Class Actions

Representing the injured, the wronged and their families

Cory Watson is actively investigating claims of escrow account mismanagement and violations of RESPA by mortgage companies. We represent people who have experienced problems with their mortgages as a result of their mortgage company's mismanagement of their escrow account.

What is an Escrow Account?
An escrow account is a trust account held by the mortgage company in the borrower's name to pay obligations such as property taxes and insurance premiums. Escrow account payments may include an extra amount, sometimes referred to as a “cushion,” to ensure that the lender has enough money to make the payments when due. Mortgage Companies are obligated by RESPA to pay taxes and insurance from the escrow account on behalf of the borrower. The money held in escrow belongs to the borrower.

The Real Estate Settlement Procedures Act
Federal Law, specifically the 1974 Real Estate Settlement Procedures Act (RESPA), protects consumers from mortgage abuse. Section 6 of RESPA requires mortgage companies to make escrow account disbursements on time. RESPA prohibits kickbacks and referral fees. More information on the RESPA guidelines is available at: www.hud.gov/offices/hsg/sfh/res/respafaq.cf .

Washington Mutual
Cory Watson is currently litigating cases against Washington Mutual (WaMu) over the mismanagement of their customer's mortgage escrow accounts. Washington Mutual is a Seattle-based publicly held FORTUNE 500 company offering both consumer and commercial financial services. The company operates more than 2,400 retail banking, mortgage lending, commercial banking and financial services offices nationwide.

Many homeowners who have their mortgages held by Washington Mutual have reported grievous problems such as the company's failure to properly pay homeowner's insurance premiums and property taxes from escrow. Cases under investigation reveal Washington Mutual's customers have been faced with paying exorbitant insurance rates, forced placed insurance ( when a lender takes out an insurance policy to cover its loan, the lender then adds the premium cost of the policy to your loan) , incorrect tax bills, foreclosure and severely damaged credit ratings.

1. Auto Accident
2. Aviation Accident
3. Brain Injury
4. Class Actions
5. Defective Building Design
6. Defective Highway Design
7. Defective Medical Device
8. Defective Product
9. Drug Injuries
10. Environmental
11. Fire & Burn Injury
12. Motorcycle Accident
13. Nursing Home Abuse
14. Ortho Evra®
15. Premises Liability / Slip & Fall
16. Truck Accident
17. Workers Compensation
18. Wrongful Death

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Cory Watson Crowder & DeGaris, P.C.
2131 Magnolia Avenue
Birmingham, AL 35205
Phone: 800-852-6299
Local Phone: (205) 328-2200
Fax: (205) 324-7896