• Report: #271853

Complaint Review: Countywide Home Loans

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  • Submitted: Sat, September 01, 2007
  • Updated: Sun, February 10, 2008

  • Reported By:Newburg Pennsylvania
Countywide Home Loans
4500 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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My husband and I were first time homeowners. We were only 1 year into our mortgage with another company. We were locked in at 6.5%. Well, we had several things happen at once...hotwater heater, washer, dryer and our stove needed replaced. We had been receiving mailers from Countrywide, so we gave them a call about an equity loan. The person we were working with was very nice... told us what we wanted to hear, that we could get the money we needed right away, but that we would have to refinance our entire loan. They also told us the rate would be 7.5%. We really needed the cash, so we agreed.

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.

Holly
Newburg, Pennsylvania
U.S.A.

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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REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

What?

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

Your needed money for new appliances in a home 1 yr old? whatever happened to your warranty? Anyway noone forced you to sign refinance to get money and didn't you know it was an adjustable rate before you signed? Don't blame the Mortgage Lender only you yourself know what is good for you or not. How can anyone say they trust the Lender to look out for their interest? As anyone knows read and look before you sign. My husband and I have a home that we wanted to refinance to pay off a credit card and when we got the papers we read them it turned out this was not a good idea to refinance to pay off the card sooooo we did not sign. Every American has the same opportunity not to sign. People need to be accountable for their own actions and stop blaming someone else when things don't work out in their favor.
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#2 Consumer Suggestion

ARM

AUTHOR: Whut? - (U.S.A.)

LOOK at your loan docs when you are signing them!

The NOTE will state on top of it ADJUSTABLE RATE, if you believe you are on a fixed NOTE and see ARM on the top of the NOTE placed in front of you DO NOT SIGN IT!

This is one of the most common mistakes made by consumers, you must sign mutiple documents in one sitting READ them!
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#3 Consumer Suggestion

Possible Recourse for your situation

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

So sorry to hear about your situation. Very typical of not just Countrywide, but Lenders in general. The entire industry is rampant with misinformation to keep you in the dark about the biggest investment you will ever make in your lifetime. Comparing a car purchase is not the same as a home and the contract is usually several hundred pages (a closing at the title company takes anywhere from 1 - 1 1/2 hours to close). So the person Ekeper who keeps responding to people's complaints on this site by blaming the victum is also (in my mind) fraudulent also - or a seriously mis-informed foreigner who works in another country for them and does not understand english (look at his/her writing style) and does not understand the Corporate Culture we are experiencing in the country of late.

One recourse you have available is to take your matter to a good Real Estate Attorney and have him examine your entire last two loan packages. I have a suspicion that there are several (all you need is one) RESPA violations in the package. Have him examine the dates of when your documents were printed and when you signed them. He will know what to look for- and if you have grounds to sue or join one of the many class action lawsuits going on with Countrywide to get out of your current situation and be made whole.

Hope this helps.

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#4 Consumer Comment

Do you know your rights?

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

Ok where should i begin... Oh yes ok when you go and purchase something at the store example a car... what is the first thing you do Read what you are getting your self into right well that what you should be doing... A house is not like a care a house is where you family lives now if you fail to read the contract due to trusting the company or the agent well that will not be their fault and that is the reason the write a contract for that purpose... to make sure you agree to all the terms and condition..

You are aware that you should have if i'm right 3-7 days to cancel your refinance or your purchase it should state on the Note... Please never take the company's word or an agent all they want form you is the money.. Oh yes and what you stated and I quote ("No good lender would talk someone out of a fix rate of 6.5") That's a LIE they do how do you think they make money.. If you think that you are leaving in a dream home...

Sorry to be so blunt about things but i'm strait forward person... If you need any advice let me know... Right now what i suggestion is for you to go to a place nice and quite and take your NOTE witch is your agreement. and Read Page by page... You might use some of verbiage against them.. Just a thought...
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#5 Consumer Comment

Thanks for the Warning....

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

Americans so desperately need financial education so that people won't become victims like these people....yet the big corporations want us in the dark...they don't want us to understand their predatory practices...They want us distracted with Paris Hilton and the latest sex scandal...It's really a shame.
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