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Countrywide Home Loans

Posted:    

Late fee rip-off!

Complaint Rating:  100 % with 31 votes
100% 31
5
This complaint is against Countrywide Home Loans. Countrywide posts there payments late to intentionally charge customers a large late fee. This has been done to me numerous times. I would warn anyone against taking a loan with Countryside Home Loans. There practices are deceptive and rip off the customer. Anyone taking a home loan - Stay far away from Countrywide Home loans. They will not post their payments timely even when provided with bank information.

The company address is:

Countrywide Home Loans
Po Box 660694
Dallas, Texas 75266

This consumer complaint will save other customers from having the same problems.
Complaint comments Comments (47) Complaint country United States Complaint category Loans

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A  28th of Feb, 2007 by    +1 Votes
I too have my home loan with Countrywide and they we charging me $207 more for my homeowners insurance which I have through Allstate but I have my taxes and my insurance all rolled into my mortgage payment cause that works best for me. So when I got my statement from Allstate for the new year, is when I noticed they were overcharging me so I called my Allstate guy to take care of it for me.His reaction indicated total surprise that they were actually doing such a thing. I'll be sure to let you know the outcome as soon as Allstate gets back with me.
N  7th of Mar, 2007 by    0 Votes
I have also had a terrible experience dealing with Countrywide Home Loans. (1) My mortgage payment increased from $890.00 per mo. to 1080.00 without proper notice within 18 months of my initial loan, I received a bogus excuse that, " I didn't have enough funds in my escrow account and (2) My mortgage insurance had increased because THEY decided to changed insurance companies, " (3) My annual interest on my 1099 tax statement also seems questionable. Needless to say, I am in the process of consulting an attorney because I feel as though I've been ripped off. Stay away from them, they're CROOKS!!!
A  18th of May, 2007 by    0 Votes
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.
A  25th of May, 2007 by    0 Votes
The year 2002 and 2003 I received checks in the amount of $1015.00. I called both years and spoke with three different people and they all informed me that they overpaid my escrow for taxes and the money was mine to keep. In 2004 I received a letter informing me my escrow balance was in the negative $2030.00. I was told my house payment would go up $350.00 dollars for 18 months to make the difference. I was not able to pay that amount for 18 months so I decided to file chapter 13 bankruptcy to be able to keep my house and pay there mistake out at a longer period of time. You might ask, why not sell your home and move? My answer would be that I financed with a great interest rate and I have a son. I searched around a realize that my house payment, when it is normal, is way less than any liveable apartment and I didnt have the money to put down on a new home. So in the best interest of me and my son I decided to take the action I took. Now a few years later in 2007 I received another letter stating that my escrow was in the negative $8000.00 for the past three years of taxes. How is this possible? I have been paying $1836.00 a year in taxes. So I called my city and spoke to the tax assessors office and they informed me my taxes did in fact go up but just to the amount of $2200.00 and that is understandable. Where does Country Wide Home Loans get there figures and why have they paid the difference and allowed my escrow to stay in the negative for this long. I would have been ok with my payment going up twenty to thirty dollars a month to make up the difference. Also my insurance on the home went down from $1015.00 to $863.00 a year, I have not seen any of that. Where is it going? They are telling me starting in July my payments will double for 18 months to cover the $8000.00 negative. Where do they get $8000.00 are they charging me a outrageous amount in fees for there tardiness in telling me of the situation? Can they do this? I cant afford my payment to increase $700.00 a month for 18 months. There has to be something I can do. This company is the root of me filing chapter 13. I pride myself in great credit and now im having to rebuild it. Anyone have suggestions?
A  5th of Sep, 2007 by    0 Votes
Does anyone know how we can start an investigation on Countrywide? Who can you report them to? It's like they're a Monopoly!!!

Plz advise smb!
A  6th of Sep, 2007 by    0 Votes
We are to having problems with countrywide home loans. A few years ago we had to file bankruptcy in order to keep our home well, we paid out of it early and got discharge papers. A few months later they decide to take lawyer fees out of june and july payment. Our lawyer contacted them and told them that the trustee had sent them the remainder of the money and they better give us credit for both months. 3 weeks later and they still haven't done nothing. my point is we can call them all day but you get the run around. So this is what i done i wrote the attorney general of NC told him the situation i haven't heard back so now I'm going to contact our congressman then I'm reporting to the better business bureau. I feel like nobody is listening and everything on tv right now is that countrywide is going bankrupt and were does that leave us that haven't straighten out our problems with them if anyone else has any ideas please let me know this is unreal with all these people complaining on them why is nothing being done to me everything they are dong is illegal. O think my husband and i are going to contact a lawyer and see what we can do. I'm not giving up and please anyone else keep posting and write your attorney general and call local tv stations. If anyone on here knows what we should do different let me know.
A  7th of Sep, 2007 by    0 Votes
Countywide along with SRI (whom actually processed the loan) is riping my husband and me off big time with late fees right now they refuse to take payments from me while he was sick because I was not on the loan but they sure made me sign a paper saying that I know there is a loan on the house also before long the will change the interest rate and there is a balloon payment that has to be made in one payment of $115,512.97 at the end. The total of payments will cost us $696,402.40 just for financing $154,288.50 the finance charges are $542,113.90. Our home is not worth $696,402.40!!
A  8th of Sep, 2007 by    0 Votes
Countrywide is full of ###! And, let that be the reason why they are having so much trouble. I hope they go down, bad!!! Also, let them try to sell a house nowadays, bad luck to you! You can come and take mine and try to give it away, nobody wants it, because you can't sell it anyway!
A  22nd of Sep, 2007 by    0 Votes
They have a monopoly and the goverment do nothing against this company who are forcing people to lose their houses with their famous subprime mortgages, they know people won't be able to refinance or adjust their adjustable rate, so that the equity in our houses is stolen by countrywide.com
A  30th of Sep, 2007 by    0 Votes
I have the same problem with Countrywide. I pay online and there frequently seems to be a "problem" with properly logging on to make a payment. Either the website is down, or not recognizing the info. or the computer. Does anyone know what recourse can be taken to avoid having payments posted late? Thank you.
A  14th of Oct, 2007 by    0 Votes
I agree with all the previous postings. Countrywide Home Loans is corrupt. Let's all institute a class action lawsuit against them. The government will not help, or will any consumer assistance. We the people must band together and stop this fraud in it's tracks. I know a great attorney, no I do not work for him. I am having a problem with Countrywide and have since my account was sold to them.
A  8th of Nov, 2007 by    0 Votes
I have to agree with all of the comments I have read. My husband and I refinanced with Country Wide 2 years ago. We ran into financial problems with medical bills for our children and had to deal with the "WorkOut Division". What they failed to disclose to us, is that even though we were willing to work everything out with these people, we would never be able to refinance with any other company because our credit report would always show that we were diluent with our payments. I had kept up with our payments of $1400.00 a month for about 7 months and every other payment of $940.00. They sort of put us between a rock and a hard place being that no one will ever help us get out from underneath this company. Anyone thinking of financing or refinancing with this company should do alot of research on them and not take the word of a so called friend like we did... I'm sorry I ever left my bank.
A  12th of Dec, 2007 by    0 Votes
I am glad, after reading all these complaints, that we never got our loan with Countrywide. The appraisal company they used ( and I paid $400.00 for) took 5 minutes to do an "appraisal" and it came in at $60,000.00 less than it appraised for two years earlier ( which took tow people over an hour to do- way more professional). Not possible! They never even officially informed me I was turned down. What a horrible company and I feel for all of you who are stuck with them!
A  13th of Dec, 2007 by    0 Votes
This company is very unprofessional. My loan was sold to them 4 years ago. Every two weeks they solicit me by mail to refi my loan with them. So far they have lost one of my checks.

To stay ahead of their we didn't receive your check scam for late fees, I pay ahead by several months and watch them like a hawk.
A  27th of Dec, 2007 by    0 Votes
Country Wide Mortgage might as well be the devil himself. They have the most awful customer service imaginable. We have had problems with them for over a year now. I highly suggest to anyone looking for a mortgage company to stay clear of them. As soon as all this is straight with our loan, the second we can refinance with another company you better believe we will. They are a disgrace to hardworking people who just want to put a roof over their families head.
A  31st of Dec, 2007 by    0 Votes
It is Dec 31 and my taxes have yet to be sent to the city. So my wife gives the fantastic reps of CountryCrock a call. She was told that they will pay the taxes at the DELINQUENT date in January 2008. WHAT???!! This is not acceptable. That escrow is MY MONEY to be used for my taxes. I do not wish to be DELINQUENT. Well after three people higher up on the food chain and an nearly ENTIRE day wasted because they are greedy, my wife was told that CW might try to process the transfer but can not guarantee anything. A swift move like this may cost me over $500 in LOST tax refund because the house taxes MAY NOT get paid within the calendar year. CW could care less. They want to hold OUR money AS LONG AS POSSIBLE to gain interest in their accounts regardless of how it impacts you the customer. I will end up doing a cash advance on a credit card, eat the one month finance charge to make sure my taxes are paid in a TIMELY fashion. THIS IS UNACCEPTABLE - PERIOD!!!
Hey CountryWide, if you check my records I have alway paid my mortgage in a timely fashion. I may have second thoughts on that. What if ALL your victims chose to wait until the DELINQUENT date to pay you? Nice!!!!
I will be refinancing to a local bank ASAP, regardless of the impact on interest.
A  22nd of Jan, 2008 by    0 Votes
I'm also having late fee problems with Countrywide - they assessed me a late fee, even though my cancelled check clearly shows a date stamp showing the payment was received on time. I wrote to them and included a copy of the check, but their response completely ignored this, saying only that their records showed the payment was late.

I'd urge everyone having such problems to file a complaint with the Federal Trade Commission AND with your congressman and U.S. senators, esp. if they serve on the House Committee for Financial Services or the Senate Banking, Housing and Urban Affairs Committee. Be courteous and brief - your letter is going to be skimmed over by an overworked staff member, so you've only got a few lines to get their attention and make your point.

Write to the media as well - especially the financial columnists of the large daily paper(s), business columnist or public advocate - it's amazing how many companies change their tune after the press starts calling. Follow the same rules for letters to media as for members of Congress, above.
A  8th of Feb, 2008 by    0 Votes
Has anyone had their insurance escrowed when you sent proof seven different times that you have your own insurance? Then get hit with late fees because you refuse to pay it and then get put into foreclosure?
A  26th of Feb, 2008 by    0 Votes
Everybody has got it right with CountryWide. They are the anti-christ! They were so suppose to pay our home insurance from escrow that we paid monthly and did not do it. We had gone months without home insurance and did not know it. We were hit hard by the ice storm jan. 2007 and turned in great losses done to our home to our insurance company who informed us that countrywide had not paid them in months and we had insurance. It tooks us almost a year to collect one penny from country wide to cover the cost. Our home was badly damaged and we had to pay out of pocket just to keep living in it. We fell behind in our payments as we had to replace the roof that was leaking everywhere in our house out of our own pocket. They would not even consider a work out plan for us as we were behind in our payments. We spent hundreds of hours in time on the telephone and letter and never got anything settled with them. They can have it! I dont want it anymore! I can make a home wherever my head lays! I am appalled that our government had not put a stop to there blatant criminal activity! Bank of American is buying them out and thank god for it. I hope noone has to go through the pain we have had to endure this last year.
A  29th of Feb, 2008 by    0 Votes
Just following up from my last posting and hoping this is helpful to others! It wasn't easy...like pulling teeth, but here is their PHYSICAL customer service address (very important if you want to send something certified and TRACEABLE):

Countrywide Home Loans
Customer Service
450 American St
Simi Valley, CA 93065

Their customer service fax number is: 800-669-6607

There is also a POB for Customer Service which is:

Customer Service Complaint Address
sv-314b
POB 5170

Simi Valley, CA 93062-5170

Also, their customer service phone number (which, per gethuman.com you can get a person hitting zero at every prompt -- worked for me): 800-669-5864

Good luck!

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