Countrywide Bank N.A./Bank of America/Landsafe Rick Schluter Why Countrywide? Chandler, Arizona

Broker (Schluter) claimed represented Countrywide Bank.  Said not affiliated with Bank of America.  Signed his contract in 2009.  Bank of America recently told me Schluter their employee in 2008.  Said I would have no problem getting HECM with FHA. Learned recently that FHA standards may have restricted this loan.  FHA appraisal was to list repairs in set-aside but there were none listed. Schulter was happy.  I mentioned that it was confusing but he assured me that for HECM, FHA had few restrictions.  This appears to be false looking at FHA on Internet.  

Huge contract came to my house with no time to read. I had no knowledge that there was a contract with Fannie Mae that provided a much larger amount for payback.  Schulter called to tell me not to worry about this because that is standard amount for my country.  Asked about repair set-aside missing and he said FHA had different standard for HECM. [continued below]....

.....  Came to my attention that home was supposed to be in good condition and if not, it would be cause to take my home!!!!!  Tried to bring to the attention of local BOA that I invested most equity into house and was ignored.  Tried to bring to attention of BOA after I learned they had questions, that Schulter provided information and excluded their bank. 

Learned on that day that Schulter was their employee in 2008.  Tried to bring to attention of BOA that something was wrong with the assessor's report when I finally saw it and that it had wrong information.  I was not sure if they read it.  I tried to contact Landsafe and learned they were part of Bank of American and they did not respond to my question.  I wanted to know why the Bank did not send FHA inspectors as recommended by assessor.  I wanted a copy of the well report which I never received.  I wanted to understand why there was no listing at the State of NJ for this assessor although he appears to now be licensed in 2012.  

I caution Senior Citizens when a broker seeks them out for a HECM.  Never go to a closing without a chance to review the contract with an attorney.  Make sure you deal only with licensed people.  Call any bank that is represented by a broker and confirm that this broker is acting with their knowledge and get a response from them in writing.  

Make sure that you speak with HUD about your needs.  I had counselling but it did not tell me about scams.  Find out if a 203K could be an affordable choice for fixing your house and remember do not decide to use your equity to fix your house because FHA is not going to come back and give you more equity once you do that.  This was another false claim by Schluter.  I proceeded based on the expectation that if I put money into replacing things like wiring, plumbing, etc, there would be money coming from the appraiser to fix the kitchen.  If you are old and you have an old house, do not  expect those that give these loans, targeting Senior Citizens, are smart.  Many of us have older homes that need upgrades and would not qualify for a CO.  Fannie Mae has not thought of this.  Instead, they have left us at the mercy of brokers who tell us all is well and do not worry.  Then we see that it is our job and our loan money that will have to upgrade the house just to keep it.  Whoever thought to market these loans as help for Senior Citizens to stay in their homes is an expert in how to take your home.  

Get an attorney and verify eveything.  Buyers Rights will not protect you because  you are getting the loan but you are not the buyer.  You are the seller!