Pamela Crowley (Florida)
Elite Member
- Joined
- Jan 13, 2002
- Professional Status
- Retired Appraiser
- State
- Florida
http://www.tbo.com/news/money/MGBGU2A85DF.html
Countrywide Sued Over Borrowers' Foreclosure Fees
Countrywide Sued Over Borrowers' Foreclosure Fees
O'Gara accused Countrywide of making arrangements with attorneys for flat, per-case rates of about $300 to $500 and then charging the homeowners $1,200 to $2,000 for the expenses.
The company also was accused of charging excessive fees for appraisals, from $300 to $500, regardless of whether an appraisal is really done on the property. If fees are not paid by borrowers, they are added to the settlement amount on a foreclosure sale of the property, the complaint states.
Countrywide violated its obligations by imposing the excessive fees, the complaint said. In some cases, borrowers cannot recoup their equity after foreclosure sales, it said.
O'Gara asked for class-action status for the lawsuit, allowing him to represent all homeowners who have faced foreclosure action from Countrywide, in addition to unspecified damages.