DENVER – June 23, 2015 – (RealEstateRama) — Colorado Attorney General Cynthia H. Coffman announced today that her office has sent out checks totaling approximately $450,000 to homeowners who were improperly charged posting and title foreclosure costs by the former foreclosure law firm The Law Office of Michael P. Medved. Homeowners were overcharged by having to pay the law firm’s fees as part of making their mortgage current when they stopped their foreclosure through cure or reinstatement.
“A person’s home is a sacred space and the fear of losing a home due to foreclosure causes extreme mental anguish for any family. For a law firm to overcharge families at their most vulnerable time is reprehensible,” said Coffman, who has made recovery of these funds a top priority. “We will protect Colorado families from these practices and we want to send a message to other law firms who hope to profit from Coloradans’ distress.”
The Attorney General obtained these funds through a one million dollar settlement with The Law Office of Michael P. Medved, which agreed to pay restitution to affected homeowners by making two payments of $500,000 each, the second of which will be due later this year. The Attorney General will distribute that second portion to homeowners who stopped their foreclosure through a loan modification.
Attorney General Coffman contracted with a third-party administrator to send out the payments. If consumers have questions about a check they have received or eligibility to receive funds, they should call the administrator, Class Action Administration, at 1-844-280-2679.