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Countrywide Home Loans

Posted:    

PMI remove problem

Complaint Rating:  80 % with 5 votes
80% 5
4
I currently pay over 30$ a month for Payment Mortgage Insurance for a home loan that was 80,000 at time of loan. When I was closing on loan, loan officer said "PMI will be removed when remainder of loan is 80% or less of home value." Within 2 years, the value of house had exceeded that amount. I asked Countrywide to remove PMI. Informed that I had to have another appraisal to confirm. OK. BUT, I had to use their appraisal company and it would be $300-350. The average appraisal fee in this area at that time was 100-150$. I called complaining about fee being too expensive. Problem never resolved and I continued to pay PMI. Mad, I refused to pay and waited until the remaining loan amount was less than 80%. Then, at that time, I phoned again to have PMI removed. Was informed that they required loan to have 78% or less remaining. I was also told that "when you have paid off over 22% of the loan, if you have had less than 2 late payments, by law, we are required to remove PMI" by a Countrywide representative. I have not had any late payments. It is less than 78% of loan remaining now, but now I have to pay a 150$ fee for CVI!! That is to ensure my house is still worth atleast the original $90,000 appraisal. What makes me even madder is Countrywide has sent me atleast a dozen offers for a home equity loan with their latest valuing my home at over 175,000$!!! What is the truth and when will I have the PMI removed from a loan with less than 70,000$ remaining on a home valued by a realtor of atleast $225,000?
Complaint comments Comments (7) Complaint country United States Complaint category Real Estate

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A  29th of Mar, 2007 by    0 Votes
This mortgage company is a corporation of thieves. You paid our real estate tax, even though 1.) we did not sign up for it (it is not selected on our paperwork) & 2.) we already paid them. Six month later--six month of back-and-forth, unreturned phone calls, multiple mailings of documents proving we had paid them--six months & finally we were assured that it was taken care of. We were told it would be applied to our payment. What happens? You debit our payment in full, no credit, and we end up with 2 nsf funds. $50 for the 1st, and $30-something for the other. Now, we have once again been assured it is taken care of, but that the charges are our fault and they will not cover them. They are thieves. They are irresponsible. The are liars. And your business means nothing to them.

Rest assured, i will make it my personal mission to do as much damage to your business as possible. I'll tell everyone i know, everyone in my large corporation, and everyone who reads a message board from coast to coast what crooks you are.
A  10th of Apr, 2007 by    0 Votes
Countrywide is a very dishonest organization and I will never deal with them again. When I bought my house the Counrywide rep advised me to take an ARM even though I had a substantial amount to put down, had no pressing financial problems, and planned to stay there for five years. When I figred this out two years ago I switched to a conventional 30 year loan. It was my fault to be so gullible and follow their advice so I chalked this up to experience.

At the signing a rep came to my house with a pile of papers to sign. Despite my stated demand that I wanted no other services he asked me to sign up for a Home Equity Line of Credit (HELOC). I said I did nor want such a thing as I had no need for it. He assured me that there was no annual fee unless I used it, so I agreed to the deal based on this advice. Although I never used it, it turns out that indeed they are entitled to bill me for $75 a year. I refused to pay them and have been told that they often slip these deals in at signings. It is my understanding that this rep was legally bound to explain the terms properly and not scam. Countrywide refuses to remove the charge and says that I signed a paper stating that I would not sue them, thus I have no recourse.
A  20th of Apr, 2007 by    0 Votes
I have experienced similar tactics from Countrywide. Had a low fixed rate loan that Countrywide began servicing in mid 2005. No problems until Countrywide assumed the servicing. Now nothing but problems. They lie about receiving payments (despite signed delivery receipt), they lie that checks were insufficient funds and returned (when the checks were certified cashiers checks), they add bogus fees that they cannot explain and which are unjustified, they manipulate escrow monthly to change the payment amount and then return the payment because it is the "wrong amount." After failing to apply certified payments with signed delivery receipt, they filed wrongful foreclosure twice within 10 months. After borrower cured, they still failed to credit "cure" payment for more than two weeks, and then only partially credited it, unable to explain what happened to the remaining balance. After borrower twice paid a cure that he did not owe, Countrywide still shows the account in default and is clearly setting up the scene for a third foreclosure attempt.

Borrower paid more than his annual contractual obligation in 2006, and has already paid more than the annual contractual obligation for 2007 in the first four months of the year. All these payments were in certified funds with signed delivery receipt. Borrower also made the 2005 payments. Nevertheless, Countrywide databases show that he never made a payment since they assumed the servicing in mid 2005.; other databases show the account is 7 months in arrears, or one month in arrears, or 1/2 payment in arrears. Nothing is consistent; nothing is accurate. Whether this results from horrible incompetence or deliberate fraud, it is the fraudulent deprivation of homeowner's equity. Countrywide steadfastly refuses to consider the submitted evidence of certified payment and receipt or to address that issue. Instead, representatives rely solely on whatever database they are viewing and cite it as fact. Documentation of payment has been sent at least four times, including copies to the foreclosing attorney and Countrywide's internal VP for legal issues. They don't appear to have looked at it because no one will address it.

It appears they intend to steal the equity in this house, either directly through foreclosure, or by repeated duplicate payments and payment of exorbitant unjustified fees. This was not a subprime loan, nor has the borrower ever been in default apart from Countrywide's machinations creating a contrived default. Prior to Countrywide's assumption of the loan borrower's credit was excellent, exceeding 800. Now it is horrible and refinance is impossible.

Be careful. Send all payments in certified funds in a manner that you can confirm the date and time of receipt. If you can, refinance with someone with a provision that the servicing will never be sold to Countrywide. Good luck.
A  11th of Sep, 2007 by    0 Votes
We are going through a very bad situation with country wide and have been dealing with trying to fix a problem of getting behind on a payment back in may the problem continued on then we went into june and still could not get anyone to help, i lost my job and as a single mother at the time tried to get country wide to help me some how to do a modification of my payments that were behind so i could get it paid, they told me i had to send them documents and that they would start the process and mean while that i needed to got and get a cashiers check for $3,152.89 we did and we waited of course we were told to wait and that with in 15 to 30 days i was going to get a package in the mail that i would need to look over and have notarized and send with the cashiers check, i never got the package a week after the 30 days with continuously calling every other day for an update and getting the run around we never got the paper and then were smacked at the end of june we were served foreclosures papers. We then called and one of there representatives actually said we drop the ball some where between them changing you negotiator.. We didn't even know we had a negotiator well by the time we called her guess what it was given to some one else well we are now is week of september and have been through 5 negotiators 3 of which we never have even got calls back from. We still have the cashiers check and now after being told that there hope department would help us in any way and all they have done is requested documents after documents and of course they change the person each time you call we are now told that oct 3 is the auction on are home and the whole time they were telling us not to worry because as long as we were eorking with the hope department they couldn't give a date well we have a date and now are getty an attorney.. Its been awful and they are very unprofessional and speak to you like you have no common sense. My husband and i are both professionals and college graduates we came across a little financial trouble do to layoff on me in march and then turned around and went through a lay off with my husbands company, mind you this started with just being 2 months behind and offering serial times to pay something to catch it up and went from 1,0000 to now over 5,0000 owed and still have the cashiers check for the 3,0000.
A  16th of Jan, 2008 by    0 Votes
Countrywide is the worst organization that has ever existed in this god forsaken land of mortgages. Their repersentatives are completely incompetent and their negotiators are essentially non-existant. I have been working on an account for one of my clients for five months now - and still no chance of speaking to anybody, except for these idiotic Texans who know jack squat about a mortgage.
A  12th of Mar, 2008 by    0 Votes
we had to file bankruptcy and surrendered our home which was mortgaged through countrywide. in october 2007 countrywide was granted a relief from stay so they could continue with the foreclosure process. they countinue to call and harrass us almost everyday, threatening to foreclose on a house we surrendered. i have faxed them our bankruptcy info, including the granted relief from stay they were granted, at least once a week from the past month. we have contacted our attorney. his office sent them notice, again, of our bankruptcy and they still continue to call. if anyone knows of a way to get them to stop, please let me know.
N  23rd of Mar, 2009 by    0 Votes
For the person with the PMI issue, please check out the following site:

www.ppdocs.com/resource/pmidisclosures.pdf

I am having personal issues with CW, I funded my re-fi loan through another company, who sold it immediately (within a day or two) to CW. I recieved a notice of the sale and that I would get my first Statement from CW. When I did get my first statement it showed the loan as a 20 year not 30, and my payment was over $500 more each month. I called previous company who couldn't find the records, they said transferred to CW. And they since are no longer available to contact. I keep trying to get my file audited by CW, they refuse, and ok thought see if I can modify the loan again refuse. So now here I sit and single woman taking care of disabled father, and having to scramble to make ends meet on an error that was not my making.

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