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Countrywide Home Loans

Posted:    

Illegal/unethical practices, predatory lending

Complaint Rating:  100 % with 14 votes
100% 14
5
Contact information:
Countrywide Home Loans Full Spectum Lending
6400 Legacy Drive
Plano TX 75204, New Mexico
United States
Phone: (972) 608-2434
countrywidehomeloans.com
First, let me say that Countrywide's criminal and unethical practices need to be stopped and all of us that have mortgages with them need to be compensated for damages. We also, have been financially damaged by them. To name a few, they did a classic bait and switch to our refinance loan; we were promised in writing a credit come back loan, yet we found out after the fact that they locked us into a sub prime 2 year hybrid libor adjustable rate loan, they falsified information on documents, did not provide us with a copy of a good faith estimate and truth in lending prior to closing, several inconsistencies between the loan application and the final documents, dragging the refinance over a 4 month period despite me providing all the documentation that they require at the first visit, pulling 4 "hard" credit reports as a result of their dragging their feet, lost payment. They also verbally promised us that we could refinance to a better loan at a fixed rate 6 months from refinancing. We received harassing phone calls several times during the day and night, even on Sunday mornings saying that we were late on payments despite me holding copies of my receipts and canceled checks written out to them. And the list goes on...

I refused to tolerate their abuse and took matters into my own hands when customer service started to give me the run around. I filed complaints and sent in all the required documents with the Office of the President (Countrywide), Federal Trade Commission, New Mexico State Attorney General Office, and the New Mexico State Licensing and Regulation for Financial Institution's departments. I also went personally to see CEO of my local credit union and also with the mortgage specialist at my local bank with all my documents to see about refinancing with them and bring my loan local.

Something that is not made public is that magical number (972) 608-2434/(800) 669-6020 ext. 6441 to the office of the president. I raised hell and demanded to speak to the CEO. Of course he's always busy, so I was passed off to one of the first vice-presidents. He told me that either he would try to get help for me through the Work-Out program, or try to refinance. Because this process is taking too long to resolve, it prompted me to file complaints with the other agencies.

I have not heard back from the FTC to date. When I spoke with the NMAg, they were very interested in my complaint and stated that they have received several complaints against several lending institutions regarding predatory practices. I was dissatisfied with the response from the regulations department and was advised from the NMAg's office to send in an amended complaint to the licensing department with additional documents. I was referred to a couple of law firms in Santa Fe from a friend that is a prosecutor. Both law firms wanted to take the case, however, they required a $4500.00 retainer. I had to pass it up since I cannot provide the retainer due to financial setbacks recently.

The CEO and mortgage specialist at my credit union and bank both reviewed all my documents. They advised me that they are not lawyers and cannot give legal advise. However, they showed me several inconsistencies and evidence of predatory lending that are violations of lending laws on my documents. I am forever grateful for these two individuals that are helping me out of this mess.

If I were you, do the following:
1. Go to your bank and/or credit union and let a mortgage specialist review your documents to look for inconsistencies and violations.

2. File a complaints with the following: your state AG's office; your state regulation licensing office; Countrywide's Office of the President, Janis Allen, 6400 Legacy Drive PTX-320, Plano, TX 75024; the FTC; and other pertinent agencies.

3. If you type in the Google search engine "Countrywide complaints, lawsuits, " etc, you will see that there are several states such as California, Florida, New York, Illinois, Virginia, that their AG has filed class action lawsuits. See if there is one in your state and if so, get in contact with the law firm that is doing it.

I hope this helps.
Complaint comments Comments (6)    Updated: Complaint country United States Complaint category Mortgage Companies

Comments

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A  18th of Aug, 2008 by    0 Votes
I am very trouble that I have done busness with countrywide bank they good for nothing. Since march of this year someone suppost to call me back, but not such a thing. This countrywide is doing nothing to help its costumers. at the beguining when I try to talk with them, I was talking with someone from Bombay India. I live in Panorama City Calif. This people make not sence.
A  17th of Sep, 2008 by    0 Votes
The comments concerning Countrywide are right on point. My primary grievance at this point is the unmitigated fraud and deception practiced on consumers -- myself included -- in the midst of this foreclosure crisis. I received numerous urgent notices from Countrywide to refinance at a better rate and also exploit the existing equity in my property. I spoke with a representative who assured me that the refinancing was a done deal, but I need to pay a $435 "processing" fee, which included an appraisal fee. I did so only on the rep's repeated assurance that there was no issue, no problem, I qualified for the loan, but they needed to do the paperwork to finalize. They took my money, sent out an appraiser who spent 10 mins at the house, then refused to furnish me a copy of the appraisal (actually hung up the phone a week later when I contacted the creep). Countrywide similarly refused to give me a copy of the appraisal.

I received a "Loan Application" by Fed Ex after this, which contained numerous misstatements -- overstated my income, falsely stated that I had a huge savings account, misrepresented the length of my employment. I refused to sign it without preparing an addendum listing all of the lies on the document. Countrywide thereafter refused to communicate with me.

After waiting on this refinancing process to conclude, I'd developed a "delinquency", thinking that we were going to get this straightened out when the refinancing loan finalized. Not so. A letter from Countrywide notified me that I was in "default" and needed to contact a particular number. That number led me to a guy with the so-called "HOPE" Department (which I guess means, they hope they can cheat you out of yet more money). His very first statement to me was "DON'T LISTEN TO ANYTHING THEY SAY AT THE REFINANCING DEPARTMENT" -- and this, ladies and gents, coming from a COUNTRYWIDE EMPLOYEE!! What does that tell you??

Turns out, in order to cure this "delinquency" caused by the fraudulent refinancing scam, I would have to sign a document that released any claims that I had against CW for fraud. No way I was going to do that.

Thereafter, nothing but deathly silence. I even contacted my Senator, who in turn contacted Bank of America -- and that has been over a month now, with not a word from anyone.

What a den of thieves... Somebody ought to be in jail.

By the way, I am not soliciting business (I'm a lawyer) but simply making known what happened to me, and apparently to many others who got scammed on the refinancing offers. I'm an Arkansas consumer but unquestionably, this is happening (or has happened) around the United States. My next step -- the only one left available to me -- is to file a lawsuit. Apparently, it will be just one of dozens now pending against this company...

Brandon
Brandon L. Clark
Attorney at Law
www.brandonlclark.com
A  24th of Sep, 2008 by    0 Votes
Countrywide has no credibility in my eyes. I was involved in an accident and called customer service who began to rework my loan so I was told I followed their ever changing instructions and after months of phone calls and mailings was told the board had changed the criteria and if i wanted to keep my home I would have to agree to a payback plan thatr raised my payments to about 80% of my income at the same time the reported me late and destroyed my credit so now i qualify for no fed. help DO NOT USE COUNTRYWIDE AS THEY ARE CROOKS.
A  24th of Apr, 2009 by    0 Votes
We've had very negative experiences with CountryWide as well. A year into our HELOC, they milked us $1500 for home insurance, claiming they couldn't find evidence we had any (of course the application and approval process for the loan required us to provide this information and was checked off as received in the loan package). When we proved that we had the same insurance as when we originally applied for the loan, they refunded the money--but two months late, which cost us over $500 in amortization. When I complained that the money should have been refunded as of the date it was deducted--I was told that "it is impossible for us to do that retroactively." So I complained by email to the Comptroller, Treasury and cc'd Countrywide. The next day, Countrywide coughed up the $500+. You wonder how many millions they make from people who don't catch their crooked schemes or who don't have the time to follow-up with letters and emails to higher authority.

I'll never deal with them again.
A  18th of Jul, 2010 by    0 Votes
I was also the victim of one of those LIBOR loans but not from Bank of America, but Indy Mac on a refinance of my home in Arizona when the costs of ownership kept soaring due to both the open borders in insurance rates, and that bubble. Lost the house, or gave it up actually and although I did get some money out of it, have been burned and will never purchase a home again as I see until those LIBOR loans are stopped and we get back to fixed low interest financing at reasonable closing costs, a home is now more of a liability than an asset.

Those LIBORs are patently illegal under our Constitution, for banks to be selling loans based on a foreign currency or index. And they are based on the Euro index of London banks, and as such clearly illegal in this country to be so offering such bogus loans to Americans.

And Obama is feeding them, as Bush did. Now they are offering those loans to kids for student loans under the Sallie Mae entity (which in very small prints states that it is not an arm of the U.S. government, although it would appear that the name itself is intended to give such an impression).

What a bunch of banking and morgage crooks - and with the feds in bed with them, and the states which is why you are getting no action. I reported this to the FBI and was blown off also. And then left Arizona to the crimnals.
N  17th of Aug, 2008 by    0 Votes
First, let me say that Countrywide's criminal and unethical practices need to be stopped and all of us that have mortgages with them need to be compensated for damages. We also, have been financially damaged by them. To name a few, they did a classic bait and switch to our refinance loan; we were promised in writing a credit come back loan, yet we found out after the fact that they locked us into a sub prime 2 year hybrid libor adjustable rate loan, they falsified information on documents, did not provide us with a copy of a good faith estimate and truth in lending prior to closing, several inconsistencies between the loan application and the final documents, dragging the refinance over a 4 month period despite me providing all the documentation that they require at the first visit, pulling 4 "hard" credit reports as a result of their dragging their feet, lost payment. They also verbally promised us that we could refinance to a better loan at a fixed rate 6 months from refinancing. We received harassing phone calls several times during the day and night, even on Sunday mornings saying that we were late on payments despite me holding copies of my receipts and canceled checks written out to them. And the list goes on...

I refused to tolerate their abuse and took matters into my own hands when customer service started to give me the run around. I filed complaints and sent in all the required documents with the Office of the President (Countrywide), Federal Trade Commission, New Mexico State Attorney General Office, and the New Mexico State Licensing and Regulation for Financial Institution's departments. I also went personally to see CEO of my local credit union and also with the mortgage specialist at my local bank with all my documents to see about refinancing with them and bring my loan local.

Something that is not made public is that magical number (972) 608-2434/(800) 669-6020 ext. 6441 to the office of the president. I raised hell and demanded to speak to the CEO. Of course he's always busy, so I was passed off to one of the first vice-presidents. He told me that either he would try to get help for me through the Work-Out program, or try to refinance. Because this process is taking too long to resolve, it prompted me to file complaints with the other agencies.

I have not heard back from the FTC to date. When I spoke with the NMAg, they were very interested in my complaint and stated that they have received several complaints against several lending institutions regarding predatory practices. I was dissatisfied with the response from the regulations department and was advised from the NMAg's office to send in an amended complaint to the licensing department with additional documents. I was referred to a couple of law firms in Santa Fe from a friend that is a prosecutor. Both law firms wanted to take the case, however, they required a $4500.00 retainer. I had to pass it up since I cannot provide the retainer due to financial setbacks recently.

The CEO and mortgage specialist at my credit union and bank both reviewed all my documents. They advised me that they are not lawyers and cannot give legal advise. However, they showed me several inconsistencies and evidence of predatory lending that are violations of lending laws on my documents. I am forever grateful for these two individuals that are helping me out of this mess.

If I were you, do the following:
1. Go to your bank and/or credit union and let a mortgage specialist review your documents to look for inconsistencies and violations.

2. File a complaints with the following: your state AG's office; your state regulation licensing office; Countrywide's Office of the President, Janis Allen, 6400 Legacy Drive PTX-320, Plano, TX 75024; the FTC; and other pertinent agencies.

3. If you type in the Google search engine "Countrywide complaints, lawsuits, " etc, you will see that there are several states such as California, Florida, New York, Illinois, Virginia, that their AG has filed class action lawsuits. See if there is one in your state and if so, get in contact with the law firm that is doing it.

I hope this helps.

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