Attorney General Catherine Cortez Masto said "Notice Packets" will be mailed Friday, July 24, 2009 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.
"Eligible consumers should expect their notices to arrive in the next few days," said Attorney General Masto. "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 1-1-04 and 12-31-07. 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 from the Notice Packet. 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 Settlement 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.
