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Report: #143961

Complaint Review: Countrywide Home Loans - Simi Valley California

  • Submitted:
  • Updated:
  • Reported By: Alba Texas
  • Countrywide Home Loans PO Box 5170 Simi Valley, California U.S.A.

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Our mortgage was sold to Countrywide 4 years ago. Prior to them acquiring it, we had never had any problems with any company. We keep our payments 2 months ahead, and pay a set amount of extra escrow each month to cover anticipated increases in taxes and insurance.

Once Countrywide took us over, we found that our extra escrow was not posted to escrow, but to principal, or our whole payment would be posted to "miscellaneous posting" extra escrow rather than the scheduled payment + extra escrow. (Which is why we ALWAYS keep at least one month ahead to allow for the "lost" checks and mis-postings.

Every month I call customer service to correct the way our payment has been posted. In the beginning I was told that the errors happen because the payment centers are automated and the pay slips are scanned in, not read by humans. So, I started l,ining through any scanning bars and jabbing holes in the stub... We had maybe 2 months with proper posting, then back to doing what Countrywide felt like doing.

Because I invest the time to check on how & when our payments are posted, and can afford to keep our payments 2 months ahead, we have not been damaged credit-wise or economically with late fees. However, it just seems like a very sloppy bookkeeping system, or more likely, a way to collect extra fees from the unwary or unaware. Since Countrywide brags about their poor credit/low income loan programs, I suspect their policies and practices are hurting a large number of their customers.

Are there enough other customers to develop a class action suit? We have not been foreclosed on, and have not any financial axe to grind... just think there's something fishy here.

Jasmine
Dallas, Texas
U.S.A.

This report was posted on Ripoff Report on 05/25/2005 12:49 PM and is a permanent record located here: https://www.ripoffreport.com/reports/countrywide-home-loans/simi-valley-california-93062/countrywide-home-loans-improperly-posts-payments-or-loses-payments-consistently-requiri-143961. 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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#5 Consumer Suggestion

Federal Trade Commission

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

POSTED: Tuesday, September 27, 2005
The more complaints the Federal Trade commission gets against countrywide they may able to do something about them ripping people off.I have checked into it. please do it.
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#4 Consumer Suggestion

Federal Trade Commission

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

POSTED: Tuesday, September 27, 2005
The more complaints the Federal Trade commission gets against countrywide they may able to do something about them ripping people off.I have checked into it. please do it.
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#3 Consumer Suggestion

Federal Trade Commission

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

POSTED: Tuesday, September 27, 2005
The more complaints the Federal Trade commission gets against countrywide they may able to do something about them ripping people off.I have checked into it. please do it.
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#2 Consumer Suggestion

Payment posting help

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

POSTED: Sunday, June 05, 2005
Try logging onto www.countrywide.com. Here you can make payments online from a savings or checking account up to 14 days in advance without a fee. You can specify if you want to make the minimum payment or more. If you choose to make more, you can select for it to go to escrow or principle. This way you have a print out confirmation of exactly what day you want the payment posted. No worries about lost checks, checks not posting ontime etc. You can also see exactly how each payment was distributed to your balance (interest, princple, escrow, etc) Very friendly website, very easy to use. Hope that helps.
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#1 Consumer Suggestion

The BANKS are all learning from each other, the lawyers got to split 8 Million +, while the people that were ripped off got pennies on the dollar.

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

POSTED: Thursday, May 26, 2005
The last couple of years, the Mortgage Servicing Industry has been paying close attention to the sub-prime industry. Specifically, how they make billions by ripping off people and taking their homes AND GETTING AWAY WITH IT!

Fairbanks was sued in a class-action. When it was settled, and it was settled with Fairbanks HAVING TO ADMIT NO WRONGDOING!!!!! the lawyers got to split 8 Million +, while the people that were ripped off got pennies on the dollar.

With no wrongdoing admitted, they can continue doing what they did, because no one got convicted of anything. Fairbanks is Select Portfolio Servicing now, and if you look here you will see that everyday people file their rip-off reports, because they just continue on.

Please make a search for Mortgage Servicing Fraud on google. You will find a forum where you can talk to others who have been throught his. There is one person that had the exact same problem you have, but with Fairbanks.

I had Countrywide as my Servicer and I have my own rip-off report here as well. However, I sold my house because to me, fighting them for the next 30 years was not worth the stress over a stupid house!

Please educate yourself. How they operate, how they handle your account (mortgage) how they communicate, you need to know what you are up against. If you have read half the reports here you know that there is virtually no Government Agency that will help you, if it comes down to that. Your diligence is your greatest asset. The more you know, the more you will be on top of the situation.
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