/2021. I receive tons of phone calls and mail, stating that I have equity in my home since my subdivision continues to build new homes starting at $350,000.00 but unfortunately, I really do NOT have any equity with the balances that I owe to on both mortgages. All of this started with Countrywide Home Loans, who has since disappeared off the face of the earth and honestly, I don’t know if BOA is still involved or not because when I ask “SPS”, they refuse to answer the question directly & continue to state that they are “servicing the loan modification”. Selling my home is not option because I have since moved my elderly parents in with me and my mother has to perform home dialysis treatments here with me in Atlanta & my father has mild Dementia plus, my job refused to allow me to work remotely from home & therefore I was forced to resign. I’m unable to leave my father alone for 10 hours/day, 4 days per week and I have to take my mother to weekly hemodialysis treatments every Monday, Wednesday & Friday until she is able to transition to home dialysis. Plus, as I stated, I have my own medical issues as well. Is it too late for me to access the funds from the settlement paid by Countrywide Home Loans for homeowners like myself that was approved for financing with promising another fixed rate after 3 years but the lender didn’t own up to their end of the bargain?
My smother was mistreated by Countrywide and then B.O.A then Bank of America sold the loan to Bank of New York Mellon and now they are saying my Mother who has now passed away- that she owes much more than the home is worth.
I like to make a claim with COUNTY WIDE