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Mortgage Holders Recover for Unauthorized Fees

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Case ID: 2517 | Credit / Debt | 07/16/2003

On June 20, 2003, the court granted final approval to the parties' settlement of a class action against First Union Mortgage Company on behalf of persons who had a mortgage loan serviced by First Union as of April 1, 1998, and paid a $1 monthly fee for the receipt of a monthly mortgage statement to either First Union or Alliance Mortgage Company between April 1, 1998, and November 1, 2002. Claims must be received by July 8, 2003.

Under the proposed settlement, class members who have an outstanding mortgage will receive a credit for the mortgage statement fees they paid, while class members who have paid off their mortgage will receive a refund.

First Union Mortgage Company, along with the other First Union companies, is now part of Wachovia Corporation.


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