- Report: #448525
Report - Rebuttal - Arbitrate
Complaint Review: Countrywide Mortgage / Bank Of America
Countrywide Mortgage / Bank Of Americacustomers.countrywide.com Nationwide U.S.A.
Countrywide Mortgage / Bank Of America Fraudulent Modifications to Consumers... Was told my Modification Paperwork was "non-negotiable" and that unsigned my rate would cap at 13.5% in two months... Media keeps saying this mess is because people bought homes they couldnt afford - They are not mentioning how consumers cant afford the resets - especially while rates are so LOW!!!! Nationwide
*Consumer Comment: Michelle,
*Consumer Comment: JAYPEE MORGIN SONG
*Consumer Comment: WEINER SONG 8
*Consumer Comment: DOW JONES SONG
*Consumer Comment: THE TITANIC IS SINKING AND OUR POLITICIANS ARE......
*Consumer Comment: Ironic is right.
*Consumer Comment: MICHELLE, SEND ALL YOUR INFO TO.....
*Consumer Comment: MICHELLE, THE MEDIA WILL PROTECT THE......
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My Arm was due for reset in Aug/Sept..I started calling way back in Feb to try & refi..they wanted to but I didnt have the value based on the real estate crash...they said in order to modify my loan I had to be w/in 4 months of the reset...
so in May I started all my calls- Thats where the games began- they argued , hung up, "accidently" disconnected me in excess of 40 times for at least 2 months- then they tried to tell me I had a Pay-Option Arm-which I dont-This is where I really could see how they were playing with consumers- consumers who are not versed in mortgages would not even know what this type of mortgage is- ever...I argued, pleeded, and begged for months- they told me somewhere in July or aug that papers were sent to me(those "papers" arrived in Nov)The reset came around and I paid the hiked 9.5% for several months- but then just couldnt handle that bill on my budget.....and I had lost my job 3 times in 10 months(thanks to the mortgage industry)
How ironic huh?? When I pleaded with a rep one day she actully made the comment " It doesnt look like you have a problem paying your bills" I had never been late in 7 years---the only thing this told me was that they were only helping people who had fallen behind or already facing forclosure- well thats where I was headed because my payment was up to $2900 for a single mom- just the mortgage on $275,000 thats crazy high !!!
There are people out there with half a million dollar homes that do not pay this amount for a mortgage.
Last but not least Ive fallen behind because I was on a budget during the reset period and used my extra money. Now after "bacically forcing" consumers to sign thier "Mod" they are telling me I am not eligible for
"The Obama Plan" because you may only have one Mod in a year.....
I now know why this housing crisis is out of control and will stay that way for a while- consumers are letting their houses go because they can just leave and rent a home for less than half of thier pyment now -Lenders could easlily fix consumers payments to lower especially since rates are so low right now- My next step is to contact a news crew....Apparently they need to be enlightened as well because they do not really hit on why all the reset mortgages that were sold years ago havnt been fully addressed
This report was posted on Ripoff Report on 05/03/2009 07:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countrywide-Mortgage-Bank-Of-America/nationwide/Countrywide-Mortgage-Bank-Of-America-Fraudulent-Modifications-to-Consumers-Was-told-m-448525. 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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