Countrywide Improper Soft Prepayment Penalty Charges

Our attorneys are actively investigating complaints from borrowers 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. Despite the fact that Countrywide is not allowed to charge the soft prepayment penalty when you sell your home, our investigation shows that homeowners are often charged this fee anyway.

Were You Assessed a Soft Prepayment Penalty?

Prepayment penalties can range well over $10,000, and up to $15,000 or $25,000 in some cases. However, because selling a home is often such a stressful and confusing process, many people do not notice this improper extra charge when they sell their home. In addition, 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. If you are unsure whether or not you have been charged a prepayment penalty, our lawyers will be happy to review your mortgage note and any relevant other documents and identify whether or not there are any improper overcharges.

Countrywide Prepayment Penalty Lawsuits

If you paid your Countrywide mortgage in full when you sold your home, Countrywide may have improperly assessed you a prepayment penalty. Individuals who were wrongfully assessed a prepayment charge may be entitled to participate in a class action lawsuit against Countrywide and recover compensation. For more information about your legal rights and options, please fill out the Free Case Evaluation form on this page. There is no obligation for this free consultation from our legal team. It is important to act promptly as each claim is governed by a strict statute of limitations that restricts the amount of time you have to take legal action.