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Information about Indiana Countrywide Lawsuit
1. Do I have to continue making my mortgage payments on my Countrywide loan?
Yes, the filing of the Attorney General’s lawsuit against Countrywide does not change
your current mortgage obligation. If you cannot afford to make your mortgage payments,
you may wish to consider contacting:
- The Indiana Foreclosure Prevention Network at 1-877-GET-HOPE or www.877gethope.org
- HOPE NOW Alliance at 1-888-995-HOPE,
- Countrywide at 1-800-669-6607 to determine the feasibility of a loan modification, or
- A private attorney.
2. Will my mortgage payment change?
The filing of the Attorney General’s lawsuit will not change the amount of your mortgage payment. The Attorney General’s lawsuit has asked the court to void any portion of the Countrywide originated loans that resulted from deceptive acts. If the court finds that Countrywide deceived you in the origination of your loan, the terms of your loan may change.
3. What if Countrywide is currently foreclosing on my home?
The filing of the Attorney General’s lawsuit will not stop or undo a foreclosure that is currently on-going. The Attorney General’s lawsuit has asked the court to prevent Countrywide from foreclosing on any home where the loan was originated through deceptive or misleading means in violation of Indiana law. The court must order Countrywide to stop foreclosing on homes in Indiana. You are advised to contact a private attorney to discuss your specific situation as soon as possible to protect your rights while this lawsuit is pending. You may also consider contacting the Indiana Foreclosure Prevention Network at 1-877-GET-HOPE.
4. Will this lawsuit affect my ability to negotiate a loan modification with Countrywide?
The filing of the Attorney General’s lawsuit does not affect your ability to negotiate a loan modification with Countrywide.
5. Will this lawsuit affect my ability to refinance my mortgage with another lender?
The filing of the Attorney General’s lawsuit does not affect your ability to refinance your Countrywide mortgage with another lender. Be certain that you understand your prepayment penalty terms prior to refinancing your mortgage.
6. How does this lawsuit affect me?
If there is evidence that you have been a victim of Countrywide’s alleged deceptive and misleading business practices, the court may void any portion of the Countrywide originated loans that resulted from deceptive acts. The Attorney General has also asked the court to award consumer restitution as it deems appropriate.
7. What is going to happen at the end of the lawsuit?
It is impossible to determine what the outcome of the lawsuit will be. You can learn the latest news regarding the lawsuit by visiting www.IndianaConsumer.com.
8. Is my Countrywide mortgage going to be forgiven?
No, there is no legal remedy that would allow the Court to forgive your mortgage. However, your Countrywide mortgage may be modified to remedy any misrepresentations or deceptions.
9. How long will it take to reach a conclusion to this lawsuit?
Litigation such as this can take a long time to be resolved. The Attorney General will work diligently to move this matter to a successful resolution as quickly as possible.
10. How will I be kept updated on the lawsuit?
Information and possibly press releases will be issued as developments in this lawsuit occur. Please check the Attorney General website at www.atg.in.gov for the latest information about this lawsuit. Go to the Newsroom webpage.
11. Can I file a lawsuit against Countrywide as a private individual?
As an Indiana consumer, you may have a private right of action against Countrywide. You may wish to consult a private attorney to protect whatever legal rights you may have in addition to those rights and remedies set forth in the Attorney General’s lawsuit.
12. How can I file a consumer complaint with the Attorney General’s Office about Countrywide?
To file a consumer complaint with the Attorney General’s Office about Countrywide, you need to complete a consumer complaint form. The form can be found at www.IndianaConsumer.com. Please print the form, complete all requisite information, include all appropriate documentation concerning your Countrywide loan, and mail everything to the address on the form.
13. Where can I obtain more information about the Attorney General’s lawsuit?
Press releases will be issued as developments in this lawsuit occur. Please check the Attorney General website at www.atg.in.gov or www.IndianaConsumer.com for the latest information about this lawsuit.
14. What affect does the merger of Countrywide and Bank of America have on the lawsuit?
The merger of Countrywide and Bank of America will not adversely affect this lawsuit.
15. How do I know if I have been a victim of Countrywide’s deceptive and misleading business practices?
You should review the documents you received at the closing of your Countrywide loan to determine if the terms set forth in the contract are the same as you were told by the originator of your loan. If the terms are different, it is possible that you have been a victim of Countrywide’s alleged deceptive and misleading business practices. To be considered for inclusion in the lawsuit, please complete the consumer complaint form found at www.IndianaConsumer.com. Please mail the completed consumer complaint form and your loan documents to the Consumer Protection Division. The address is provided on the consumer complaint form.
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