Countrywide Home Loans

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A wrongly written note on my account may now cost me my home.
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Like so many other Americans today, struggling in the turbulent financial crisis, I fell on hard times with the mortgage payments. So I called my lender, Countrywide, and I was able to negotiate a modification with them. At the end of July, I received my documents in a FedEx envelope, opened them and then came to see that I only had two days in which to sign these (in front of a notary) and send them back to Countrywide. Luckily for me, I had a notary in my office and the documents were signed and sent back in their pre-addressed FedEx envelope.

I sat back and waited until September when they were due to start automatically debiting my account for my monthly installment. When that never occurred, I called Countrywide and was informed that, "I called in and cancelled my modification." Then the real shock came, "I also see here that when you cancelled your modification that you requested a short sale."

I was then informed after a 30 minute conversation of trying to find out what went wrong that I would be receiving a call from a supervisor that day. Well I waited and waited and that call never came.

So the next day, I called back in basically complete hysterics and was also informed that "my account is now in pre-foreclosure status." WHAT! Through a very long conversation it was stated that Countrywide will have to pull my physical file from offsite storage to see if there are any documents in the file that related to this short sale. Upon asking "shouldn't I have had to sign something that gave approval to proceed with something like this the representative told me, "no, not at first." "You would only sign the purchase agreement." Upon hearing this I said very simply, "well if you have a signed agreement in your file, it is a forgery."

So to make a long story short, I am now waiting until Friday when I am supposed to get a call from another supervisor to tell me that Countrywide has messed up. Here is where my annoyance comes in. If my home is in a pre-foreclosure status, and it was done so by an error on Countrywide's part, then how could I possibly lose my home!!! I asked repeatedly that there needs to be a hold placed on this pre-foreclosure as I NEVER agreed nor wanted to do a short sale. I did NOT call Countrywide to cancel my modification. And, this is NOT my fault. I was then told by the representative that she was not able to stop the pre-foreclosure process until this situation was looked into.

I will say this, if I lose my home through this whole mess at the fault of my lender, there will be hell to pay. I will file a lawsuit for everything that I can and I will make sure that I post this situation on every website that I can, talk to every news syndication I can, talk to every news station that I can. Has this every happened to anyone else? I know Countywide is under

Investigation for unfair lending practices, maybe this should be added to the list.
     
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Principissa on 2008-10-02:
Why wait until after you lose your home? Call a lawyer now! This is insane. How do you foreclose and sell a person's home out from under them without the homeowner signing anything! Take them to the cleaners.
yoke on 2008-10-02:
Do you have a copy of the documents you signed in July? Where you supposed to send any money in with the papers you signed?
Anonymous on 2008-10-02:
As usual Princi is right.. Contact an attorney NOW!
Anonymous on 2008-10-02:
Yes, contact an attorney now. You have the right to demand to see all documents at once that Countrywide claims to have and that you've agreed to. Do NOT wait until you actually lose your house! I've never heard one good thing about Countrywide, but I'm really having a hard time believing that they would actually commit forgery in order to foreclose on your house... you need to look into this matter now, not after you lose your home.
yoke on 2008-10-02:
My brother just went through a modification with his mortgage company. The day he sent the signed agreement back he had to wire a down payment to them (had to bail him out, AGAIN). It stated right on his contract that if they did not have the funds and contract back by a certain date the agreement was null and void. It sounds fishy that CW did not ask for any funds in July or August and was going to start taking funds out in September. I don't think we are getting the entire story.
Suusan B. on 2008-10-02:
Something is missing from this saga. You claim that you were approved for a loan modification at the end of July but don't say anything about any payments made between then and September when you expected your payments to be automatically deducted from your bank. No lender is going to let you slide for three months without making a payment without placing you in foreclosure status.
yoke on 2008-10-02:
Suusan, that is what I was thinking. I know with my brother he had to send a downpayment with his.
madconsumer on 2008-10-02:
a quick sale only comes after many months of non-payments. the lender will do what ever is within the law to save your home. in fact, the recent regulations passed by mr. bush gives home owners some help before giving up the home.

as said, there is more to this than is being told.
donadame on 2008-11-02:
So what happened? I would contact an attorney immediately as stated above. I also hope you have a copy of every you signed and a receipt of when it was sent out and hopefully a tracking number.
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Refinance Nightmare
Posted by on
LEHIGH ACRES FT MYERS, FLORIDA -- As the supervisor just told my husband: "What can you do about it, you've already paid it now" You're just contacting us now?" (No we contacted you all when it happened but we were lied to) .......I just got so angry. What I will do about it is warn anyone and everyone to not deal with Countrywide Home Loans.

I've been calling our loan originator for 2 days trying to get an explanation and not surprisingly he's not calling me back. If calls are recorded is there someway I can ask their supervisor to play mine back? Or surely they are to note our accounts when they have discussions? Some kind of accountability? What makes me really angry is I trusted this guy. Countrywide. A known name. They were my mortgage company before I refinanced so I thought it would be a simple transition.

WHY ---
Things just don't add up correctly.

BUT MOST IMPORTANTLY IN OUR CASE:
We were told by our originator that there was no prepayment penalty. We were refinancing because we had a 5 yr arm that was ready to be changed...I thought we were doing the right thing by getting it done BEFORE the rate change -- our originator even made a call and NO PREPAY PENALTY. Day we closed we're told to sign a prepay penalty form...what? There's no prepay???
We were told by the lady there well let's just sign it and call your originator and find out what's going on. Again: How Could I have been so stupid?

#2 Called our originator that day. He had no idea what I was talking about..as a matter of fact he didn't even see it on his paperwork. (I really believe him and until he's not returning my calls now I did)........ He said there's no prepay on your loan, I even called about that. He made some more calls. Called me back the next day or so....and explained that the charge was really some kind of tax credit...confusing terms charge but he sounded like he knew what he was talking about and said it was a Drop down menu mistake. He literally explained the person filling out the form should have chosen another fee not prepayment penalty. HIS EXACT WORDS!@!!!!!! And worse yet-- I BELIEVED HIM ! WITHOUT GETTING PROOF.

I said I'd need some new papers because in a few years this drop down mistake may be forgotten and I'd like my paperwork to be correct. OK he said he'd call back --- he never did. I lost track of time, believed him and quiet frankly forgot about it or figured I'd get the correct information when I got the pay off notice.....

WHICH --
Came last week -- almost 4 MONTHS after we closed that clearly states we paid $2700 in prepayment penalties. My husband calls the main office supervisor and she tells him the quote that I started this note with and also more or less .....tough your loan said 60 months you knew there was a prepay. She'll send us a copy of it.

Sure enough I got out my loan information and there's no disputing that. In fact it does say sixty months....had I been good at math I might have known all along that there was but my originator from COUNTRYWIDE who I was refinancing THROUGH COUNTRYWIDE made some calls and we sat there looking through it and somehow we came to the conclusion there was no prepay! He said there's NO PRE PAY. Different tune now--- but as my husband and I both told the supervisor--- WE WOULD HAVE NEVER CLOSED IN NOV to pay $2700 extra dollars! WE WOULD HAVE WAITED the 3 or 4 months to be in the 60 months to not have a prepay. We got NO CASH FROM THIS DEAL. There was no reason for us to close in NOVEMBER other than the fact that we wanted to get the arm loan out of the way to be responsible. And we had to pay for that....and trusted our Countrywide's rep telling us. And what kind of thanks do we get?

"It's paid now what can you do about it?"
I don't know how they sleep at night. I'd like to think our originator still made an honest mistake and would talk to everyone about it but with him not calling up back .....makes you wonder. PLEASE IF YOU HAVE ANY DOUBTS OR ARE TOLD ANYTHING GET IT IN WRITING! What can I do about it? STOP SOMEONE ELSE FROM LOSING MONEY FOR NO REASON TO A COMPANY THEY TRUSTED! What else can I do since it has closed they got our money and they will continue to get our money.
     
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Anonymous on 2008-03-19:
You need to read your loan agreement again, carefully.

I recently refinanced to get away from Countrywide. The reason is that Bank of America is taking over their mortgages. Even though I had little trouble with the paperwork I now get phone calls and mail from Countrywide asking me to reconsider. Really annoying.
moneybags on 2008-03-19:
Mistake,indeed! They get paid COMMISSION for loans, re-fis, etc. Wonder what his cut was. Contact your state dept of banking - mortgage dept.
jenjenn on 2008-03-19:
Good to know! I didn't know BOA was taking over for Countrywide mortgages. I just closed two lines of credit I had with BOA to avoid any hassles.
jonjaktez on 2008-03-19:
I love Countrywide but I've also not had any problems with them. When I heard BoA was buying Countrywide, my heart sank to the floor. I'm really dreading dealing with BoA when they take over.
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Harassment/Poor Customer Service
Posted by on
PLANO, TEXAS -- I financed my home with an ARM with the promise Countrywide would give me a better percentage rate when my 3-year period was up. When the time came, by interest rate went up to more than 9%, resulting in a more than $500 a month increase in my mortgage payment effective Feb 2008. In January of 2008, when I realized I could not handle the payment, I filed paperwork with Countrywide's Home Retention team for a home loan modification. After finally being contacted by my counselor and filling out the loan information, I again called several weeks later to find out the loan had been approved.

However, she did not know this, and it became immediately apparent Countrywide's internal communication methods were and are very poor. She had told me when my application was pending not to make any payments until my loan modification papers were received and, at that time, I should make my new payment. I finally received the papers, signed, and returned them with a check covering late escrow fees and some processing fees to the tune of over $1400. I was also assured my account would be returned to current standing when the loan modification was finalized. However, I continued to receive phone calls and letters telling me I was delinquent, and even though I have made my first new payment under the loan modification terms, I am still receiving threatening and harassing calls and certified letters.

When I call to complain to customer service and explain the process I started many months ago to avoid just this situation, I am told just to tell the callers, for the umpteenth time, what is going on and explain to them my situation. I am told the letters and calls I have been receiving are automated and cannot be stopped. This is baloney! Countrywide's internal communication methods are extremely poor. Also, since receiving my modification package, I have tried many times to speak with my counselor who is always unavailable. She does not return messages left, and her supervisor has also been left messages in this regard. The customer service representatives also have left messages asking the Home Retention Office to update my account, and this still has not been done. I just received another call from a debt collector asking what I intended to do about my overdue account, and I "lost it" for the first time.

I am in a customer service field for the US Government, and this is no way to treat your customers, especially those who anticipate they will have a problem, contact the company, do all they are asked to do, and then are still harassed with calls and threatening letters. I never had a late payment on either my first or second mortgage prior to this time, and I will never again work with Countrywide. I will also make sure none of my friends or family do either. This is very sad.
     
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Dis-Honorable
Posted by on
76137, TEXAS -- Just as Countrywide was getting ready to be bought by Bank of America they realized they could no longer afford to pay its employees. So rather than laying them off, they opted to fire everyone for bogus reasons, then deny their unemployment. They even strong armed some long-time employees by telling them they either had to go to their Collections or Foreclosure departments or be terminated, forcing employees to go to a department that paid far less, was more stressful, and had longer hours. Every week I hear of another person losing their job at Countrywide.

This company is the reason for the mortgage industry being in the position its in and now they are making the economy worst with all the people that are now out of jobs, ineligible for unemployment assistance, and can't find a job because of the current job market.
     
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2inform on 2008-07-16:
One can contest the denial for unemployment. I've done it and won.

Countrywide is not the only mortgage company who has placed the United States in its current financial situation. Many other mortgage companies, appraisers, etc. . . who were greedy also contributed to the current situation.
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Hard to deal with
Posted by on
CALIFORNIA -- This company makes many mistakes and it is hard to impossible to fix the mistake once it is made. I have 3 other loans with other companies and no problems in 2 years with countrywide (does not deserve capitals), I have had a 1/2 dozen problems, the last one is they screwed up my SSN and I have spent hours trying to get it resolved. All to no avail. They will say it is fixed and then I get another letter saying it is incorrect from them.

Phone service is bad, mail is worse. Go somewhere else, the hassle isn't worth it! Our loan was sold to them and in the changeover they didn't credit us for a month's payment. It took 3 months to finally straighten that out. They blamed the previous note holder but it was a company that tried to help us and finally was able to. Now I am certain that it was countrywide. One mistake is OK but there have been multiple. And then they always say they will fix it and never do!
     
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tander on 2006-03-17:
They sound like Wells Fargo Bank, another nightmare of a Mortgage Company!!
miketech on 2006-03-18:
Wow, I used to be a mortgage broker about 6 years ago and Country Wide was top notch. Shows how things change when a company gets to big. Almost Dell like really. Sorry that thay have changed.
plastic cutter on 2006-08-10:
Countrywide keeps calling me to sell me more services, even though I tell them not to call and I am on the national "Do Not Call" list.
My mortgage was sold to them and I am very wary of them. I'm not sure their business ethics are all that high.
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Avoid their mess... here's how
Posted by on
Friends, be wary of doing business with Countrywide Home Loans, including their Full Spectrum Lending division for non-conforming loans. In fact, even if you don't originate your loan with these guys, have your loan officer write in a "no sell to or service by Countrywide" stipulation into your loan contract.

In short, Countrywide apparently has numerous unresolved complaints against them across America and as a customer, I've found that if you become persistent in getting them to fix their mistakes, they simply have their in-house lawyer write you a "go away" letter.

Check them out... do a google search on "Countrywide Home Loans" and see for yourself. I wish I had never done business with them. You should avoid them no matter what.
     
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LegalCollector on 2005-05-10:
No problems here, used them all my life. Care to be a little more specific?
AZJEM on 2005-05-14:
We are also really happy with Country Wide. They helped us with a sleazy realestate agent that was trying to get ahold of the house we were in the middle of purchasing and then did more than we ever expected them to do getting us into our new home. Been dealing with them for over 6 years and so far so good.
squeekie on 2006-03-08:
Our loan is with countrywide and we have had no problems with them, well we had one but it was quickly fixed. had something to do with our homeowners insurance. CW said we had none, but we did. got a letter sent to them by our agent, problem fixed. I have never had a problem working with them. and the one time we were late on the mortgage they waived the fee because we talked to them.
Jeet on 2006-05-08:
This company is simply messed up. I have been trying to get PMI removed from my loans for last one year. Every time I meet their requirement, they change the policy and I feel like I can never get it removed. They don't have my contract papers. Their customer service is very unreliable. All communcations are in paper format with no phone number to discuss your issue.

I would strongly recommend not to work with this company. I am still having problem with them.
Calisto7 on 2006-06-08:
They were great all through the loan, getting us into the house when no one else would. Our guy said he would help us refinance some of our other things, like our car and such so we can get a good budget worked out. And they would work with us over the next year so we could refinance it next year and get into a better loan.

Once we signed that paperwork... nothing and it's been over 2 months and they STILL have $800 of my money they said they would send to us in check form in the mail.
sissy on 2006-07-31:
August 22nd 2004....Yes that is correct...2004...Water heater ruptured, we pay home owners in escrow with COUNTRYWIDE. Long story short, even though I went on line to verify they had made the insurance payment (and it showed they did) they had not. Now almost 2 years later, they still don't want to fix my floors. Have lived this long on sub-flooring. Husband and I have installed a floor in the great room and kitchen. That's all we could afford out of our pocket. CountryWide still doesn't want to step up to the plate. If at all possible you DO NOT want to deal with these inconsiderate, slackers... My Lawyer was hired about a year ago and even he has a hard time getting anyone to return a phone call, and then when they do, the person is oblivous to what is going on.
Wazmo on 2006-09-08:
I've had similar problems with Countrywide. First they wouldn't provide me with a payoff amount so I could pay off my loan early, and delayed it enough to cause an extra interst payment. After several weeks of wrangling, I got that reversed. Now I'm trying to trying to terminate my home equity loan -- I have been trying to get rid of this since 2002 (it's 2006 now). Each time the "customer service" rep assures me it will be terminated, if I send written instruction. I have done this three times now. Each time I have received no reply, and then a few months later someone from the Countrywide legal department has called and threatened my wife with legal action or credit rating damage if we don't pay a $75 annual maintenance fee. They frightened her enough that she paid it twice. Countywide still refuses to close the account, acknowledge my letters, or provide me with the loan agreement that requires the $75 fee (our loan was sold to Countrywide, so I don't think we ever agreed to this). My conclusion is that Countrywide is out only to maximize their fees. They have the gall to have called my twice offering to increase my home equity line and have rudely hung up on me when I tell them the problems I've been having with Countywide. Avoid them if you can.
aziam on 2007-09-07:
I'm a single mother who bought my first home through an FHA loan in 1997, which then was transferred over to Countrywide. Within 3 years, I have had them post my payments late causing me to pay late fees. Twice they sent me notices of default with attorney's fees because they claimed they never received payment. I've had to file Chapter 13 to keep up with the payments plus their Countrywide's fees. Never spoke with the same person twice. Had to fax/mail the same paperwork over,and over, and over. House finally went into foreclosure in 2003. On the week of the auction, I found out that this 1 person was assigned to my case and I had never spoken with her once. When I finally called and asked why I never spoke with her before, she maliciously lied and said she called numerous times and sent me numerous letters. I will soon be ready to make the move to buy a house again. I am very wary about these lenders and will make sure that my contract states "no service by/sell to Countrywide or its affiliates.
Consumer Rights Activist on 2007-10-13:
Countrywide Financial | Employee Overtime Pay Class Action Investigation

If you were employed by Countrywide Financial as a mortgage loan officer, processor, originator, specialist or consultant and believe you did not receive all the wages and overtime pay you are owed, you might want to contact some overtime class action attorneys:

http://www.classactionconnect.com/?q=node/713

You can also share your Countrywide overtime pay complaints with other Countrywide employees:

http://classactionconnect.com/overtime-pay-complaints/2007/10/04/countrywide-financial-mortgage-loan-employees/
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Refinance Disaster
Posted by on
NEW JERSEY -- We were seeking to refinance to get some cash out of our home. Countrywide has got to be the worst experience in mortgage companies ever. Customer service is completely irresponsible. No calls back! The refinance was screwed up right the beginning. We originally were promised/guaranteed/approved for a fast track (one week)refinance with a $23k cash out. After two weeks of abuse, the loan changed to a full doc loan without notice. Then the federal government reduced interest rates and I was told that I've already signed a 30 day lock document. I already was into this nightmare so I again decided to stick with customer service's empty promises. At closing after 6 weeks, the cash payout became $14k because they decided to increase discount points and take those from the cash payout. There is no communication between Countrywide's departments. There is deceit and misrepresentation from any rep who decides to speak with you.

Lending tree here I come.
     
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Anonymous on 2007-10-09:
Couldn't get past the All-Caps.
Anonymous on 2007-10-09:
I don't read posts in all CAPS.
ikazuchi on 2007-10-09:
Countrywide is taking a big hit right now; They are desperate.
Anonymous on 2007-10-09:
I've heard that Countrywide is horrible to deal with from a few different people. Hope you have a much better experience with Lending Tree
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Switching Home Owners Insurance
Posted by on
My husband and I have a mortgage through Countrywide. This company definitely has its issues and we are not too happy with them. BUT the other day I was looking over all our info to make sure it was all in order only to find out they without knowledge or consent switched out insurance company when we have been paying our premiums. They said it was because we didn't have enough coverage which is bull because I double checked with our agent. Thing is we get discounts through our carrier for different things like non-smokers credit and a credit because we use them for our car as well. Countrywide does this every year and every year our agent has to fix it. Last year it happened twice once saying we didn't have any coverage and another because we didn't have enough (again we did) I think they do this because if they pick an insurance for you they must get some referral bonus or something.

The companies they pick are also a lot more expensive by about $300-$400.
     
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Anonymous on 2007-09-25:
You can bet CW owns part of the insurance company or gets a huge fee for switching the contract.
Anonymous on 2007-09-25:
You are required to prove that you have insurance. If they asked either you or your insurance company for proof of insurance, and they didn't get it, they will get it for you and add it to your mortgage. They will always protect their own interest. All you should have to do is submit proof that you are, and have been insured for the required amount. I believe you will be able to get your premiums back for the new insurance.
Anonymous on 2007-09-25:
I've posted this reply to another person's message, but I'll ask you, too...do you have Court TV at home? On this coming Saturday, September 29th there is a documentary airing called "Justice for All | Accessing the Promise"

You've GOT to watch this documentary. The president of the United States Chamber of Commerce, the president of the National Black Chamber of Commerce, and many Attorneys General (among others) will be featured on this documentary talking about how so many people have a story like yours about how they were treated unfairly, etc.

They'll be talking about a SOLUTION for people/consumers who have been treated unfairly, over-charged, gotten the short end of the stick on a signed contract, denied a refund, etc.

I have the official press release if you want me to e-mail it to you. I'm at a22455@gmail.com

Sorry about your situation.
squeekie on 2007-09-25:
No they had it because I had checked when we renewed our policy to make sure everything matched what countrywide had, and it did. my agent sent them everything again. But it will happen again within the next 6 months, it always does.
GothicSmurf on 2007-09-25:
This is a very common thing with mortgage companies. There are a lot of subsidiaries (spelling?) within the mortgage company and a lot of times, things get shuffled around.

My suggestion is that you call your agent and have them mail you an extra couple of Declarations pages showing the Mortgage Company listed on it. Once every six months, beat them to the punch and send out a copy of your insurance to them.

It shouldn't be a big deal for the insurance company to issue those. I used to print those out like it was my job, er, going out of style.

Good luck. And it's not just you or Countrywide, it's most home mortgage companies that end up losing insurance information.
squeekie on 2007-09-26:
Thanks smurf. It is just so annoying. It will be no problem to get what we need. My hubby has known him for years and has used him for insurance since he got his first car.
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BANK RIPPED ME OFF
Posted by on
SIMI VALLEY, CALIFORNIA -- THE WORST BANK EVER TO DEAL WITH.VERY UNPROFESSIONAL AND THEY JUST WANT TO TAKE YOUR MONEY .TERRIBLE PEOPLE IN THIS BANK.
     
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tnchuck100 on 2007-04-26:
To be of any real value you must provide more details. It's like me stating "TRANSAM4002 IS A BAD PERSON" and expecting people to simply take it a face value.
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