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Report: #320858

Complaint Review: Countrywide - Calabasas California

  • Submitted:
  • Updated:
  • Reported By: Tampa Florida
  • Countrywide 4500 Park Granada Calabasas, California U.S.A.

Countrywide Countrywide Class Action Suit - Hurricane Victims Feel Betrayed Calabasas California

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Hello..

I wanted to make you aware of a continuing battle against Countrywide Home Loans on behalf of hurricane victims.

In response to Countrywide's refusal to fulfill promises made to Gulf Coast hurricane victims, the James Hoyer Law Firm just filed a new class action lawsuit against the mortgage company. The suit was filed in the United States District Court in the Southern District of Mississippi.

The suit alleges Countrywide took advantage of these disaster victims by offering them mortgage deferrals with no penalties attached and then reneging on that promise. The company turned its disaster relief assistance into a twisted, money making venture. Countrywide subjected these victims to the threat of foreclosure if they did not agree to harmful forbearance agreements and loan modifications that end up costing them more money. These plans made more profit for Countrywide on the backs of hurricane victims.

Our Mississippi Plaintiff calls Countrywides refusal to live up to its promise an outrage. It hurts to see this company turn its back on us, after weve been through so much. Weve been suffering for more than two years. Its time for them to do the right thing and help us out of the hardship they created, she said.

Background: After Hurricanes Rita & Katrina, Countrywide offered 90-day mortgage payment deferrals to homeowners affected by the devastation and in many cases 6-month deferrals. Countrywide represented this as a good deed to help people in their time of suffering and even issued a press release to promote its actions.

Homeowners were told by agents over the phone their deferred payments could be tacked onto the end of their mortgages. They were assured they would not face penalties like late fees, interest and reports to the credit bureaus.

Countrywide went so far as to tell homeowners who wanted to pay, not to do it. In some cases, they even returned checks. Struggling hurricane victims accepted the offer of help, some reluctantly, when assured they would not be economically penalized by late fees, penalties or credit reporting.

When homeowners followed up later to resume payments, they discovered Countrywide was reneging on its promise. The company said it could not add the payments to the end of the loan, without penalty, after all. Instead, Countrywide told homeowners they would either have to pay the lump sum owed immediately or face a loan restructuring which would cause them to pay thousands of dollars more over the life of their loan.

The suit filed on behalf of victims in Mississippi, is in addition to two suits already pending in Louisiana and Texas. The James Hoyer Law Firm is seeking reasonable loan terms for these victims so they can remain in their homes and restitution for those whove already lost their homes.

Video of Texas hurricane victims evicted by Countrywide: Runs 6 minutes.

http://consumerwarningnetwork.com/countrywides-mortgage-meltdown/

This video documents the hardship faced by two Texas hurricane victims and their three children. Countrywide evicted the family five days before Thanksgiving.

The case crystallizes the reality that mortgage companies, like Countrywide, are trying to make it appear they're helping families avoid foreclosure, while in reality driving them out of their homes. This senseless eviction has left another vacant home in a neighborhood, driving down property values and hurting our communities. As the father said the night he moved his family into the Super 8 Motel: "Here's your mortgage meltdown right here. It's self-inflicted by the mortgage companies."

Consumer advocate
Tampa, Florida
U.S.A.

This report was posted on Ripoff Report on 03/25/2008 09:19 AM and is a permanent record located here: https://www.ripoffreport.com/reports/countrywide/calabasas-california-91302/countrywide-countrywide-class-action-suit-hurricane-victims-feel-betrayed-calabasas-cali-320858. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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