Countrywide Home Loans / bait and switch
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.
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