Countrywide Mortgage Class Action Lawsuit

Law

Countrywide had an almost Class Action lawsuit against them. According to a few reports at that time, Countrywide lost over $2 billion due to their Countrywide mortgage mistakes. The bank was not able to catch the perpetrators of these crimes. Instead they settled the suit for a “registry fee” of several hundred dollars. The bank knew that they were breaking the law and yet tried to cover their bad acts with this class action lawsuit.

This Class Action lawsuit against Countrywide Mortgage had been filed by all of the attorneys and accountants that worked for Countrywide when they made their fraudulent loan deals.

These same attorneys and accountants are still fighting to get any money from Countrywide Bank. There are many other Class Action lawsuits that have been filed in recent months. A few of these suits have been successful so far in obtaining financial compensation for their Countrywide clients who were injured while working on or purchasing Countrywide Homes. So far, most of these lawsuits have been denied by the bank.

The attorney who represented the class-action lawsuit claims that there is a growing number of homeowners in the situation of pre-foreclosure.

Many of these homeowners have fallen behind in their mortgage payments and have received a notice of default. They have been instructed to make contact with their lender and come up with an alternative payment plan. The banks did contact some of these homeowners and have agreed to accept a voluntary repayment plan. But Countrywide did not want to take the risk of a real estate foreclosure on such a large scale.

In other words, Countrywide realized that they could lose a lot of properties if they lost too many homes.

The lender has also agreed to temporarily suspend the foreclosure process to give the borrower’s some time to catch up on their payments. It is now estimated that Countrywide has over twenty five percent of homes in the foreclosure process. The lenders are trying to avoid foreclosures on as many properties as possible. This is one way that they are able to avoid making a tremendous amount of losses.

If you live in Phoenix, or any other location in Arizona, you should know about this class action lawsuit.

You can contact a lawyer who specializes in this type of case to find out more information. You may be able to join the lawsuit as soon as today. But you must act quickly as the litigation process can stretch out for several months.

Foreclosing on houses is not an easy thing to do.

This is especially true when the bank fails to prove that the mortgagor was able to pay their monthly mortgage payments. When a homeowner falls behind, the bank has the right to initiate legal action. By contacting a lawyer today, you can be on your way to getting money for your countrywide mortgage.

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