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Upcharging borrower for appraisal fee

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Pamela Crowley (Florida)

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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
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.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Scum bags!


These lenders whine and cry if we ask for more money when they demand an update or new comps!


Scum bags!
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
This is why BofA wants CWs servicing platform-it's a cash cow. I hope this suit puts a nail in the coffin of the BofA buy out. Let CW go BK.
 

JRS at OBX

Elite Member
Joined
Jun 13, 2006
Professional Status
Certified Residential Appraiser
State
North Carolina
Personally, I'd like to tell all of the homeowners and borrowers what I'm getting paid so they can raise hell when twice that amount shows up on the closing statement.
 

Lost Cause

Senior Member
Joined
Sep 17, 2004
Professional Status
Certified General Appraiser
State
New York
Just How Low Do They Go?

If there's any truth in these charges, what a dirty slimy worthless outfit Countrywide really is. If true, Bank of America is going to come to regret getting involved. I don't care what quid pro quo the feds may have offered BofA, I don't think it's going to be enough.
 

Bigrock

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Joined
Jun 6, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
its one of those deals where you need to let everyone know aboyt c Slime and then maybe word will spread..
 

Charles Witt

Senior Member
Joined
Dec 13, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Them who's got the gold make the rules......Or something like that!
Greed has entered the entire workplace regardless of what profession. :angry:
 
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