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UPDATE: On Oct. 10, 2020, Top Class Actions viewers started receiving checks in the mail from the Countrywide class action settlement worth as much as $127. Congratulations to everyone who filed a claim and got PAID!
A website has been created for a recently certified Class of consumers allegedly affected by an appraisal scheme carried out by Countrywide, Bank of America, and LandSafe.
The website has been established for Class Members to read about the class action lawsuit and consider their rights.
While the website is live, it is not accepting claims yet. Top Class Actions will provide claim filing instructions as soon as they become available.
Meanwhile, viewers will receive an email notice when this article is updated with more information by using a free Top Class Actions account and clicking the “Follow Article” button at the top of the post.
Plaintiffs Barbara Waldrup, Elizabeth Williams, Becky Reaster, and Rebecca Murphy filed two class action lawsuits against Countrywide and Bank of America alleging that the mortgage lenders failed to meet legal requirements and appraisal standards such as the Uniform Standards of Professional Appraisal Practice (USPAP).
USPAP requires appraisals to be conducted independently and competently, and for the results of appraisals to be communicated truthfully and in a manner that is not misleading. This means that reporting a predetermined result for compensation is unethical under USPAP appraisal requirements.
Countrywide allegedly entered into an unlawful scheme with LandSafe Appraisal Services Inc., which allowed LandSafe to charge $300 to $500 for their residential real property appraisals despite never completing these appraisals.
Plaintiffs argue that Countrywide entered the scheme in an attempt to close as many loans as possible to maintain “heavy profit margins.”
“Because the legally-mandated USPAP appraisal had the potential to delay or terminate a prospective loan transaction and, thus, limit Countrywide’s ability to securitize and sell such loans to Wall Street, Countrywide opted for a different course of action,” plaintiffs claim in their Countrywide class action lawsuit.
“Countrywide and LandSafe agreed to knowingly, fraudulently, systematically and uniformly produce phony so-called USPAP ‘appraisals’ on home loans originated by Countrywide which were not performed in accordance with required USPAP standards.”
The court recently certified a Class of consumers who received an appraisal from LandSafe in connection with a Countrywide loan between Jan. 1, 2003 and Dec. 31, 2008. A state Class of the same consumers from Texas was also certified.
The Classes were found to comply with federal Class certification requirements of predominance and superiority, prompting the federal court to certify the two Classes.
Class certification is important in these cases because this allows the class action lawsuit to move forward to pre-trial procedures. The closer a class action moves to trial, the more likely it is that they will be able to collect compensation for Class Members.
Countrywide and LandSafe deny any wrongdoings detailed in the class action lawsuit. They contend that their mortgage loan appraisals were completely legal and in compliance with USPAP and other regulations.
Consumers with further questions can contact the settlement administrator by calling 1-877-835-0768.
Plaintiffs and Class Members are represented by Daniel Alberstone, Roland Tellis, Mark Pifko, and Isaac Miller of Baron & Budd PC, and by Steve Berman, Thomas Loeser, and Christopher Pitoun of Hagens Berman Sobol Shapiro LLP.
The Countrywide Loan, LandSafe Appraisal Class Action Lawsuits are Waldrup v. Countrywide Financial Corporation, Case No. 2:13-cv-08833-CAS, and Williams v. Countrywide Financial Corporation, Case No. 2:16-cv-04166-CAS, in the U.S. District Court for the Central District of California.
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485 thoughts onCountrywide Loan, LandSafe Appraisal Class Action Lawsuit Certified
Please add me to this suit as we had Countrywide as our mortgage company when we sold our house in Florida and bought one in Virginia.
Please add me as well as I also had coutrywide
I had 2 homes during that time, both with Countrywide and then it rolled over to B of A.
Please add me also cause I also had them for my first home too.
Please add me had Countrywide with first home
Please add my name to this law suit. I had two mortgages with Countrywide and paid a lot of money appraisal in fees.
My CA home lender was countrywide in April 2006. Please add me.
Nicole, ditto. Countrywide did practically the same thing to me. I put my life into my home and due to unscrupulous lending, I lost it all.
I had Countrywide
This is only for the state of CA? Seriously ? lol Bank of America not only did this to me with $500 as a fee using their appraiser only when I bought my
Home in islip terrace ny in 2007 but It was an underwater mortgage. And appraised so the sale could be made. I was forced and coerced by bank of
America to do a shortsale in 2015 in order avoid foreclosure . Bank of America told me I had to be behind first to qualify for the short sale by six months. Mind you I was up to date at that time. My credit was ruined and I lost everything I put into my
Home and any profit I could’ve made all because I couldn’t sell it for what I originally paid for it to begin with because of Bank of America. I bought my home in 2007 for 407,500 in 2007 because it was “appraised” by their bank as such and I trusted them. After I purchased it I found out it was only worth what I ended up having to short sale it for….215,000….. I lost everything. Oh and the 3,000 they tried to throw me as “feel bad “ moving money to start over? My real estate agents took from me as their profit … because hey, short sales are a lot of paperwork…. ;)
Bank of America did the exact same thing to my grandmother. Told her to fall back on payments then she lost everything… Weird situation. I came to the house 5 years later and started calling numbers. They said the house was still in here name and what was 51,000 owed on the house turned into 82,000