57 thousand Floridians who have or had mortgages with Countrywide could be in for part of a one BILLION dollar settlement with the mortgage lender. In July, Florida Attorney General Bill McCollum filed suit alleging the lender gave out loans it should not have. Bank of America has since taken over Countrywide and stepped up to the plate.

Foreclosure after foreclosure is due in part to people being given loans they should not have been given, or loans in which the terms were misleading. In many cases, loans originated by Countrywide escalated sharply.

In July, The attorney general called it deceptive. Bank of America, which took over the mortgage lender, stepped in to settle. The news is good for 57 thousand Countrywide customers in Florida.

Sandi Copes is Attorney General Bill McCollum’s spokesperson.

“Bank of America has really worked very hard to reach the best possible outcome for Florida consumers and all of the consumers who were affected by Countrywide’s practices”.

Florida is second in the number of problem Countrywide mortgages. The settlement nationwide could reach 8 billion. Customers should be hearing from the company around December first.

The deal, which wasn’t worked out until midnight Sunday night, stops every Countrywide foreclosure now in progress in its tracks.

Mike Fields of Bank of America says under the settlement, 52 thousand customers still in their homes will find it easier to keep them.

“Some will have interest rate reductions, some will in fact have principle reductions, but the goal is to keep homeowners in their homes. It’s the right thing to do”.

Borrowers who have already lost their homes may be eligible to receive cash payments.

Countrywide customers can call the company to see what if any relief them 1-800-669-6607