I am a single mother of one in Alabama doing all I can just to make it. I pay all my bills before I buy groceries. I decided to try and refinance my mortgage and pay off debts and get some cash out to do some more remodeling since I am tapped out.
I contacted Countrywide about refinancing my mortgage that I currently have with them to decrease years on mortgage, pay off debts, get cash out to do more remodeling. I had received a notice in mail from them about a 1 point discount on closing.
I spoke to customer service and the first question I asked was do they finance or refinance on Single Wide Mobile Homes with land, the first person I talked with told me yes and I was forwarded to a loan processor.
Again, I explained what I had received in mail about the 1 point discount and that my current loan is with them and did they refinance Single Wide Mobile Homes with land. He told me yes, and he actually told me it showed my place should appraise for $138,000. I told him no way it would, but he said it should and in fact the information for a Conventional loan was based on it appraising for $138,000.
I told him my current loan with Countrywide was a FHA and that I had previously had appraisal done by Southland Appraisal Company November 28, 2008 for another financial organization and it came in at $82,000 FHA which I paid $450 for this appriasal. However, after paying for the appraisal with this other company then I was told their lender no longer finances Single Wide Mobile Homes. (Maybe I was taken for a ride by them too!) The loan processor from Countrywide told me they could not use the appraisal from Southland, they had to use their own appraisal company.
Back to Countrywide and Land Safe. After the second person assures me they finance Single Wide Mobile Homes, he took my personal information and ran credit check which my scores are all over 700. Then he told me I would need to pay $349 for fees. I did not have it to pay but I did on a credit card under the assumption the loan would go through and I could pay it all off.
Then the Land Safe appraiser called and set it up for 01/02/09 and he and his wife came out. He was in his late 60's or early 70's could not hear, had hearing aids in both ears and still had trouble hearing unless he was looking at you. I had to help him up and down the stairs. He did nothing like any other appraiser I have had here or anywhere else. Then when the appraisal came in at $59,000 I was shocked.
First, it came in $23,000 less than one done 11/28/08 for FHA. Second, it came in less than one I had done in October 2006 which is the one my current loan is based on with Countrywide.
The biggest problem with this is, the appraisal I had done in 2006 was prior to having the mobile home painted on the outside, a new metal roof put on, a new front deck, new carport, new carpet throughout, new paint in front bathroom with new flooring, a new hot water heater, plus I am in the middle of painting the master bedroom (it has 3 different colors at this time because I had not decided on a color and Christmas was coming so I stopped) and new flooring and paint in master walk in closet, new paint in master bath but floor not down yet it is laying in bedroom floor.
Someone is getting taken by these companies and it seems to be the homeowners! In the medical field there is a law called "Stark Law" it means you cannot refer a patient to anyone you or your company is affiliated with due to kickbacks! Seems Countrywide and Land Safe has some type of kickbacks going on!
I have appealed the appraisal results with Countrywide, which is in process but told today probably will not go through without sending another appraiser out and trying to go FHA. (I guess another one from LandSafe).
I did contact the other company I had previously paid for an appraisal and asked them to transfer that FHA appraisal to Countrywide, per Countrywides request so they could make sure it met FHA and their guidelines for comparison and consideration. Who knows what their guidelines are, no wonder Bank of America merged with them or bought them out, but it may have been a mistake if they let Countrywide continue to handle things in the manner they are doing.
I did request a refund from Countrywide for the $349 fees paid, because even with the appraisal coming in at $59,000 (which is a joke) then I am told by Countrywides Loan Specialist on 01/07/08 that they DO NOT finance Single Wide Mobile Homes! After everything, I ask that question FIRST, no one bothers to mention they do not finance single wides, now it seems they led me on. The appraiser did ask was it a double wide or single and I said single wide, but now I am also told by Countrywide the $349 fee I paid is Non-refundable!
No loan, Appraisal $23,000 less than FHA appraisal done one month prior, out $349.00 more money due to their errors in first two conversations and then more inquiries added to my credit rating which affects it all! All of this from Countrywide and LandSafe.
I am in more debt from the first financial company saying they financed single wides paid for appraisal $450 came in at $82,000 FHA but then told the lender stopped financing Single Wides. So, I contacted Countrywide, now out more money, more time, took off day of work for appraiser to come, hurt my credit by inquiries being done, and still no loan.
In addition, have not been able to find a company to finance Single Wide Mobile Homes with 1.07 acres of land on a fixed rate. I was suppose to be going from a 6.875% rate , 30 years down to 5.50% fixed for 20 years, paying off all debts and getting some cash to do more remodeling.
The ways things are going for these companies and the United States it seems to be a conspiracy, the US bails them out so they can continues taking from all of us. I truly do not understand what I am to do! If someone can tell me a company that finances Single Wide Mobile Homes with land and to pay bills with cash out please let me know. Please HELP me I am on a sinking ship!
Scammed in Alabama
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