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Report: #449292

Complaint Review: Countrywide, Bank Of America - Atlanta Georgia

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  • Reported By: Ellenwood Georgia
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  • Countrywide, Bank Of America Atlanta, Georgia U.S.A.

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I Read the report by Kdranch of Davenport, IA.-how similar it is to my experience in Atlanta, GA. re:Countrywide aka BOA. In 2000 I refi'd my home (Brick Front 3 levels,8 br.5 Ba. Master Suite, Trey Ceilings, 2 Fp. 2 Family Rooms, Full finished Basement, Hardwood, Slate and Tile floors, etc.etc.) At the time of the refi, the appraised value was 330k (comparable to other homes in the area)leaving what I "thought" was 90k in equity.

I have had no late payments, or other payment issues. Two years ago, I wanted to refi again to pay off some other debts, the home was re-appraised at 288K. With a 240K mortgage, not much equity was left. I paid for the first appraisal, requested another. The same appraiser was sent the 2nd time and appraised it for the same amount. Since this re-fi was to be via FHA-I decided to go ahead anyway-at least for a lower interest rate, however before closing, somehow the person I was working with fell off the face of the earth !-this was around the time that rumor had it Countrywide was in trouble.

I called again, several times, and no one responded-however I did receive a letter from saying that they were going to charge me for Mortgage Insurance-and I called them and said no way !!!! I have insurance and was not going to pay for theirs !!! To prove it, I had to have my insurance company fax confirmation of coverage.

Now that there's talk of helping the consumer who is not in imminent danger of foreclosure, I thought I would call again. This time the response was: "I have good news and bad news". The good news was I qualify for an FHA loan-the bad news, the value of my home has continued to drop.

This time-the value has gone from 288k to 211k ! Now I not only have no equity left-I am upside down. There is no valid basis for their "comparable home valuation" since the information they have is taken from original County records recorded at the time a home is originally built. The valuation data is incomplete and not based on actual updated records that exist. When I obtained a copy of the report I asked how I could have the information updated and was told "you don't want to do that !! Your property takes will go up". My property taxes are still based on the original appraised amount of 330k (the amount the State of Georgia continues to say the home is worth).

Homeowners who share this situation are the ones truly at the mercy of the Mortgage companies-we have conventional loans-are paying our mortgages-yet we do not qualify for lower interest rates or modifications unless we have FHA loans. We are caught between "a rock and a hard place". Our home values are at the whim of the mortgage holders who accept outdated information to determine value as opposed to a valid evaluation of a home's worth.

These are only some of the issues that need to be addressed-where is our relief !!

Ellenwood, Georgia

This report was posted on Ripoff Report on 05/06/2009 01:05 PM and is a permanent record located here: 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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#10 Consumer Comment


AUTHOR: Karl - (United States)

POSTED: Monday, January 17, 2022

is only available at this site. Just type in 261157 and it appears in Consumer Comment #16 at Ripoff Report #261157.

Thank you.

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#9 Consumer Comment


AUTHOR: Karl - (United States)

POSTED: Friday, September 03, 2021

I would like to thank the Harvard Business Professor, Deepak Chopra, Professor Niall Ferguson, and the greatest American who recently celebrated her Birthday on August 27th, Brooksley Born, for giving me the power to see and predict the future.

Everybody should read Deepak’s book entitled “The Spontaneous Fulfillment of Desire”. It will unlock the hidden powers inside the ordinary human being and allow anyone to become enlightened.

Everyone should go to Bing and type in: The Buddha PBS, and watch it at one of the Youtube sites. One of the best documentaries ever produced. 

Hey Professor, if you’re reading this, there’s a poem about you right here at Ripoff Report. Just type in 432458 and it appears at Consumer Comment #14 at Ripoff Report 432458.

Thank you.

”Almost everything you do will seem insignificant, but it is important you do it.” - Mahatma Gandhi 

“When you bow deeply to the universe, it bows back; when you call out the name of God; it echoes inside you.” - Morihei Ueshiba

”Everything in the universe is within you. Ask all from yourself.” - Rumi

”A single point in the heart can expand to liberate the world.” - Deepak Chopra

”Better than a thousand hollow words, is one word that brings Peace.” - Siddhartha Gautama (the Buddha)

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#8 Consumer Comment


AUTHOR: Karl - (USA)

POSTED: Thursday, January 03, 2013

If you 'Google' this- MELISSA WOODS BUSINESSWEEK, and click on the BusinessWeek link you can read the comment that was posted on May 31, 2008 at 9:13 PM. (The comment appears on 'Page 10'.)

Fact: That comment was posted four months BEFORE the collapse of the banking system and the stock market crash. On September 29, 2008, the Dow Jones lost a record 777 points in one full day of trading and the banking system in the USA collapsed. The American people were forced to bail-out the banks and several other Wall Street firms with hundreds of billions of dollars, also known as TARP.
You can 'Google' this- FRONTLINE: INSIDE THE MELTDOWN, and watch that documentary on the web for proof.

Happy New Year to you and your family!

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#7 Consumer Comment


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

POSTED: Sunday, May 10, 2009

Economy is the basis of society. When the economy is stable, society develops. The ideal economy combines the spiritual and the material, and the best commodities to trade in are sincerity and love.

- Morihei Ueshiba

Manifest yang
In your right hand,
Balance it with
The yin of your left,
And guide your partner.

- Morihei Ueshiba

Opponents confront us continually, but actually there is no opponent there. Enter deeply into an attack and neutralize it as you draw that misdirected force into your own sphere.

- Morihei Ueshiba


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#6 Consumer Comment


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

POSTED: Sunday, May 10, 2009

The SELLING PRICE of a house ISN'T what you actually pay for the house, unless you paid CASH for it, correct? How many Americans pay CASH for their house?

What you actually pay for the house is the TOTAL OF PAYMENTS over the amount of years you have a mortgage for that house, right?

The INTEREST & TAXES you pay on the house will most likely be MORE than what the original selling price of the house was, correct? Simply do the math for your current mortgage! Multiply the amount of months times your payment, and make sure to include PROPERTY TAXES too.

REMEMBER, no matter what the house sells for after it is paid off, you still need a place to live, right? In order to PURCHASE a SIMILAR house in a neighborhood SIMILAR to the one you lived in, you WILL pay a SIMILAR PRICE!

This is WHY a house is NOT really an investment!

Americans have simply been 'TRICKED' into believing it is.

Believe whatever you want. I believe that the Harvard Business Professor knows what he's talking about, wouldn't you NOW agree?


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#5 Consumer Comment


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

POSTED: Friday, May 08, 2009

MULTIPLY THEIR MONTHLY PAYMENT BY 360 MONTHS, and see what the total is.

Then compare that value with what you paid for your house. If the selling price was $290,000.00 for your house, and you put $30,000.00 down, and mortgaged $260,000.00 at a fixed rate of 5.7% over 30 years, your total would be this-

$1,509 x 360 = $543,240.00

If your PROPERTY TAXES are $2,500 per year, you must now add $75,000.00 to that figure because $2,500.00 x 30 years = $75,000.00

So, $543,240.00 + $75,000.00 = $618,240.00

That does NOT include any 'upkeep' or 'maintenance' on the house over the 30 years! So you really paid $618,240.00 + your $30,000.00 down payment for a $290,000.00 house, correct? That's $648,240.00 for a $290,000.00 house, isn't it?

QUESTION: Did you pay MORE money in interest & property taxes on the house than the original selling price of the house?

ANSWER: YES!!! Because $290,000.00 + $290,000.00 = $580,000.00

And now that the house is paid for after 30 years, you still have to pay PROPERTY TAXES forever, right?

There's nothing wrong with wanting, & owning a house. The problem is when Americans are MANIPULATED into believing that a house is the- 'American dream'. It isn't!!! It's simply a place to live!

Buying a house that is AFFORDABLE is the way to go!

But your 'leaders' want you to be BURIED in debt, because your DEBT is what allows them to exist, & thrive as they do!


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#4 Consumer Comment

Most of Your Complaint Is Misdirected

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

POSTED: Friday, May 08, 2009

There are a few main components to your complaint - which are:

1. The valuation of your home decreasing and loss of equity
2. The taxes you're paying on that home
3. The appraisals on your home

None of these complaints have to do with the mortgage company, Countrywide, or Bank of America. As has already been pointed out, your home value has dropped as a result of the bubble bursting in the real estate market. In other words, the valuation of your home at $330K was probably very overstated. That is not the fault of the lender, the mortgage company, or the bank - is it? The taxes you pay have nothing to do with the mortgage company or the bank - that is something you have to take up with the taxing authority in Georgia. I can tell you from personal experience they are not the brightest bulbs in the lot and you're going to have to go down there and take your two appraisals with you.

Finally, the appraisers don't work for the bank either, or the mortgage company. If the appraisers have placed the value of the home at $211K, you can bring on another appraiser, who will probably also value your home at about that same amount - maybe more or even less depending on the number of foreclosures in your neighborhood. My guess though is that your still going to be upside-down even after that appraisal. Again, you don't explain how that's the fault of any mortgage company or bank?

You're blaming institutions for something that was more your own doing, but then that happens when you start looking at an investment like your home as your own personal piggy bank anytime you need money. And you will likely have to pay the mortgage insurance; you generally have to pay it when your equity drops below 20% of the appraised value of the home and that's different from the insurance you procured from a broker. Mortgage insurance is for the loan you take and you have to pay for it.

Even though your upside down, chances are your value in the home will rebound somewhat - at least to a point where you won't be upside down. It won't likely return to $330K soon, but you have a nice home and there's no need to refi just because the rates are the lowest we'll ever see.

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#3 Consumer Comment


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

POSTED: Thursday, May 07, 2009

Tell me what State your CPA license is in or what State your practice Tax Law in -
Home APPRECIATE in value unlike vehicles which DEPRECIATE the second you drive them off the lot
My home has appreciated in value in the last ten years due to a good area, stability of the homes built in a certain year and individuals wanting to move into the area because of low crime, property taxes, family friendly dwellings etc etc
And since you think so highly of individuals educated at Harvard here is a little story for you
My Father (A LICENSED CPA) had two clients - both Harvard educated and living here in the DFW area in Highland Park - The Harvard educated Husband slowly poisoned the Harvard educated Wife and she died - He is currently serving a prison sentence
Wanna check it out on DVD?? Called Death in Small Doses
AND another thing - since you think America is so horrible I have a great suggestion

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#2 Consumer Comment

A couple of comments

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

POSTED: Thursday, May 07, 2009

If you're being taxed on the value that your home had in 2000 (330K), then you're being ripped off by the taxing agency. I'd check with whomever collects the taxes (city county or state) and find out why they haven't updated the value.

Second, I'm not sure what you're complaining about. You say the house was valued at 288K two years ago and you think the current 211K value is too low? That's about a 26% drop. I would say if it only dropped 26% over the last two years, you are lucky. Appraisers are getting comparable home valuations from records of recent sales. Since your home is now competing with dirt cheap forclosure properties, it's going to be worth way less on the market, no matter where you live. I don't know where you're getting the idea that the values are from when the homes were originally built. That would be absurd.

The days of using your home as an ATM machine (i.e. regularly sucking out the equity to pay bills) are long gone. That only works when property keeps appreciating. Given the price crash of the past few years most people that bought or refinanced in the last 5 yrs. are currently under water. There's nothing special about your situation.

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#1 Consumer Comment


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

POSTED: Thursday, May 07, 2009


He said this to a class of executives back in late 2004. My CEO brother in-law was in that Harvard class! He told me things that most people would not believe!!! Some of it is posted in the Updates section at a Ripoff Report from the summer of 2007. You can 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and read the 'Update' entitled- 'Blame it on a Lawyer'.

It came true, didn't it?

The Harvard Business Professor is right!! A house is simply a place to live. But Americans have been 'tricked' into believing that a house is an investment, and tricked into believeing that it's the 'American dream'.

Simply do the math!

EXAMPLE: If you buy a house for $290,000 and put $30,000 down, and mortgage $260,000 over 30 years, at a fixed rate of 5.7%, your payment is $1,509 per month.

Let's round the $1,509 down to $1,500 and multiply it by 360 months. We get a total of $540,000. That DOES NOT include property taxes! If property taxes are $2,500 per year, then we must add $75,000 to the $540,000 and we get $615,000.

Now we add the original $30,000 down payment to the $615,000, and we get a total of $645,000, right? Guess what? That DOES NOT include any UPKEEP or MAINTENANCE on the house over the 30 years!!!

Let's assume that there was no upkeep or maintenance over the 30 years, okay? If the owner decides to SELL the house, he or she will eventually get the 'MARKET PRICE' for it, correct?

GUESS WHAT? In order for that person to purchase another house, similar to the one he or she just sold, in a similar neighborhood, he or she would pay a SIMILAR PRICE!!! This is WHY a house IS NOT, and will NEVER BE an investment! It's simply a place to live!

Americans have been 'TRICKED' into believing another LIE, which is the foundation of America.
Guess who's making all the money? Answer: The BANKS, & the BANKERS!!!

America was founded on a lie, and we continue living that lie ever since 1492, when a boat landed in America and all the BIG problems started to occur! REMEMBER, the REAL Americans were here long before our ancestors came over and STOLE it away from them!!!!


Karma has simply taken over.

'karma' (definition) - Something done; action, work, behavior; also the CONSEQUENCES of action spiritually & mentally, as well as physically.

I'm Karl, and I approve this Update!


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