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Report: #320257

Complaint Review: Countrywide Home Loans - Plano Texas

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  • Reported By: Warrensville Hts. Ohio
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  • Countrywide Home Loans 7105 Corporate Drive, PTX B36 Plano, Texas U.S.A.

Countrywide Home Loans Works To Make You Go Into Foreclosure Plano, Texas

*Consumer Suggestion: The mortgage company applied your payments differently ....

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We have a condo that we purchased for cash. In November 2006, we refinanced with one company and before we received the first bill, Countrywide bought our mortgage.

In November 2007, we missed one payment because we were short at the bank and the check was returned. This put us in a bind because we are both retired and on fixed incomes.

We called Countrywide and asked if they would put the missed payment at the end of our contract. They refused. They told us that we could pay $74.00 per month for six months plus our regular mortgage and they would charge us late fees every month. We refused.

We started paying $600 per month and caught up in about four months.

We were very upset when we got the notice that our mortgage was sold to Cuntrywide because we had already heard horror stories from friends about them.

They seemed to be happy that we had missed a payment. I believe they wanted us to miss another so that they could foreclose on us. They reported to the credit unions that we were three months behind. We have never missed but one payment.

Warrensville Hts., Ohio

This report was posted on Ripoff Report on 03/22/2008 06:03 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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#1 Consumer Suggestion

The mortgage company applied your payments differently ....

AUTHOR: Robandmar01 - (U.S.A.)

POSTED: Saturday, March 22, 2008

Unfortunately when you make a payment more than 1 month behind (30 days) that payment is going to go towards your past due and any late fees first. You said you paid off the month you missed over several months. Countrywide did not apply the payments that way. Everything you paid went towards your past due amount and any fees first....which made your payment for the current month you where paying to be not paid in full so then the current months payment went into 30 day late status.

To defer a payment you have to meet a certain criteria with the mortgage companies. In this day and age with the mortgage crisis we are going thru right now the day of just being able to defer a payment on the drop of a hat is over. Banks are not required to give you that as a option your contract you said you would pay on a certain day and you did not. Always make sure you have a deferment in writing and if you do not be prepared to have your credit trashed because they will always apply payment to the past due amount first.

With a lot of banks even if you do have a deferment plan they still report you as 30 days late for every month you are behind until you are caught up because technically you are. Some mortgage companies will not even except payment if you are 30 days late unless you pay the past due month and the current month owing at the same time to bring it completely up-to-date.

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