Complaint Review: Countrywide Home Loans - Simi Valley California
- Countrywide Home Loans Simi Valley, California U.S.A.
- Phone: 800-669-6607
- Web:
- Category: Mortgage Companies
Countrywide Home Loans Home Equity LOC $50. to set-up NEVER ACTIVATED -$350. to deactivate RIP-OFF Simi Valley California
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When I closed on my Phoenix AZ home in 2002, I indicated that I did NOT want an "equity LOC" as I did not intend to borrow more. I was told that it is "standard" to go ahead and set up the LOC "just in case".
At closing, I was charged $50. as a "set up" fee!!(and yes, I DID sign, and it was not mentioned or reviewed at closing).
I completed a Refi today, and learned that there is a $350. charge to "deactivate" the LOC, even though I never accessed or activated it. I was told that if I "deactivate" in less than 5 years that the fee is charged (in FINE PRINT, of course).
As a side note, I was grossly OVERCHARGED at the closing for Countrywide, and the overcharges were factored into the loan amount. Then they REFUNDED me nearly $5,000. AFTER closing and AFTER I called to question it.
I was overcharged hundreds of dollars for "insurance and taxes" by Countrywide. They made interest on the "escrow", and only refunded each time that I called it to their attention.
What a RIP-OFF!!!
I will never use them again, and I will NOT recommend them to anyone.
Rachael
Phoenix, Arizona
U.S.A.
This report was posted on Ripoff Report on 12/14/2005 01:16 PM and is a permanent record located here: https://www.ripoffreport.com/reports/countrywide-home-loans/simi-valley-california-93062/countrywide-home-loans-home-equity-loc-50-to-set-up-never-activated-350-to-deactivate-167909. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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