The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

Countrywide / Stole my house

1 ID, United States Review updated:

In 1996 we had a little financial difficulty which resulted in our first ever late payment (two weeks late). I sent in the late payment with lates fee and the up coming monthly payment to them. Two weeks later to my surprise when checking my mail, Countrywide sent my two payments back to me! When trying to contact anyone one the phone for days on end it was impossible.. no one knew anything of course and could barely speak english. I continued to send my payments with the original two payments in to them on time and they were all sent back, FIVE months worth of payments!
Please keep in mind that this was five months of trying to get to the bottom of all this with people that knew nothing and or had no answers to anything! No managers or upper staff available. I was however transfered to a ladie that was of foreign dialect... the only words that I could clearly hear was that I was in foreclose review! Thus my wife and I knew that we were screwed! Lost the house.
Now I will state that what I posted is the Truth!!

Ji
Sort by: UpDate | Rating

Comments

  • Bl
      9th of Apr, 2008
    0 Votes

    As an attorney and a Countrywide customer, I am in complete agreement with all the comments posted, in particular those pertaining to refinancing -- which appears to be a huge scam. Our existing loan was (is) an adjustable rate mortgage that has increased from an initial monthly payment of $600.00 to now almost twice that amount, and at nearly 11% interest (with notification from Countrywide that it may go up further). When we received our most recent rate hike, we had been getting inundated for months by Countrywide with "URGENT" notices concerning our mortgage, inviting us to "refinance today!", get "cash out", lower your interest rate, get a fixed rate. Suffice to say, like everyone else in this boat, we responded to the offer, beginning nearly 2 months ago (the date now is April 9, 2008). I spent about 45 minutes on the phone with a Countrywide representative who advised me that had all pertinent information and would be "back in contact shortly" -- guess what, folks, no contact of any kind was forthcoming. I decided to try again. The next time, I spoke with a female representative who refused to identify herself as other than "Sims", and once again, I was led back through their series of questions about my current mortgage, my income, etc etc. At the end of the long conversation, Sims advised that she would contact me within a day with information on my request. Once again, no return call, nada. But I didn't give up, figuring that I already had invested a couple of hours of my time and it was worth an hour more to get the matter rolling. After waiting a week to hear from "Sims", I called again in response to one of the literally dozens of refinancing notices from Countrywide. I then talked first to a male named Brian, who took all the information that I had already provided twice before, then shuffled me to an Hispanic female, who apologetically told me that I would have to furnish all of the same information to her that I had just given to her colleague. We went through the process again of income, the rate we were hoping to achieve, the fact that we needed to cash out on existing equity in our home as well as hopefully reducing our monthly mortgage to a more manageable amount. She was very nice, polite, and assured me that I qualified for refinancing. She also advised me that once the loan had been refinanced, the new payment amount would be retroactive to the time when I started the refinancing effort. She also assured me that we would get somewhere between $2000 and $4000 in cash out in connection with the refinancing effort, depending on how the appraisal came out. All of that sounded pretty good. However, she said, we would need to pay a processing fee and an appraisal fee totaling $435.00 -- which we did.

    Not long after paying the appraisal fee, we received an overnight package from Countrywide with a not insubstantial number of loan documents, including a Loan Application and a "Certification and Authorization" form by which they asked that I certify the accuracy of the information that had been pre-printed for me on the Loan Application. In reviewing the Loan Application, I noted numerous significant errors -- my time at my job was misstated; there was a savings account noted that had $30, 000 in it, according to the application, when I had never mentioned a savings account, didn't have one, and sure didn't have $30, 000 in one; my monthly income was shown as being much more than I actually earn. In effect, Countrywide had asked me to certify a document that included numerous misrepresentations that Countrywide itself had made in completing the application on my behalf (supposedly). Oh, yes, and the closing costs were about $6000, with a final net amount due me (which I guess was the "cash out" amount) of $610. Completely wrong, completely contrary to the assurances that I had received from the lady who took my credit card information for the $435 appraisal fee. After reviewing the documentation, I emailed a new representative who had contacted me to see the matter through to its finish, and let her know (as she had demanded that we "wrap this up" and that I return the Certification and Authorization sheet) that I could not certify the accuracy of the Loan Application in its present form, with all the mistakes, which I carefully noted in a traditional letter to her. I finally faxed back the Certification form along with my letter asking that my letter be included as an addendum to the Loan Application so that it would be clear in the future to anyone looking at this transaction that I had not made the misrepresentations as to income, savings account, etc. I also mentioned that I believed Countrywide's touted "no cost" refinancing was itself a false representation, given that this process was going to cost me $6000 or so. No wonder your company is under federal investigation, I advised this newest representative on my case. I received a terse email from the lady, saying that she had forwarded my correspondence to her manager and someone would be back in touch with me shortly. You got it -- not a word from anyone since that time. Now over a week since someone would get in touch with me "shortly" and still not a word ...

    And lo and behold, in the mail with yet another offer to refinance my property, I soon received a notice of default from Countrywide, telling me that I had X number of days to pay them two months' payments at the old mortgage rate, plus penalties, somewhere in the neighborhood of $2500. You can well imagine my response. I let them know that I was going to take aggressive steps if someone didn't straighten out the misguided notice of default, and also let them know that they clearly had an internal problem at the company because the left hand sure does not know what the right hand is doing.

    The matter is now continuing, and I expect it to get worse before it gets better. If you have a situation similar to mine, or complaints in general with the integrity and honesty of those at Countrywide involved in what appears to be a huge refinancing scam, please feel free to drop me a line at BLC4law@aol.com Misery loves company and I am sure pretty miserable about this situation and nearing the point where I will take legal action on my own if something doesn't change -- and quick.

  • Bl
      22nd of Apr, 2008
    0 Votes

    As an add-on to my earlier post: I am now preparing to file a formal lawsuit against Countrywide Home Loans relative to my own situation. Countrywide sent us a notice of default while we were in the midst of refinancing. Today -- April 22 (coincidentally my wife's birthday) was supposed to be the day of our loan closing, until I pointed out all the misstatements and misinformation that Countrywide "pre entered" in our Loan Application -- after which, nobody at Countrywide would communicate with us ... Fraudfeasors, thieves, liars, the whole bunch. I have yet to communicate with one individual with this company who actually follows through and performs on his or her promises.

    I firmly believe that the entire refinancing deal is part of a greater scheme that allows Countrywide to lull homeowners into believing that they are going to get relief from exorbitantly high payments, after which Countrywide steps in and steals the homes. The appraisal process also appears "rigged" -- I paid $445 for an appraisal (and processing fee). Neither Countrywide nor the appraiser will turn loose of a copy of the appraisal. In fact, the appraiser hung up on me when I contacted him requesting a copy of the appraisal THAT WE PAID FOR! Why???

    We tend to think about this situation in terms of our own individual circumstances. But, folks, consider that if there are 50, 000 people who get into this refinancing mess and get ripped off for $400 each: COUNTRYWIDE (and the appraisers who do their bidding) have made $20, 000, 000 -- that's TWENTY MILLION DOLLARS. Does it pay to swindle people? You bet.

    Why does Countrywide refuse to respond to phone calls, faxes, and emails???

    This has to stop.

    If you have insight into the company's refinancing scam, or any information that you can share, please contact me. I will agree to keep all names and information confidential unless and until I'm permitted to identify you as a witness or use the information that you furnish to me.

    If we don't fight, we can't win.

    Please help me to help us all.

    all the best
    Brandon
    Brandon L. Clark
    Attorney at Law
    www.brandonlclark.com
    P.O. Box 45668
    Little Rock, Arkansas 72214
    USA
    1-501-590-2581 (cell phone)

Post your comment