- Report: #271853
Report - Rebuttal - Arbitrate
Complaint Review: Countywide Home Loans
Countywide Home Loans4500 Park Granada Calabasas, California U.S.A.
Countrywide Home Loans Watch out, or you too will be ripped off for lots of money Calabasas California
*Consumer Comment: What?
*Consumer Suggestion: ARM
*Consumer Suggestion: Possible Recourse for your situation
*Consumer Comment: Do you know your rights?
*Consumer Comment: Thanks for the Warning....
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We closed and got $9,000 in cash and were charged $4,000 in fees. Well, we got a surprise when our mortgage started to adjust. They put us into an adjustable rate mortgage. After 2 1/2 years of struggling to pay on time, we got behind. We were 80 days late and they told us if we did not catch up all three payments totaling $3000 they would foreclose. When we told them we could not come up with that much, they offered to refinance again to cure the default. Well, we did not want to lose our house, so we refinanced. This time we got $4000 in cash and were charged $11,000 in fees. $5,000 to refinance and a $6,500 prepayment penalty. We were shocked, but had no choice. The put us into another adjustable rate mortgage. Our rate now is at 10.5 and our mortgage payment has almost doubled since we started with them.
No good lender would talk someone out of a fix rate of 6.5 into a horrible adjustable rate like this. Our credit was good when we started, now it is horrible and we cannot get refinanced with another company. We are very close to losing our home and it doesn't seem fair. We work hard and did not buy a house we couldn't afford. Stay away from these lenders, they are horrible and do not look out for what is best for you, just for them.
This report was posted on Ripoff Report on 09/01/2007 06:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/Countywide-Home-Loans/Calabasas-California-91302/Countrywide-Home-Loans-Watch-out-or-you-too-will-be-ripped-off-for-lots-of-money-Calabasa-271853. 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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