- Report: #420601
Report - Rebuttal - Arbitrate
Complaint Review: Countrywide Home Loans
Countrywide Home Loans400 Countrywide Way Simi Valley, California U.S.A.
Countrywide Home Loans ,Countrywide ripping off millions of people Simi Valley California
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
Our next statement all of a sudden out monthly payments were $1413 of course when we called the transferred us all over the place what seemed like 100 times and then blamed the city and tax.
The first week of January 2006 we called Countrywide and they offered a "Special Forbearance" let me tell you it wasnt very special it would make our payments even higher $1533 a month but we would have until March to start making the payments, they said they would mail the papers to be signed and sent back.
Feb.14,2006 we called Countrywide and said we had the money to pay the last 6 months of missing payments and all late fees in full plus I paid 2 additional months for March and April.. so we would be ahead, that was a check over the phone in the amount of $10,400.00 plus the $12 fee to process and we asked since all the back payments would be made in full and the special forbearance didnt start until march if our payments could still be $1288 a month they said yes, we never signed the Forbearance papers so they were never mailed back. Amazingly enough our payments still went up to $1533 a month and every month it was a different price of course always higher up to over $1800.
By January 2007 we were back in the same boat again with no work being the person employed was a Carpenter and in Michigan well need I say more? We went into foreclosure again called to ask about the Special Forbearance since we never used it the first time, Countrywide said they no longer offered that. But 1 week before the auction of the house all of a sudden they did still offer the special forbearance, for the 6 month redemption we called them constantly, they waited until 1 week before when there was no way to save it.
We went to court with papers in hand to fight them, that Countrywide had been shorting our Escrow is what drove the payments higher and the judge basically said I am not going to let you fight to keep a house that isnt worth $160,000 anymore, we were crushed...then after the auction we were FLOORED!!!
A St. Clair Shores Judge says the house isnt worth $160,000 yet at auction 8/24/07 it was purchased for $166,077 by MERS. MERS on 6/9/08 then sold it to HUD for $0.00, the same HUD who we called for help and it was my Congressmen's office who send me the HUD package and told us to call them and HUD said sorry NO.
But that is not the best part about 6 days ago I find the house online for sale for the bargain basement price of.....$39,900. Now for the ultimate kicker this hits ya right where it hurts, the other day in the mail we get a 1099-A Acquisition or Abandonment of Secured Property from Countrywide saying as of February 24, 2008 the FAIR MARKET VALUE of the PROPERTY is.....$166,077.
With that I contacted the National Association of Consumer Advocates and he kindly emailed me back and very promptly I might add, usually no one answers the phone or email and I sent an email back asking if I could share his letter with all of you and he said YES.
So here was his response and suggestion: Look up his name if you want to know who he is. Our government knew what was happening back in late 2005 early 2006 and turned a blind eye but are now offering bail outs to banks and helping the people in foreclosure now....now about us the ones who have already lost, is there any payment offers for us any help they are willing to offer us? Look up Information on Angelo Mozilo, 3 months before the fall of the market he started pulling money out in 2006 and 2007 he cashed out about 140 million in stock options out of Countrywide. I wonder how many houses and broken dreams that is???
Hi Kristine. I wish there was something I can tell you that would make sense of any of this, but unfortunately I can't. You've pretty much nailed the problems with our broken mortgage system. Companies like Countrywide with the help of Wall Street investment firms made loans that people couldn't afford, backed by a ridiculous mortgage finance system that no one (including them) could understand. When folks - like you - got in trouble they were unwilling and incapable (and remain unwilling and incapable) of providing relief that would allow people to save their homes.
Obviously in the next few months and years, this country needs to do something to help people avoid foreclosure and rebuild a mortgage banking system that is accountable to us and we all can trust. I think the best you can do right now is tell your story to everyone, particularly the media and make sure you hold your Congressman accountable when the time comes to pass legislation that can help folks like you all across this country. I wish you and your family only the best in these very difficult times.
Click here to read other Rip Off Reports on Countrywide Mortgage
This report was posted on Ripoff Report on 02/05/2009 12:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Home-Loans/Simi-Valley-California-93065-6298/Countrywide-Home-Loans-Countrywide-ripping-off-millions-of-people-Simi-Valley-California-420601. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
strict standards for business conduct.