• Report: #418405

Complaint Review: Countrywide Home Mortgage

  • Submitted: Fri, January 30, 2009
  • Updated: Tue, February 03, 2009

  • Reported By:Coral Springs Florida
Countrywide Home Mortgage
7105 Corporate Drive, PTX B36 Plano, Texas U.S.A.

Countrywide Home Loans Countrywide Suggested I Contact Their Modification Department, Help Department, Special Services Department and "Last Chance" Department and Laughed At Us Plano Texas

*Consumer Comment: I guess you both missed the news where Countrywide Execs explained

*Consumer Suggestion: A friend went through the same thing

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We called Countrywide in the November, 2008, to ask for a loan modification. We explained that we do not want to lose our home to foreclosure and want to lower the interest rate or switch to a 40-year loan.

First we were transfered to the Loan Modification Department, which turned out to be a person who tried to talk us into a slightly higher loan and monthly payment. This person and subsequent persons directed us to contact their other departments (Help?, Special Services?, and "Last Chance"). By the third call, we detected sarcasm and disdain.

The Countrywide employee who answered the fourth number we were given was frustrated and asked, "Who gave you this number? Oh, I know who gave you this number." The "Last Chance Department" did not exist. It was all a joke. We were given the run-around, and received no help. In the end, we were given the original number we had dialed.

Conclusion: We're living in a time when people are desperate, out of work, and are losing their homes. How dare they, Countrywide employees, treat us with such cruel disregard. I'm convinced their attitude is a reflection of their bosses. Failing banks are giving themselves bonuses, and waiting like vultures to also cash in on more foreclosure opportunities every day.

Emily Spain
Coral Springs, Florida

This report was posted on Ripoff Report on 01/30/2009 10:34 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Home-Mortgage/Plano-Texas-75024/Countrywide-Home-Loans-Countrywide-Suggested-I-Contact-Their-Modification-Department-Help-418405. 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

I guess you both missed the news where Countrywide Execs explained

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

that the loan modification was commercial puffery only, They have no intention of doing loan modifications. Its just advertised - but not available.
In court, Countrywide says its ads are puffery'
Defending lawsuit, mortgage company mocks loan modification assurances

The lawsuit has to do with their FAILURE of loan modifications and want the lawsuit dropped in spite of admitting to false advertising.
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#2 Consumer Suggestion

A friend went through the same thing

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

Also with Countrywide. DO NOT GIVE UP. Her and her husband were very persistant and did eventually get a loan modification from them. Their interest rate was lowered and locked in (They had an ARM that eventually made it impossible for them to stay in their home - but they did get the modification). And they do have those other departments you listed, maybe not all of them but my friend did have to jump through a few hoops.

Ask to speak to supervisors and managers and do not stop until they help you. They did also explain to my friend that they were working accounts with high priority first, like people who were in the process of foreclosure. And with so many of those out there, you might have to be a little patient but remember, the squeaky wheel gets the grease.

Be pleasant but persistant....they won't help you if you're rude - or will do it grudgingly.

Good luck to you. Also, I just want to add, that the banks are NOT making money on foreclosures and are doing all they can to avoid them. Properties are on the market an average of 17 months now. In that time banks have to pay for maintenance, realtor fees, insurance, electricity, water, property taxes, etc. Home values have fallen so much that when they do sell it is for well below the cost of the mortgage and the expenses and the banks do lose out. I really, truly wish you the very best of luck. Try not to take it personally when the lender is so distant and evasive - they are in over their heads right now and it's not the fault of those answering the phone. Just remember they are getting hundreds of calls like yours everyday - do what you can on your end to make sure you're someone they WANT to help.
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