- Report: #919288
Report - Rebuttal - Arbitrate
Complaint Review: Countrywide Bank N.A./Bank of America/Landsafe
Countrywide Bank N.A./Bank of America/Landsafe2505 West Chandler Blvd. Chandler, Arizona United States of America
Countrywide Bank N.A./Bank of America/Landsafe Rick Schluter Why Countrywide? Chandler, Arizona
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]....
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!
This report was posted on Ripoff Report on 07/29/2012 03:14 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Bank-NABank-of-AmericaLandsafe/Chandler-Arizona-85224/Countrywide-Bank-NABank-of-AmericaLandsafe-Rick-Schluter-Why-Countrywide-Chandler-Ar-919288. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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