Countrywide Home Loans — late fees
I refinanced my home in California last May and before I could make my first payment my loan was "bundled" and sold to Countrywide.
Everything was fine the first 3 or 4 payments. Then in Oct 2007 I send a payment and it took 12 days to go 300 miles from N. Calif to the Van Nuys PO box. I had sent out several checks that same day and 2 days later one to NY state. The NY check made it there and back to CA before my check to Countrywide. I spent a good deal of time on the phone with the "phony" customer service. The Nov. check was posted at the very last day possible. I paid on line in Dec. They charge about $12 to make an online payment. A real rip off!!
Then this month I sent out my payment on the 11th and they just posted today with another late charge. I postmarked their envelope at my office postage meter and photo copied the check and the letter. I am about to do battle with them again.
I don't know if anyone noitices, but the statement and their website is run by a "debt collector" (read collection agency) who obviously get a cut of each check they post. It is therefore to their advantage to have "late" checks because they also obviously share in this lucrative late fee collection. They probably get more $$ from the late fees than the proper posting of checks. If I could move my loan I would. I was practically called a deadbeat when I called to ask why it takes them about 10 day to post my payment. I notice the 800 number to call customer service is also part of the debt collector's website. Therefore you are still dealing with a collection agency. They treat you like you are an idiot and just keep saying that you need to prove that the check was mailed and postmarked on time. That you should call the PO and have them prove that they did not delay the check and that they have no authority to reverse late charges and to seek repayment from the post office if they can't prove they handled. I caved in this month and paid the late fee but lo and behold I now owe another.
I understand Bank of America is buying them out for 4 billion and the deal should be complete by this summer.
Has anyone else had these problems lately? I had perfect payments for more than 3 years and all of a sudden I can't seem to pay just Countrywide on time