Countrywide Financial Corp.

A lawsuit has been filed and is seeking class action status against the largest US mortgage lender for allegedly charging borrowers improper foreclosure fees. The lawsuit was filed in Federal Court in Wilmington, Delaware and claims Countrywide Financial Corp. overcharged for attorneys' fees tied to foreclosures and imposed unjustified interest, escrow, and late charges since February 2002. The suit claims Countrywide made arrangements with attorneys for flat, per-case rates of about $300 to $500 and then charged homeowners $1,200 to $2,000 for the expenses; Countrywide therefore violated its obligations by imposing theses excessive fees.

The complaint alleges that, "as a result of Countrywide's improper practice of overcharging fees and expenses, those borrowers who have enough funds to pay past due debt and other foreclosure costs, but are unable to pay the greater sums, remain subject to losing their homes."

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Reader Comments

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Counrtywide has diverted my house payment to an escrow and claims that I am in default of my payments in the excess of 4 thousand dollars. Thus starting foreclosure on my home.

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