Agree. Countrywide is crooked. It is hard to believe that a corporation with such size and political power is nothing but a street crook, but that is the only way to describe their conduct. The borrower is extorted and robbed, just as surely as if he were accosted on the street by a bunch of street thugs.
Countrywide cannot be trusted in anything. It appears they run several databases for different purposes. The result is that the customer service representatives who contact you have only limited information and really believe the limited information they have only their computer screens. Countrywide takes payments, negotiates them, then fails to credit payments, and later lie, denying receipt of payment. When you present evidence of receipt, they say the payment "was returned." When queried as to where the check was returned, they cannot tell you. When queried as to why the check was returned, they say because it was insufficient funds. When you present evidence that the payment was in certified funds, they then admit the check was received, that they still have it in "suspense," even though earlier in the call they tell you it was returned to some unknown entity 3 weeks prior.
If you have equity in your home, beware. They fail to credit payments, or credit them late to generate unjustified late fees. They sometimes hold checks, sometimes return them long after the fact. They sometimes hold checks and apply them long after the fact. They provide no accounting of payments received, only of those payments they choose to apply. They apply some, not others, trying to create a picture of borrower irresponsibility or erratic payment. They manipulate escrow. They vary fixed rate payments as much as $40-175 per month without valid explanation. They send statements late, adding bogus fees or rejecting the borrower's payment because it is "the wrong amount." If the borrower calls and finds someone that agrees there is an error or agrees to accept a certain amount, they will never confirm anything in writing and then reject the payment borrower sends in compliance with the agreement. The telephone contacts numbers provided in the body of "default letters" requiring immediate response are incorrect. If you have mailed a timely payment, they hold it in suspense for lengthy periods of time, depriving you from the use of the funds, but failing to credit it, using various excuses, i.e. "wrong amount," (even when you are paying the contracted fixed payment), "not certified funds" (even when it is a certified check)", or "bad check" (even when was certified funds). They file wrongful foreclosures.
In this case, even when the borrower paid more than $20,000 to "cure" a non-existent default, Countrywide still failed to credit the payment, alleging the borrower sent the payment to the wrong place. In fact the borrower followed the lenders written instructions precisely. It took Countrywide nearly 3 weeks to credit the payment. After borrower, to save his equity and home, paid the demand, Countrywide still shows him as a month in default. He has paid every payment in certified funds with signed delivery receipt since January 2006; additionally, he paid duplicate payments and unwarranted fees, costs, attorney's fees. He made more than his contractual obligation in 2006 and in the first quarter of 2007 paid more than his 2007 contractual obligation. Yet Countrywide says he has "never made a payment since they assumed the servicing of the loan in June 2005."
This borrower did not choose Countrywide; he had excellent credit. His loan was sold and the assuming lender sold the servicing rights to Countrywide. The services do not make much profit on the simple servicing. It is in their interest to manipulate accounts to generate fees and increase the service's profit. They cannot lose. They either strip equity by application of unwarranted fees, fraudulent foreclosure fees, or take the home and the equity therein. The borrower cannot win. He either pays the unwarranted fees or loses his home. Countrywide ruins his credit so that he cannot refinance elsewhere. The hedge fund and investors don't care. The only recourse a borrower has is to redeem his home through foreclosure and sue Countrywide.
Do not believe Countrywide will treat your valid complaints in good faith. Send every payment in certified funds by a third party who verifies receipt by requiring signature on delivery. Seek legal counsel and attack your problems aggressively. Otherwise they will eventually take your home. If they don't do it the first time, they will continue with additional wrongful foreclosure actions until they succeed. Most of all, if you can get rid of them do so. Refinance and make sure the contract has conditions in it that prevents sale of the loan or servicing to Countrywide. Report to the attorney general, district attorney, state and federal consumer protection agencies. Unless the defrauded borrowers speak out, this outrage will continue. |
Date
856 days ago by Candace 
849 days ago by Charlene Smith 
