Notices will be mailed today to 3,467 Countrywide Financial borrowers with information on how they can claim a share of $3,041,882 the company is paying to Nevadans who lost their homes, according to Attorney General Catherine Cortez Masto.
"Eligible consumers should expect their notices to arrive in the next few days," Masto said. "The packet will explain the settlement that Nevada entered into with Countrywide and will have all materials needed to file a claim with the Settlement Administrator."
Eligible consumers must have had a loan for owner-occupied property made by Countrywide. First payment of the loan would have been due between Jan. 1, 2004, and Dec. 31, 2007. Borrowers must have lost their property through foreclosure, short sale, or a deed in lieu. Rental property is not included in the settlement.
Nevada's total sum directed for consumers $3,041,882 will be divided equally between all eligible Nevada consumers who file a claim form and release. The payment amount for each individual will depend upon how many of the 3,467 eligible Nevadans file the Form and Release. Participation in the program is optional. Each participant will receive a minimum of $877.38 in compensation. The Settlement Administrator plans to begin mailing payments the first quarter 2010.
This settlement amount was part of a multistate settlement that was reached in principle with Countrywide and previously announced by this office on October 6, 2008. States finalized individual agreements earlier this year.
Countrywide borrowers should contact the settlement administrator, Rust Consulting, Inc., toll free at (866) 411-6987 if they did not receive a packet, if they think they may be eligible or if they are not sure that Countrywide has their current address. Additional information will be posted at: www.countrywidesettlementinfo.com .
In addition to Nevada, Countrywide has entered into agreements with the attorneys general of Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Michigan, Mississippi, Montana, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
