The attorneys at Cohen, Placitella & Roth are investigating complaints that Countrywide has improperly charged a soft prepayment penalty to homeowners who recently sold their homes. A soft prepayment clause allows a lender to assess a penalty in the event that a mortgage is paid in full prior to when it is due as the result of refinancing. However, these loans typically do not allow the lender to charge a prepayment penalty if the mortgage is paid in full because you sold your home.
If you paid your Countrywide mortgage in full when you sold your home, Countrywide may have improperly assessed you a prepayment penalty. Prepayment penalties can range well over $10,000, and up to $15,000 or $25,000 in some cases. Unless you know exactly what to look for in the various forms and closing documents, the soft prepayment penalty may not be obvious among the many other legitimate charges listed. In addition, because selling a home can be such a stressful and confusing process, many people do not notice this improper extra charge.
If you are unsure whether or not you have been charged a prepayment penalty, our lawyers will review your mortgage note and any relevant other documents and identify whether or not there are any improper overcharges. Individuals who were wrongfully assessed a prepayment charge may be entitled to participate in a class action lawsuit against Countrywide and recover compensation. If you believe you may have been improperly charged a soft prepayment penalty, visit CPRLaw.com for information about your legal rights. Fill out the form on the right side of the page to receive a free legal consultation today.
About Cohen, Placitella & Roth
Since 1973, Cohen, Placitella and Roth has been recognized as one of the premier trial law firms in the country. We are cause-oriented, committed to promoting justice and making a difference in the lives of our clients and the community. This commitment runs throughout the fabric of our firm. Our lawyers have taken on fights that many thought could not be won, because it was the right thing to do, and we had the expertise, determination and will to do it. With offices throughout Pennsylvania and New Jersey and in Washington, D.C., the firm has tried over 1,000 cases to verdict and recovered hundreds of millions of dollars for clients.