Don't get a loan with Countrywide!
TV ClubHouse: Archives: Don't get a loan with Countrywide!
Curious1 | Monday, November 11, 2002 - 08:39 pm     I came across this site (hope it's okay to post it here) when searching for a home loan. We recently bought a new home and were surprised to see that it had been sold to countrywide. After checking the company out and talking to people in our area (real estate agents, bankers and other countrywide customers) we are scared of what might happen with our loan. We have a neighbor who has already ran into a problem by dropping a payment at our local office and being told that it was never recieved even though the check was cashed! Please check out this site if you are considering refinancing or buying! www.countrywidehomeloansucks.com |
Wargod | Monday, November 11, 2002 - 08:51 pm     Our home loan has been sold twice in 4 years. The first time we got no notice..we sent our payment to the old company, they cashed it, then we got a late notice from the new company. We fought, called the first company (which was countrywide!) and were told the money would be forwarded to the new company. We called the new company and let them know. Two weeks later we got another late notice from the new company. To avoid penalties, we sent them a check (for the same month!) called countrywide and were told the first check would be forwarded to the new company. 6 months later, the money was finally forwarded...but it was the biggest hassle we've faced! The really sad part was, we'd only owned our home for about 3 months when countrywide sold our loan. |
Jo_5329 | Tuesday, November 12, 2002 - 03:32 am     This just floors me reading these 2 posts. Countrywide had our mortgage on our house in Texas the 6 years we lived there and we had no problems with them at all. In fact, the one time that the US Mule lost our payment, they called us at home and helped us keep our credit straight because the lost payment was no fault of our own. {The damn payment has never shown up at Countrywide and is probably lost in some post office basement somewhere}. Each person has different problems with different companies. Some people have great experiences. A lot of it has to do with the "human" factor at a company too I think. I tell people to never buy a Hyundai ... they are death traps with non-working air bags. Why do I say this? Because my husband and I were struck by an 18 wheeler and the air bags never deployed. Yet, that's a bad experience for us --- and we shudder to see anyone driving these cars. And then again, I drive a Saturn and people tell me they are nothing but lemons, yet I have never had one problem with either one I've owned! Jo |
Conejo | Tuesday, November 12, 2002 - 05:49 am     I've had 2 mortgages with Countrywide and have never had a problem with them. When I bought my second home I specifically went to my local Countrywide office to secure a loan. The gentleman there was super nice and professional. He even came to the closing with some "congratulations on your new home" gifts. I had never had that happen before. Curious1 & Wargod, sorry you guys have had so much trouble with Countrywide - sounds like a nightmare! |
Gail | Tuesday, November 12, 2002 - 06:33 am     My mortgage is with Countrywide and I have had no problems with them. My original mortagage was with another company and they sold the note right after closing and they inturn sold the note to Countrywide about 5 years ago and I have been there ever since. I refinanced last spring to take advantage of the lower interest rates and took out a home equity load at the same time. I love their online service - I can log on and check my balances, etc. |
Julieboo | Tuesday, November 12, 2002 - 06:57 am     Off topic (a bit). Our Saturn had 175,000 miles on it and was running fine (til it got totalled in an accident.) It never had any major problems. And it always looked great too. I think Saturns are great. |
Twinkie | Tuesday, November 12, 2002 - 07:18 am     My mortgage problems are a nightmare. When we bought this house we had x mortgage company. A year later when we sold our old house we paid x mortgage company 10K to be ahead of the game. At the same time, x mortgage company sold our loan to y mortgage company who said they never got the 10k payment. x says they don't have it either. Now y company wants to foreclose on our house because of the 10k "past due" payment. I'm ready to go "postal" on both companies and live in a tree house. |
Max | Tuesday, November 12, 2002 - 09:08 am     Selling loans is a practice many banks/mortgage companies have been doing for years. It really doesn't matter who you do business with, there is always a risk that the loan will be sold. You don't have much control over that. Some places do make a point to say they keep their loans in-house, so I suppose if you ask at the time you take out the loan, you might find one of those. I just wouldn't pin the blame on Countrywide, though. I think the problems you describe could happen with any lender. What a pain in the patootey, though! I've had loans that were sold before and never had the problems you describe. Guess I was lucky. My current mortgage is with Citibank and they haven't sold it -- in fact, they rewrote it last year to lower the interest rate, something that they approached me about instead of me having to ask. |
Wargod | Tuesday, November 12, 2002 - 09:13 am     Hehe, I had one problem with my home improvement loan that was due to the post office. I sent my payment through the mail...two days later we heard on the local news that a mail truck from here had had an accident and caught on fire. What mail on board that wasn't burned, was ruined in the water the fire department used. I knew my payment had called out...so I called the Home Improvement place and told them...I also ended with, "I know you get some wild excuses, and I'm not sure if my payment was on that truck, but I wanted to let you know and ask that you inform me if my payment doesn't show up." I knew the guy didn't believe me. Well about a week later, I called them back to find that the payment hadn't been recieved, and they were getting a bit upset. I called the post office and told them the problem, and they sent out a letter from the post office general? master? explaining the problem. We went ahead and sent another check, and spent the $50 bucks to cancel the first one. About six months later I recieved a letter from the home improvemet company, informing me that they had recieved that payment...burnt and water damaged. I admit I had a good laugh over that one. The funny thing is...we've never had a problem paying the bills except for the times that I knew we'd be late on the payments(times that were unexpected, medical emergency, I was off work for two weeks and didn't get paid, my step dad pasing away), I called them and let them know so there wouldn't be a problem. But, somehow these wierd things happen to me, LOL. Counrywide was great for us when we bought the house. They walked us through the entire process, the agent came to our apartment for us to sign some papers, and when we had to go to their office to sign the closing papers, their receptionist played with our son and kept him entertained while we were busy. The only problem we had was when they sold the loan and didn't let us know, and then when they didn't forward the payment. When we called them, they did inform us that they had 6 months to inform us that the loan had been sold. |
Curious1 | Thursday, November 14, 2002 - 02:22 pm     I realize that problems like mine can happen with any company - maybe I shouldn't be so rushed to judge Countrywide. However - They do seem to have alot of people who are experiencing the same problems (misplaced payments or selling your loan and not telling you until you are behind in payments with the new company) For instance, I just found out from another relative of mine who had Countrywide that they did the "sold your mortgage to someone else and sorry we didn't notify you earlier" routine. The problem they had was that they had made their mortgage payment of $1250 for two months in a row to Countrywide when it actually should have been paid to the new company. It took Countrywide 6 months to pass their payments onto the new company and in the mean time they had to come up with $2500 they didn't have just laying around or face foreclosure. It was a very scary time for them. Countrywide had already cashed both $1250.00 checks and they just didn't have two extra months worth of payments laying around. Lucky family stepped in to help, but how scary. Sorry if I am passing judgement on a company who may have worked out for others in the past BUT I am just scared as I am already experiencing problems and I have never ran into this with the other mortgage companies I've had. Not to mention it is just that loss of control you feel when your mortgage is sold to a company that you never really intended to sign on with. thanks for letting me vent! |
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