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Countrywide Home Loans / bait and switch

1 United States Review updated:

In May of 2008 I applied for a refinance of my home to take out equity in the amount of $25, 000 for a kitchen remodel and to pay off some higher interest credit cards. My home is appraised at $260, 000 and my mortgage balance is $108, 000. After applying for the loan I was told that everything looked good and was given a closing date 3 weeks out. I kept in contact with our Countrywide rep at least twice a week to make sure everything was on track, which it was. The day before we were to close the loan, our rep called me and said that due to an error in their entering figures, I did not qualify for the loan. Meanwhile, I had already gutted my kitchen and had plumbers and electricians in to work on the house which I paid with credit cards intending to pay them off at loan closing. The next day, the rep called me back to say they could do the loan, but at a substantially higher interest rate. BAIT AND SWITCH.
To add insult to injury, I received a letter notifying me that a Countrywide employee had stolen and sold my personal information. In all their generosity, they offered two years of credit monitering. Wow, how nice of them.
To pour salt on the wound, they called my house. My wife answered, expecting it to be a confirmation call that we had gotten the letter regarding the identity theft, but NO, it was a sales call, offering a great "pre-approved" loan. My wife made the poor guy quiver in his cubicle and told him that we would NEVER do business with these clowns ever again. By the way, we did not choose to do business with them in the first place. Our mortgage was sold to them from the local bank who wrote it.
DO NO DO BUSINESS WITH COUNTRYWIDE.
They will do everything in their power to screw you. Just look at all the other complaints on this site or Google "Countrywide complaints, lawsuits.

Jo
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Comments

  • Lu
      9th of Jun, 2009
    0 Votes

    Since B of A now has all Countrywide loans, I've applied for a re finance with B of A after they sent me advertisements stating I qualify for a lower interest rate loan. After talking with B of A, I DID 'qualify', based on my income and assets and the fact that the home is worth over $300, 000 and I only have an outstanding debt of $60, 000. After hearing I was qualified, the loan officer in Texas said I needed to pay a "loan origination" fee of $450 to proceed with the loan.

    Now, 30 days into it and after the $450 has been paid and the appriaser has done the appraisal proving the loan to value is good, the loan requirements have changed. Now they say my income to debt ratio is un acceptable. The now want to assume my credit card debt thereby increasing the original loan amount and want me to show an additional $3400 in my savings. This is classic Bait and Switch. In addition, they said that the $450 which I paid based on the fact that I was "qualified" will not be refunded, even though the man on the phone said I was qualified when he took the $450 out of my credit card!

  • Er
      25th of Mar, 2009
    0 Votes

    I agree with everyone out there. Countrywide is run by a bunch of crooks. They froze my equity line of credit because they didn't pull thier payment on time. My insurance company just recently sent them copies of my insurance coverage twice and they said they never got it either time. I got a letter that said I had till 4/2/09 to provide them with my coverage information or they will add thier own insurance. Well they added their own insurance and reflected so on my bill they sent out this month (March). Today is the 25th. After calling them on they said it was on there and I haven't been charged. Liars...it's on my billing statement.
    They also said at one time that I was two months behind and owe fees of $500.00. I knew I was two months behind so I sent the two past due amounts, the $500 in fees and my current bill. This amounted to approximately $2000.00. Now they say I am paid one month in advance and still owe the $500.00 in fees. What the hell!!! I sent them the letters with the checks so they knew where to apply everything. And by the way I send extra every month to pay down the $500.00 and even when I write it on my remittance where it's suppose to go they still never apply and never reflect the extra on my recieved payments section of the billing statement. Anyone want to sue??? I'm in!!! Contact information Erica, Ericamattie@yahoo.com...

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