Bank of America and Countrywide are preparing to mail out $7.46 million in restitution to Texas families who were tricked, lied to, or encouraged to take on risky home mortgages they could not afford. The money from this fund will help people who have lost their homes because they could not pay their mortgage.
Countrywide, which is now part of BOA, will soon be sending out forms and details about the funds and how to receive a payout. You may be eligible for restitution if you have been a victim of certain crimes in Texas. To request restitution, you will need to fill out a form and mail it to the office of the Texas Attorney General. If you do not receive a form, you can contact the office directly to make sure you get your money.
The money being provided to Texans is just a small part of a $345 million settlement the attorney general’s office reached with Countrywide earlier this year. In 2008, Countrywide Financial was acquired by Charlotte, N.C.-based Bank of America.
The government will provide at least $1,400 to those who qualify for foreclosure assistance.
1, 2004, and July 2008 and whose loans were sold to Bank of America are eligible.Only customers who took out Countrywide loans between Jan. 1, 2004 and July 2008 and had their loan sold to Bank of America are eligible. 1, 2004 are both dates. If you were born on or after January 1, 2007, you are eligible for this program. Those who lost their homes or were more than 120 days delinquent on their loans are eligible for this agreement.
As part of the finalization of this agreement, Countrywide said they would provide $5 million to a fund that will help those homeowners relocate. In addition, as part of the finalized agreement, Bank of America and Countrywide said it would perform free loan modifications for over 30,000 Texans, and this is a process that is valued at $335 million in mortgage relief to struggling homeowners. This is not a new program as the office of Texas Attorney General Greg Abbott said the program to reimburse Texas families was first announced in February 2009, and it has taking this amount of time to finalize details. The last part of the plan is that Countrywide also is funding a Relocation Assistance Program to those who have or will lose their homes. As part of the finalization of this agreement, Countrywide said they would provide $5 million to a fund that will help those homeowners relocate. This means that $2.8 million will go to helping those 1,400 Texans who are struggling to keep up with their subprime or other risky mortgages. These people are at risk of losing their homes, so this assistance can help them keep their homes and get back on track. If someone qualifies for this aid, they can get up to $2,000 to help them if they agree to give up their homes. The agent was very rude The agent was very unfriendly and impolite.