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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
I lost my home because of countrywide, Bank of America and then them selling to green tree who told us they couldn’t find our loan from Bank of America therefore we wouldn’t pay. A few months later we get a huge bill that we couldn’t afford. All because it started with countrywide illegal practices. I tried everything with both countrywide and Bank of America to rectify the situation and my deed was apparently lost. We ended up losing our home and divorcing cause of all the problems it caused
Please add my name to lawsuit. I had to accounts with BOA.
I was never notified and I believe I was defrauded of my home.
We bought our house back in 2008- the loan was than switched to BOA with no notification. We lost our house in 2015 unfortunately. Our loan was hardly discussed with us and they talked us into the 7500$ homebuyers credit which we double paid back between my IRS check and my Exes but never any type of refund back from the overpayment or anything from Countrywide
I was with Countrywide but was told a month later to pay BofA, but I was in Mortgage Electronic Registration System (MERS) until 2012 then assigned to BofA, I was still in MERS until 11/22. I believe MERS was a hidden place to prevent payout from any class action suite. I was not able to Harp the program, BofA double dip charges,
And I did a loan modification
I had countrywide back in 2006 and my loan was switch to Bank of America there representative really didn’t give me enough info it was all sign here like I was pressured
And I did a loan modification
I had a loan through countrywide and then they transferred it to bank of america and during covid 19 my home was sold at an auction back in 2020. I never got any notices concerning this matter.
I had a home loan with countrywide and they sold it also to Bank of America. I applied for a modification in 2008/9 and was told to pay $500 a month. I then received a letter say i had a month to pay 15,000. I lost my home.
I had a home loan with countrywide and they sold it also to Bank of America. I applied for a modification in 2008/9 and was told to pay $500 a month. I then received a letter saying i had a month to pay 15,000. I called so remind them of the modification agreement but got the run arounds. I lost my home due to their lies.
We had a account with country wide a lot of problems with the notes and interest end up losing the home.
We bought our first and only home in 2006 from the lender Countrywide, they had shady practices, we were military and they scammed us by giving us a 15 yr loan and a balloon loan, in which we both were active duty and had good credit. They scammed us, then sold the loan to Bank of American where it went south from there we lost our home in 2010, bought it for $250K and they sold it for $100. Please add me to this lawsuit and settlement. Taking advantage of the Veterans is not cool!
Diane, I certainly feel your pain. Your note sounds very similar experience with Bank of America and their unethical mind games. We bought our first home that I had rented for 2 yrs. Before owners agreed to sell it. BOA is the absolute worst company I’ve ever dealt with. I raised my kids in that house and lived there for 16 years. Lost the house due to several things you listed. I have never gotten over losing that house& never will. Two adults, 2 teens, and 3 dogs- forced to move from a big 3 bedroom farm house to a tiny 2 bedroom apt. I lost my home, all security we had worked so hard for. We got a check for $3000 after all the mess was over & they got our house. A year later, a friend of a friend bought it for peanuts because they told BOA they were going to tear it down and rebuild, but they didn’t. They lived in the house for 5 yrs. To save, then built their new home. My mortgage was $120,000 and they took my home & sold it for under $10,000.