Van Hollen Announces Notifications to Begin for Eligible Countrywide Borrowers Under Wisconsin Settlement Agreement
Thursday, July 23, 2009
MADISON - Attorney General J.B. Van Hollen announced today that Bank of America ("BOA") (Countrywide Financial Corporation) will begin notifying Wisconsin borrowers who may be eligible under a foreclosure relief program made part of a settlement agreement between the Department of Justice and Countrywide earlier this year.
BOA will allocate up to $150 million nationally to provide assistance for certain borrowers who experienced a foreclosure, short sale or deed-in-lieu of foreclosure on their mortgage originated by Countrywide.
Borrowers will be notified by letter from their state if they are eligible to receive a settlement payment. Payment amounts will vary. A third-party administrator, Rust Consulting, will manage notifications and payment processing. The administrator will begin issuing checks during the first quarter of 2010.
Wisconsin borrowers with questions concerning the foreclosure relief program should contact: Rust Consulting at (866) 411-6987 or http://countrywidesettlementinfo.com
The foreclosure relief program is one of three components of Wisconsin's 2009 agreement with Countrywide. The second component, the National Homeownership Retention Program, is designed to achieve affordable and sustainable mortgage payments for up to 400,000 borrowers who financed their homes with subprime or payment option adjustable rate mortgages serviced by Countrywide.
The third component of the agreement provides relocation assistance to borrowers who experience a foreclosure sale and agree to leave the property voluntarily and appropriately. They are eligible to receive a cash payment to ease their transition to a new place of residence.
For more information about the National Homeownership Retention Program, foreclosure relief payments and relocation assistance offered to qualified Countrywide borrowers, as well as a list of states participating in the foreclosure relief program, please visit http://my.countrywide.com/media/HRPFactSheet.html.
