Posted by SCARY!!!!!!! on 5/12/05 12:30pm
Msg #37337

jUST FOUND THIS ON THE NET!!!!!!!

http://www.ripoffreport.com/reports/ripoff23309.htm

Reply by PeterL_CA on 5/12/05 12:46pm
Msg #37343

It's not that surprising. The only time I ever had a client refuse to sign loan docs was a signing for this lender. The client claimed that the numbers on the GFE were totally different from what he'd been told by the agent, and he was netting nearly $60,000 less out of the deal, for a 50% higher monthly payment.

Reply by Anonymous on 5/12/05 12:54pm
Msg #37345

yikes, almost makes me want to go refinance so we don't have to have Countrywide anymore (at this point I have no issues with them, we pay our mortgage on time every time). The kicker is that the mortgage would probably end up being brokered to them like when we first refi'd.

Reply by Susan Axelrod on 5/12/05 1:34pm
Msg #37350

Have you had a bad experience with Countrywide?

Reply by Anonymous on 5/12/05 2:09pm
Msg #37356

No and I do not plan on it either. I make my payments like clockwork, and will continue to do so. Unlike my sister-in-law who had a couple of lates and gripes about the fact that they started calling her to ask if and when they were going to recieve payments before they were late. Though we all know that had the payments been on time there would be no issue.

This just makes me think about the fact that the way loans are brokered out you really have no control on whether or not it goes to a company you would have done business with in the first place.

Reply by Fran on 5/12/05 4:19pm
Msg #37376

Have all of you seen this one?

www.countrywidehomeloansucks.com

This will really get you thinking.

Reply by PeterL_CA on 5/12/05 6:16pm
Msg #37391

Re: Have all of you seen this one?

To be fair, any company that gets big enough will end up hiring its share of the the terminally stupid, and as a result encounter its share of complaints, some justified, some not. I forget who the sage was who said it, but it is always wise to remember that we should "never ascribe to conspiracy that which can be adequately explained by simple incomptence."

Reply by Jon on 5/12/05 7:01pm
Msg #37398

Re: Have all of you seen this one?

I can't help myself, spelling police

"never ascribe to conspiracy that which can be adequately explained by simple incomptence."

Maybe incompetence?

Sorry!! Like I said, can't help myself.

Reply by Nancy in Florida on 5/12/05 10:38pm
Msg #37438

Re: Have all of you seen this one?

I know many who work for them, they pay really well but they are nothing more than a mortgage factory and work their employees to death. I had one friend who was paid exceptionally well but was working 15 hour days and had to quit and take less money to save his sanity. It is no wonder mistakes are made, the employees are stressed and overworked and frankly have lost sight of how to do the right thing.

Predatory lending practices are so common place. I had gotten my first home loan through a local bank who then was bought out and sold most of the servicing of their loans to several lenders. I must have gotten one of the worst in predatory lending. The new servicer sent me a coupon book starting in March of that year so February's payment was sent to the old lender, I wasn't instructed to do anything else. When March came around I sent March's payment to the new servicers. Around the middle of March I received the February payment in the mail saying it went to the wrong place. I then forward it to the new servicers at their address. When the Servicer received the March payment they returned that as well because according to them I owed them February and March and the needed both payments at the same time or accept nothing. By the time they send March back they now had February's second payment and was sending that back but I sent out April's already, even though I told them the issue and if they just waited a few days they would have all of their payments, no they now needed certified funds for all three months together or they would start forclosure action. I stopped payment on all checks and sent one certifed check for the full amount of all three months and sent it certified mail, and sent it overnight delivery so I had a tracking number and to be sure it was not "lost in the mail". I finally asked why I wasn't given a coupon for February if they were to receive February's payment and they said they didn't think they'd get the coupon book out on time for February's payment and the original lender was surposed to handle it. I then asked why they didn't set something up for these payments to be forwarded and they said that couldn't be done either. I think it is all very convenience for these lenders to pull these tricks. I was never late and paid my loan in good faith but I then had a 90 day late on my credit, I had that corrected but it took awhile. This was totally a predatory lender and would have loved to forclose on my property. I pay my bills via online banking/bill pay and a year after this situation I sent out my payment the second week of the month and it took them until after the first of the next to post it. They tried again to pull the same trick but luckily I had the bill paying service do a search on 12 months of previous payments to show the time frame it took for them to post my payment from date paid. That worked it was usually 7 days and this time it was 23 days!! Anyway they are gone, I sold that home and purchased another and I am happy with my new lender for now. Sometimes I think I should just rent....

Reply by MI_Notary on 5/12/05 8:14pm
Msg #37408

Both are scary!!!

Both sites are pretty scary!! I really feel for those who have lost their homes because of this company. I am so glad my 1st & 2nd are not through them and hope they never get sold to them or I will be refinancing. We went locally and they only sell 0-25% of their loans. So, hopefully ours will not be one of them!! However, it does make me want to figure out a way to pay more monthly to get them paid off earlier. ;)

Reply by rlogan-ca on 5/12/05 8:40pm
Msg #37413

Re: Both are scary!!!

I went directly to Countrywide for my mortgage and have since refinanced with another

lender. Last year I rec'd a classaction notice against Countrywide for charging customers

for appraisals they had already paid out. Countrywide was offering a credit of $35 on your

next loan. Seems to me the bigger the company, the more they can get away with.