Country Wide Home Mortgage

Lenders settle suit involving military foreclosures

PANAMA CITY-service members who feel they were unfairly evicted have a chance to recoup some of their losses.

The Department of Justice announced agreements with two lenders under the Civil Service Members Relief Act (SCRA) to resolve allegations that lenders incorrectly entered on active duty service members without first obtaining court orders in violation of the SCRA.

Together the facilities provide more than 22 million in monetary relief for victims.

Under the settlement, LAC Home Loans Service LP, formerly known as Countrywide Home Loans Service LP, a subsidiary of Bank of America Corporation, will pay $ 20 million to settle a lawsuit alleging that Countrywide seized about 160 service members between January 2006 and May 2009, without court order.

In more than 20 million dollars, Countrywide has agreed to pay a service member wrongly excluded in the period from June 2009 to 2010. The complaint alleges that Countrywide did not always check the status of military borrowers who closed it by at least May 31, 2009.The complaint was filed in the Central District of California, where Countrywide is headquartered.

Under the second settlement, Saxon Mortgage Services Inc., a subsidiary of Morgan Stanley, will pay $ 2.35 million to settle a lawsuit alleging that Saxon seized about 17 service members between January 2006 and June 2009, without court order . In addition to the $ 2,350,000, Saxon has agreed to pay a service member wrongly excluded in the period from July 2009 to 2010.

The complaint alleges that Saxon does not suffice to accurately verify or military status of borrowers who closed it by at least June 30, 2009. The complaint was filed in the Northern District of Texas, where Saxon is headquartered.

It is unclear if members of the service involved in the lawsuits are in the area of ​​Bay County.

"The men and women who serve our country in the armed forces deserve, at least, know they will not have their homes taken from them when they are wrongly courageously put their lives on the line on behalf of their country, "said Thomas E. Perez, Assistant Attorney General for the Civil Rights Division of the Department of Justice.

The military and their dependents who believe their rights have been violated SCRA should contact the nearest Armed Forces Legal Assistance Program office.The military and their dependents who believe their rights have been violated SCRA should contact the nearest Armed Forces Legal Assistance Program office. Locally, it would be at 445 Suwannee Road, Suite 110, Tyndall Air Force Base, phone number (850) 283-4681.

Countrywide to Feature “Mortgage Accelerator PLUS” (M.A.P.) Expert ...

Laguna Hills, CA (PRWEB) May 16, 2008

The recent volatility of short sales and foreclosures have sent after shocks through the foundation of real estate and mortgage lending, which has trickled down to shake the American dream of homeownership. Therefore Countrywide loan (CFC) will feature a weekly podcast with Norm Bour, the National Radio Show Host and leading real estate expert to discuss alternative mortgage strategies. Bour has been teaching financial management strategies and wealth, and the principles of mortgage acceleration, for the past three decades.Most of his clients were able to pay their mortgage in just 7-9 years.

"We are excited about the opportunity to provide Countrywide customers and consumers with relevant information and real estate and mortgage strategies," said Bour. ​​"Information is money in this highly volatile environment."

The relationship between Countrywide and Norm and Mike developed from the new credit card set up by Countrywide in 2007 with their partner card, First USA.The card offers cash back "feature rewards" credit cards to apply the capital reduction on a ratio of two to one or cash back. In a 2002 interview of Ted Bowers, Countrywide SVP, Norm and Mike shared their vision of educating and empowering homeowners to pay their mortgage at a rate significantly increased.

"The continued collapse of the housing market is even more incentive to get smarter about playing real estate mortgage," said Bour."Homeowners can avoid short sales or seizures in the future if they are able to rapidly increase their equity in their current home," said Bour, and for those who do not meet these fiscal realities It is a great time to use the credit crunch to their advantage. "

Following the broadcast of an interview of Ted Bowers on the standard radio and Mike, Countrywide noted that the interview has generated an increase in downloads of podcasts and even credit card applications.

"This week in the loan" is available in many places, including online iTunes, MySpace (NWS), YouTube (GOOG), and numerous sites, including other loans loan Countrywide (CFC). Each segment is 7-9 minutes an eye open about how things really work in the mortgage and are oriented towards the empowerment of consumers on how to "play the game." Some of the topics to be discussed include loan closing costs, FHA loans, debt consolidation, fixed rate and variable rate loans and even a new concept of loan called "green loan.

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