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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
Had a loan with them for 10 years, If I was late they would hit me with thousands of dollars for nothing, borrowed 193,000 and ten years later I owed them $210,000 I figured I gave them a total of 260,000 over the course of ten years. Even tried a lawyer to go after them and all I got was another bill for three thousand. The system is so messed up to allow these lenders to suck us dry. God help our kids!!!!!!
in May 2007 i refinanced my home my per month payment including taxes and insurance was set at $1100.00 per month to be put into escrow, it was a fixed mortgage.i made the payments every month online. when i was set to make my Jan. 2008 payment that according to the contract i signed was to remain $1100.00. I was shocked to see the statement required a $2100.00 payment.How could this be? i wondered and was sure there was a clerical error.So i contacted Countrywide expecting to have the situation resolved when i was informed that no i owed for some sort of back insurance and i needed to pay to avoid any late fees or foreclosure proceedings for refusing to pay the additional $1000.00 per month. I inquired if it was a one time payment and they responded with a no it is a new monthly payment.I was bewildered beyond belief and was feeling that they purposely were trying to financially put me in a bind to acquire my property I am an honest working man and was comfortable with the $1100.00 a month payment that was stipulated in the contract i signed. the only way i could make the payments on time was to charge the additional money to my Visa card until i could get some answers as to why the payment suddenly changed which made my credit card payments unbearable for the next six months. my life ,and american dream became a nightmare. I juggled bills as long as i could hoping to get answers or a call saying that there was a mistake made. I received neither. The stress of a dream turning to a nightmare got worse not only with struggling financially but receiving a letter stating my bank account was being closely watched by the F.B.I. because a “former” Countrywide employee had sold my identity. I thought to myself maybe there was a scam and someone was taking money from me that shouldn’t have and my homeowners dream would be set right, but by this time my Visa payments with the extra $1,000. was adding to the stress of the juggling money to make ends meet and my once set future of happiness began to unravel even after taking on extra work to hold on to what any person strives for a piece of property to call home and the dignity of being a part of the land of prosperity. Being a construction worker… my time to consult lawyers and seek counsel was slim to non-existent. I kept my nose to the grindstone and worked hard to keep a hold payments became late and skipped for my Visa and late for my mortgage which required late fees, just so i could keep basic amenities of power , water ,food, gas, and communication I did without luxuries that i once could afford such as cable television or internet and the fridge became increasingly bare. I was a grown man crying, my life was taking a downward plunge that i could do nothing to avoid, “helpless” was a word that became a reality. I knew my sovereign secure feeling i once had was doomed. When BAC homeloans acquired Countrywide I was hoping that maybe they would help and may have some answers as to what happened… I was again bewildered to learn that they had no records of my dealings with Countrywide but my payments went down to $1350.00 a month which at the beginning i may have been able to swing but i was too far in debt to climb out. My Visa has a $10,000 debt my home has since been foreclosed by BAC and auctioned off , to add to my misery i was laid off from a job that i had for 22yrs. I am now a statistic of the present times ” An American Homeless Person” with no hope, no American Dream and no future of ever being as happy again as the day i owned a piece of the “Land of Prosperity” barring a lottery miracle :)…Anyway I hope whoever at Countrywide that wrecked my life doesn’t get a good conscience nights sleep knowing that they alone have ruined the American Dream for i assume countless others besides me. I have been swindled down to a panhandler i assume by the end of this month and America has lost its luster thanks to shady corporations, their greed of pocketing what isn’t theirs
they charged me for a fake forclosier. now my credit is shot, thousands of dollars gone. and I never received a penny from them or anyone. crountry wide are nothing but scamer’s. ty from a divorced single mother of five. I hope your proud
Countrywide (BOA), U took my house & I want my $25,000 down payment back.
We All want our money back.
Please forward information. I haven’t received any refund from this settlement
Haven’t heard anymore about the outcome. Know settlement has been made. I haven’t received any settlement from all
this. Please respond with information. thank you
My brother and I have called the number. I do believe we meet the requirements for the settlement but have not received any notice. I deeply feel we are a prime example of what this lawsuit is intended.
In 2005, my brother and I was sold a 3 bd 2 bath home for around 240k a home we also shared with our mother. Although this was an investment between my brother and I we gave the master bdrm to our mother who must sleep with a breathing machine. My bother and I made several improvements to our home including instilling a new driveway ourselves. We had two loans that started with Country Wide (B of A) for $2,400 a month. I do believe the loans were manipulated by the finance company. We lost our home to foreclosure sale in May 2008. My brother and mother now share an apt. and I stay with my girl friend. But we all miss our home.
We bought our home in 1997 and we paid 74,000,4,000 down. My husband lost his job we still tried to pay and did pay so much…countrywide aka Bank of America says we owe $110.000 dollars. I wish you could see our home it was built 1981 and we have had so many floodings from toilets,electrical fixtures dont work,roof falling leaking,garage roof feel due to over flow upstairs toiltet. we have a son with asthma and if someone were to care to see they would know that we have been cheated and we are suffering with hardship. I wish someone would help us with information. I will do the running I just need contacts…so that we won’t lose our home..why stay? it is our home…were do we go….I am 54 unemployed paralegal and my husband is a retired teacher…and we have three kids ranging from 19,20,24 with a wife and two grandchildren., God help us… We don’t want charity we just want a chance to make it right….
I received a check in the amount of 100.00. However, what can be done about what they did to my credit by refusing to accept my payments for 10 months? Answers anyone?
I was in part of the lawsuit because some one in country wide sold personal information from lenders, I called once and some one told me that I will get a phone call in return or mail, I never got anything.