Countrywide Overstated My Income

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I have also been a victim of overstated income on my home loan by a Countrywide loan agent. The income statement required was signed by my manager and faxed to the Countrywide office and stated I made $60k annually. I just found out (after going through a short sale 9/2007) that my loan application has my income as $160,000 annually.

Now I've lost my home, over $88k in costs and my credit is in shambles.

Countrywide, of course, denies any wrongdoing and attorney's I've talked to want a minimum $2500 retainer AND 33% contingency to file a lawsuit.

Does anyone have any advice for recourse? Has anyone survived anything identical to this scenario?

Thanks.

If it was actually a Country Wide employee that did that then you may have some recourse, however if it was a Broker that is out of business.....what state are you in? There may be nothing that can be done except to file a complaint with the Banking Commission of your State and local authorities. Did you sign the 1003/Application at closing? If you did there is that issue as well, they application that you signed at closing would have that income reflected on it.

[Moe Bedard]

I would examine your loan documents for TILA violations and learns everything you can about this law. You may still be able to pursue legal avenues on your loan (in certain instances) even if you have been foreclosed on.

What does the attorney say that your offense will be?