Complain about a product or service

Countrywide Mortgage

Rick of Fenton MI (09/23/08)
My complaint against Countrywide is that when the mortgage was made on my home I was led to believe that it was for 10 acres and one home. I own 39 acres and two homes. Now that my mortgage is in arrears, they tell me that the loan was on the entire 39 acres and both homes. I have offered Deed in Lieu twice now. The first time it was declined stating that I had not enough time before the sale date. The impending sale date was postponed pending the second Deed In Lieu proposal. We were told that a caseworker would be assigned to me and that they were awaiting an answer from Fannie Mae on the Deed in Lieu.

The second proposal was offered on Sept. 8th,2008. On Sept. 11th a Countrywide representative phoned me an informed me that there was another sale date of Oct. 8th, 2008 even though the case is still pending. My complaint with them is two-fold. First we cannot comprehend why another sale date has been set when it is Countrywide that we are waiting on to resolve the Deed in Lieu proposal.

Secondly, we feel that we were misled at the time of the mortgage by being told that they would only give us a loan on one 10 acre parcel and one house. The entire property has been up for sale for a year. It is split into parcels that total, in today's market, over 600,000 dollars. We are failing to see how they can claim that the entire 39 acres and both homes only equal the value of the loan, which was for approx. 150,000.

We recently received a letter from Countrywide's Legal office in response to OFIR on our behalf. It stated that According to our records, the original appraisal was done on 39 acres of land. On page 7 of the appraisal, the appraiser specifically states that his appraisal was on a 39 acre parcel. However, because the appraiser could not find a comparable property with that much acreage, the value was based on a hypothetical 10 acre track. I was specifically told at the time of the loan, that the loan was only for 10 acres and one house. They told me that they were not interested in the entire property.

Now they are telling me that the loan was for the entire 39 acres and both homes and that it's value is only worth the 150,000 of the mortgage. I'm still failing to see how this can be a fair deal. I feel that I was misled at the time of sale and only now that they are threatening foreclosure did all this come to light. I have been in contact with them on a weekly basis trying to resolve this issue by offering them Deed in Lieu for the amount of the loan. I have been repeatedly given a different story each time I have spoken with them.

I am not trying to escape paying my debt. I only wish to give them what is rightfully owed to them and keep some sort of beginning for myself and my family. I have contacted everyone possible to resolve this matter.
I am going to lose both homes and a total of 39 acres for a 150,000 mortgage.

Chona of Orlando, FL September 23, 2008

Chona of Orlando FL (09/23/08)
After several attempts to seek assistance form Countrywide to avoid foreclosure, this company failed to modify my loan with a lower mortgage payment even after proving my hardship situation. I have qualifying events such as divorce and job loss and Countrywide said they will work out an affordable monthly mortgage for me. Instead on 09/18/08, Lisa who was calling on behalf of Carla, both Workout Negotiators from the Home Retention Division of Countrywide, informed me that the best solution they can give me is a 2400 monthly mortgage! That's not helping me at all considering this amount is twice my original mortgage of 1200, and they want me to start paying within the next 2 weeks!

Ms. Lisa said if I cannot afford it then they will close the file and proceed with foreclosing my house! This company, Countrywide, is a Hope Alliance member of HUD and FHA, yet they cannot provide assistance to their own customers. They should not be trusted by the US government to help homeowners because they refuse to do so as evidenced by the hundreds of complaints I've heard with this company! This company is selfish and care less about satisfying their customers' needs.

President Bush signed several laws to assist homeowners but after asking Countrywide about these programs, they said they don't forgive loans no matter what the appraised value is. There are federal policies in place and this company ignores to follow. With the housing crisis in America, I would like the President to please require ALL mortgage lenders to refinance affected mortgage BASED ON CURRENT market APPRAISED values and not on their original principal or mortgage balance. This will save homeowners, finance empires, and the US economy as well. Thank you and God bless America.

Due to the foreclosure threat, I was so scared I had to flee my home to find other shelter because I have seen other homeowners come home to find all their personal belongings out in the gutter & shut out of their house. Also, I had to find other arrangements for my elderly mother, and I had to quit my jobs before I get fired because I had difficulty focusing at work due to mental stress dealing with Countrywide. I was out of work for 3 months, all my savings depleted, and was denied unemployment compensation!

Chona of Orlando, FL September 23, 2008

Chona of Orlando FL (09/23/08)
After several attempts to seek assistance form Countrywide to avoid foreclosure, this company failed to modify my loan with a lower mortgage payment even after proving my hardship situation. I have qualifying events such as divorce and job loss and Countrywide said they will work out an affordable monthly mortgage for me. Instead on 09/18/08, Lisa who was calling on behalf of Carla, both Workout Negotiators from the Home Retention Division of Countrywide, informed me that the best solution they can give me is a 2400 monthly mortgage! That's not helping me at all considering this amount is twice my original mortgage of 1200, and they want me to start paying within the next 2 weeks! Ms. Lisa said if I cannot afford it then they will close the file and proceed with foreclosing my house! YOu call that a resolution?

 This company, Countrywide, is a Hope Alliance member of HUD and FHA, yet they cannot provide assistance to their own customers. They should not be trusted by the US government to help homeowners because they refuse to do so as evidenced by the hundreds of complaints I've heard with this company! This company is selfish and care less about satisfying their customers' needs. There are federal policies in place and this company ignores to follow. With the housing crisis in America, I would like the President to please require ALL mortgage lenders to refinance affected mortgage BASED ON CURRENT market APPRAISED values and not on their original principal or mortgage balance. This will save homeowners, finance empires, and the US economy as well. Thank you and God bless America.

Due to the foreclosure threat, I was so scared I had to flee my home to find other shelter because I have seen other homeowners come home to find all their personal belongings out in the gutter & shut out of their house. Also, I had to find other arrangements for my elderly mother, and I had to quit my jobs before I get fired because I had difficulty focusing at work due to mental stress dealing with Countrywide. I was out of work for 3 months, all my savings depleted, and was denied unemployment compensation!

Sherlene of Roseville, MI September 23, 2008

Sherlene of Roseville MI (09/23/08)
I think that we should get some sort of compensation for this aggrevagtion, heartache, expense, and extra work. I know that I have tried very hard to establish good credit for myself, and to have my mortgage company just give it away...then tells me what precautionary measured i may take to do to protect myself. Well, I take my precautions ,what about them.

Al of Fresno, CA September 22, 2008

Al of Fresno CA (09/22/08)
On 9/22/08 I received a letter dated 9/6/08 from Countrywide Mortgage Co. informing me that a former employee of theirs had sold my personal and private information incl. my name, SS#, address, loan number, etc to an unauthorized third party. I'm deeply concerned as I have excellent credit. A breach such as this could cause financial ruin for me if my personal information is used by others. At the very least my credit could be ruined for years to come. This is totally unacceptable and their offer of free credit reports for 2 years is a slap in the face; meant to placate customers in the hope that they won't seek legal remedies.

To add insult to injury they included a brochure as they call it with Precautionary Measures to protect my credit! Another sickening slap in the face.

Bernadette of Lake Forest, CA September 21, 2008

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