- Cynthia H. Coffman is Colorado’s Attorney General.
- Coffman sent out about $450,000 to homeowners who were overcharged by law firm.
- Attorney Michael. P. Medved agreed to $1 million settlement involving overcharging for title costs and postings
Colorado Attorney General Cynthia H. Coffman announced on Monday that her office has sent out checks totaling about $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,” Coffman said
“For a law firm to overcharge families at their most vulnerable time is reprehensible,” said Coffman, adding that she has made recovery of these funds for homeowners 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,” according to Coffman.
Coffman obtained these funds through a $1 million settlement with The Law Office of Michael P. Medved. The office agreed to pay restitution to affected homeowners by making two payments of $500,000 each. The second will be due later this year. Coffman’s office will distribute that settlement money to homeowners who stopped their foreclosure through a loan modification.
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.
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