Comments on: Another Example of the Deplorable Conditions at Countrywide Home Loans

By: Todd Summers

Todd Summers — Sun, 20 Dec 2009 03:19:56 +0000

Bank of America, Countrywide its all a joke. Their word is no good and the handshake is gone. Taking our money and not help anyone in need. Anymore you have to hire an attorney to get anything done.

By: Marc

Marc — Thu, 30 Apr 2009 23:46:13 +0000

My wife and I are basically in the same boat. I cannot believe a company lik Countrywide is still in business. They are just horrible. So my wife was out of work from October of 2008. She lost her job due to a layoff. Anyway, we were already behind on our mortgage which was $4,500 interest only loan at 6.25% interest, which we have been paying for about 3.5 years already. Our salaries could no longer sustain such a huge mortgage. When we called Countrywide to get a loan modification, we were first told that it would take 30-60 days for this to be done. We did not receive any papers from them until the end of February of 2009. When we looked the paper over, they basically added all the months we did not pay back into the mortgage and kept our loan at the same 6.25% rate and still as an interest only mortgage. When we called to get an explanation about this, we were told that they would be unable to do another deal since we have not been paying our mortgate for a few months now. What the hell kind of modification is that? We are paying more now that we had before. I don’t know how on earth they figure we could pay more since we could not pay the previous amount! Countrywide sucks (pardon my French). I am sure they got a lot of money from the govenment, yet they are unwilling to extend that same blessing to us customers. I hope they get sued so badly that they go under!

Frustrated in NY

By: Karen

Karen — Tue, 21 Apr 2009 01:31:22 +0000

Hi,

Here’s my Countrywide situation…I have a 1st and 2nd mortgage with them at 5.857% and 10.875% respectively. I have been tring for months to renogotiate lowering the finance charge on the 2nd due to having been laid off from my government contracting job.

They initially recommended that I apply with their “HOPE” department, which I did only to be told that there was nothing they could do for me (No HOPE Here). I then received papers from Countrywide “generously” reducing my loan from 10.875% to 9.875%, BUT they tacked on fees and extra money bringing the amount owed to over $4000 more than the original loan, and making the payment higher than the original. Needless to say I did not sign or send back the papers as it was ridiculos.

My 1st loan is current, but my 2nd is 2 months behind at this point. I have no idea what to do as the value of my home is far less than either mortgage and there is no way I can sell. I explained this to Countrywide and was to “do a short sale or face foreclosure.”

I want to stay in my home; however, Countrywide is making it more and more difficult. They continually send someone out to check to see if I’m still in the home, and then add the fees to my account. I’ve assured them that I can’t leave as I’ve nowhere else to go. They’ve blocked my account on their site so that I can’t make any payments. I started sending money via CheckFree and now they’ve blocked that as well. I called Countrywide to complain about this not being able to pay only to be told that I can pay via the phone for a $12 fee!

I can certainly understand Dave’s frustration as I’m in the boat with him.

By: Steven in Mesa Az.

Steven in Mesa Az. — Sun, 19 Apr 2009 22:08:04 +0000

I’m in the same boat as you Dave and know just how you fill .
I guess The Bank Of America isn’t going to help us either . And I’m upside down in my house and I’d like to know what they think is my incentive to stay in my home and gamble with my retierement money coming back even if the market ever comes back to where I’m going to make a profit .Steven