$877 PAYMENT FOR SOME NEVADANS
About 3,500 Countrywide Financial borrowers who lost Nevada homes in foreclosure can expect to receive checks for about $877 each early next year, the attorney general's office said Friday.
The payments are part of a settlement announced in October with Countrywide over deceptive practices in making subprime, first home loans to borrowers around the country.
Subprime loans are those made to consumers with low credit ratings.
Former Countrywide subprime borrowers who lost their homes to foreclosure are expected to receive notices in a few days, Attorney General Catherine Cortez Masto said in a statement.
To qualify, the first payment on the loan must have been due between Jan. 1, 2004, and Dec. 31, 2007. The borrowers must have lost their homes through foreclosure, a short sale or a deed in lieu of foreclosure. A short sale occurs when the lender allows the homeowner to sell the home for less than the amount owed.
Bank of America acquired Countrywide in July 2008 after the end of the period specified in the lawsuit.
The bank agreed to pay $150 million to borrowers in 39 states who went through foreclosure. Nevada was allocated $3 million for 3,467 former homeowners. In addition, the bank offered mortgage loan modifications to Countrywide borrowers and relocation assistance to some customers.
Consumers may phone Rust Consulting at 866-411-6987 or vis countrywidesettlementinfo.com to get more information about the foreclosure settlement.
JOHN G. EDWARDS LAS VEGAS REVIEW-JOURNAL
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