COLUMBUS – Attorney General Nancy Rogers has announced the details of a final settlement with Countrywide Financial Corporation.
Under the agreement, filed in Cuyahoga County Court of Common Pleas, Ohio will receive $4.39 million dollars as its share of a $150 million dollar nationwide settlement with Countrywide. Approximately 8,000 Ohio homeowners will be eligible for loan modifications and another 4,000 Ohioans will be eligible for foreclosure relief payments.
Earlier this year Countrywide Financial agreed to a settlement that will provide loan modifications for 400,000 borrowers nationwide. The actual value for borrowers as a result of this settlement is between $7 and $8 billion.
Countrywide customers in Ohio are urged to watch their mail for a letter that will notify them of their options under the terms of the settlement. Eligible subprime borrowers will be offered loan modification options designed to make monthly payments more affordable. Those options will include a freeze or reduction in interest rates, conversion to a fixed rate loan, and a reduction in the principal balance. Eligible borrowers who experienced a foreclosure sale will be offered foreclosure relief payments estimated to be between $500 and $1,500 dollars.
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