• Report: #461982

Complaint Review: Countrywide Home Loans - Bank Of America

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  • Submitted: Mon, June 15, 2009
  • Updated: Tue, June 16, 2009

  • Reported By:Somewhere in Arizona
Countrywide Home Loans - Bank Of America
1100 N. Fairfax Street, Suite #500 Alexandria, Virginia U.S.A.

Countrywide Home Loans Aka Bank Of America Said our Local Appraisal Came in Great then their Affiliate LandSafe knocked the appraisal down by $95,000 Alexandria Virginia

*Consumer Comment: Anonymous, Did you read the CNNMoney.com article entitled- 'SOROS SLAMS INSTRUMENTS OF DESTRUCTION' yet?

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We paid $400 application fee to submit our application to refinance. Countrywide sent out a local appraiser of THEIR chosing to appraise our home. We were told by a countrywide representative that the appraisal came in at a good amount and she told us the amount. The amount was still $100,000 less than it was two years ago but we were ok with it since we could still refinance under the "O'bama" plan. Because of the "O'bama" plan we had to go to Countrywide to refinance since they hold our original note.

Unfortunately the tables turned and we were told that our account representative messed up and that "LandSafe" reviewed our appraisal and tore it apart without ever coming to see our property. They reduced our appraisal by $95,000. WOW! We had no idea that this was even a possibility and are now being told we must bring in lots of $ to the closing or our refinance will not go through and we will loose the great rate we are locked into. We spoke to the person who did our local appraisal and he could not believe it. He said he was very conservative with our appraisal and put it as low as he could. He told us to appeal it. Countrywide said that in order to appeal it we must find 4 different compariable sales in our area. We have another appraiser coming out to appraise our home in hopes of appealing their decision.

I am, however, not very optimistic that they will change the Landsafe value. I was told however, that if our loan doesn't go through then they will refund us the $400. After reading all the ripoff reports concerning Countrywide, I am now concerned that that might not happen and things could get worse such as Countrywide adding insurance to my current payment. I am writing this in hopes of keeping others from stepping into the same trap or in hopes of hearing something positive that could come from this. Countrywide did fax us the two appraisals. I just don't know if what they are doing is legal or not. I thought "O'bama's making housing affordable plan" was to help people, not make things worse. O'bama's plan doesn't work first of all because you can't go to another lender to refinance. You have to stay with your lender and why would your lender want to give you a lower interest rate when you are alreading paying a higher one? Again I am learning, if it sounds to good to be true....then it is.

Anonymous
Somewhere in, Arizona
U.S.A.

This report was posted on Ripoff Report on 06/15/2009 10:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Home-Loans-Bank-Of-America/Alexandria-Virginia-22314/Countrywide-Home-Loans-Aka-Bank-Of-America-Said-our-Local-Appraisal-Came-in-Great-then-the-461982. 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 Comment

Anonymous, Did you read the CNNMoney.com article entitled- 'SOROS SLAMS INSTRUMENTS OF DESTRUCTION' yet?

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

You might want to read it. Simply 'Google' this- SOROS SLAMS INSTRUMENTS OF DESTRUCTION CNNMONEY, and it should come up.

It's about the 'credit default swaps' & the 'derivatives' that have basically COLLAPSED the many banks & much of our economy, and have LOWERED the value of houses all over the USA.

Isn't it ironic that the government will do all it can to stop the illegal flow of drugs into our country, but they ALLOWED these 'financial weapons of mass destruction' to flourish?

That's the quote made by billionaire investor Warren Buffet, which appears in that CNNMoney.com article. I believe in 2003 Warren Buffett made the quote- 'financial weapons of mass destruction' in regards to 'derivatives'.

Those 'DERIVATIVES' & 'CREDIT DEFAULT SWAPS' are almost as bad as illegal drugs, wouldn't you agree? They certainly have done a LOT of damage to our economy & our country, right?

Make sure to 'Google' & watch all of the following on the web-

INSIDE THE MELTDOWN

AMERICA: FREEDOM TO FASCISM

THE OBAMA DECEPTION

9/11 PRESS FOR TRUTH

And tonight on most PBS stations, the following special will be airing- BREAKING THE BANK. It's about the shot-gun marriage beteen Bank of America & Merrill Lynch. It should be available on the web soon.

Quote: 'POWER is knowledge.'

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