• Report: #39091

Complaint Review: Countrywide

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  • Submitted: Monday, December 23, 2002
  • Last Posting: Monday, September 13, 2004
  • Reported By: — Grovetown Georgia
Countrywide
Nationwide Augusta Georgia U.S.A.

Countrywide is taking over our mortgage in January 2003 Augusta Georgia


1Author 5Consumer 1Employee/Owner

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We just got a letter in the mail today that effective January 1,2003 that CountryWide will be taking over our mortgage. We just refinaced on the house in October and are really happy with the company we have, I have heard a lot of bad stuff about CountryWide, but not as much as I have heard about Fairbank Capital Corp which my mother is having a hell of a time sorting out. Is there anything I can do to stop the take over or am I pretty much SOL?

Laura
Augusta, Georgia
U.S.A.

This report was posted on Ripoff Report on 12/23/2002 10:53:50 PM and is a permanent record located here: http://www.ripoffreport.com/mortgage-companies/countrywide/countrywide-is-taking-over-our-ef2d4.htm.

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REBUTTALS & REPLIES:
1Author 5Consumer 1Employee/Owner
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#1 Consumer Suggestion

Common practice

AUTHOR: Melissa - Boston (U.S.A.)

SUBMITTED: Tuesday, December 24, 2002

You should not be too worried. The practice of "selling paper" ie mortgages, is common practice.

Company A, your original mort. co., sells your mortgage to Company B, Countrywide for a fee. Many possible reasons. Sometimes smaller mortgage companies would rather have the fee opposed to waiting the many years for their initial investment to mature, and profit.

Larger companies, like Countrywide look at the long term pluses of holding paper and are in a financial position to to so, not worrying about the time frame, as they know it will be profitable in the end.

That being said, Countrywide bought your mortgage as is, meaning terms and conditions are grandfathered. They cant change rate, payment, pre-payment penalty or such, with out you refinancing with them. As long as you pay your monthly bill, nothing will change except where you send your check
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#2 Consumer Suggestion

Passing on a suggestion from another rip-off report

AUTHOR: Elvera - Carrollton (U.S.A.)

SUBMITTED: Tuesday, December 24, 2002

Hi Laura,

My Mortgage is with Countrywide. I am a new homeowner and think I'm safe since I have zero equity, but that may change.

Someone else from Texas reported about a Mortage company that is supposed to be very good and I have already done some checking on them, so I am going to pass this on to you.

The name of the company is James B. Nutter Co,
just search the internet using this name and you will find them.

You may be able to refinance before your credit gets ruined.

I haven't seen that many rip-off reports on Countrywide,though, as of the others.
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#3 Consumer Suggestion

Don't go with Countrywide

AUTHOR: Brent - Heber City (U.S.A.)

SUBMITTED: Friday, January 10, 2003

We had a loan also purchased by Countrywide. They issued an incorrect account number and then "lost" the payments. This enabled them to proceed with late penalties and foreclosure on our home. Their "workout department" stalled and did not workout anything. We finally had to sell our home to prevent Countrywide from taking possession and reselling it. We were able to preserve our equity and capital gains, but our credit was ruined.
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#4 Consumer Comment

Not that bad...the most helpful and friendly of all the mortgage companies

AUTHOR: Ben - North Augusta (U.S.A.)

SUBMITTED: Monday, July 19, 2004

My wife has worked with the bankruptcy court for years. She claims that Countrywide is the most helpful and friendly of all the mortgage companies she's dealt with when it comes to helping people keep their homes when they fall into hard times.
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#5 Consumer Comment

Selling your mortgage

AUTHOR: Rita - Seymour (U.S.A.)

SUBMITTED: Monday, August 09, 2004

If a company sells your loan, the terms of your mortgage stays the same. Where you mail your payments to changes. The terms of your loan will stay the same, but your payments will go to Countrywide.

There are some companies that change terms last minute if you were just applying for a refi. That is when you have to watch out.

It would be wise to look up predatory lenders in a search on the web. There is a lot of helpful information so you will know what to look for in the future when applying for a mortgage.

Good Luck to you.
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#6 Ex-Employee

get out NOW!!!!!!!!!

AUTHOR: Frank - Staten Island (U.S.A.)

SUBMITTED: Monday, September 13, 2004

ALL I HAVE TO SAY IS GET OUT NOW.ONE MISTAKE ON YOUR PART AND YOU WILL NEVER ESCAPE THE GRIP THIS COMPANY WILL HAVE ON YOU.
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