Does Countrywide Owe You For Mortgage Overcharges?

The Federal Trade Commission (FTC) reached a $108 million settlement with Countrywide, a mortgage lender who overcharged more than 450,000 borrowers who became delinquent on their mortgage and faced foreclosure.

Countrywide charged 347,846 borrowers whose loans were in default excessive fees on property inspections, lawn mowing, title searches and other services it arranged.

Countrywide often marked up the cost by more than 100 percent, and sometimes more than 400 percent, the FTC said.

In addition, in servicing loans for 102,331 bankrupt borrowers, Countrywide made false or unsupported claims about the amounts owed or status of the loans, and added fees and escrow charges without notice, the FTC said.

FTC Chairman Jon Leibowitz called the mortgage lender’s behavior “unconscionable” and said that the reach of the overcharges was extraordinary.

Homeowners who were overcharged by Countrywide should expect to receive checks over the next few weeks. What to do if you’ve moved?

Please submit your change of address in writing to:

FTC v. Countrywide Home Loans, Inc.
c/o Gilardi & Co. LLC
PO Box 808054
Petaluma CA 94975-8054

Or you may email the Redress Program Administrator at:

ftcvcountrywide@classactmail.com

You must include your property address and mailing address.

We also recommend that you contact your local Post Office, or visit www.usps.com, to submit a change of address form. Before the FTC mails refunds, we update our records using the U.S. Postal Service’s National Change of Address system.

If you suspect that you are a victim of unfair trade practices with your mortgage company you can file a complaint with the Federal Trade Commission at https://www.ftccomplaintassistant.gov/ OR call 1-877-FTC-HELP (1-877-382-4357).

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.