• Report: #395499

Complaint Review: Countrywide Bank

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  • Submitted: Wed, November 26, 2008
  • Updated: Thu, November 27, 2008

  • Reported By:St. Peters Missouri
Countrywide Bank
https://customers.countrywide.com/ Simi Valley, California U.S.A.

Countrywide Bank On a fixed income of $1500; spouse out of work for 2 years; and I still get a loan for $198,000.00 what gives? Simi Valley California

*Consumer Suggestion: and yet you signed.....

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A villa was purchased when there was money. I am on a fixed income $1,600.00/mo and have been since 1992! We had to use equity after my husband lost job Feb 2006. No Job, no more income.

We applied for a loan. We received this loan through Countrywide Finances; when my husband was still out of work at 61 years of age. No hope for employment and Countrywide still gave us a loan.

A 15 year mortgage for a villa of $198,000.00 dollars. That's ok; we can work it out.. I was too tired to fight any more, they said yes, so we signed.

I had to exhaust my mutual fund account and what part of my Roth IRA, I could. With medical complications, more bills, we maxed out that credit card.

We asking Countrywide to stop collecting our escrow and return our money. I get an "OK, no problem." Surprisingly within a week we had our escrow money. At least that dropped our payment to $1.500.00 monthly.

Then we received a letter dated October 28, 2008 with a message saying we were expected to pay our Real Estate Taxes. No fooling? At least there was enough money in escrow to pay the taxes. We were not willing to risk letting them lose that money! Yes, our taxes are paid!

Penny
St. Peters, Missouri
U.S.A.


This report was posted on Ripoff Report on 11/26/2008 11:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Bank/Simi-Valley-California-93064-5170/Countrywide-Bank-On-a-fixed-income-of-1500-spouse-out-of-work-for-2-years-and-I-still-g-395499. 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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#1 Consumer Suggestion

and yet you signed.....

AUTHOR: Cat - (U.S.A.)

So I am curious, why didn't you wait to buy? Of course they could offer you the loan, but just because you could get it does not mean it was smart or you should get it. You are an adult, old enough to know choose what you can and can not afford. You knew you are on a fixed , limited income. I am too. Which is why 14 yrs ago we bought a smaller home on an acre of land. We knew what we could afford being that I have to have on avg 2 major surgeries a year. I guess I am just wondering why you did not walk. Instead you are blaming them? Come on. You should never buy unless you have a strong down payment and an emergency fund set aside for emergencies. At 61 that is a given. You could qualify for a new car too, but does that mean you should buy it? It is time to stop blaming the companies and time to step up and be responsible.
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