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Countrywide is getting ridicules!

I have a neighbor who is constantly complaining about her mortgage lender-Countrywide. She fell into that group of consumers whose interest rates started to adjust upwards. She contacted Countrywide about a solution to her problem-the problem being not able to afford her mortgage payment anymore. They sent her a new contract stating it will be a fixed interest rate of 9% for the next five yrs. A month and one payment later, she gets another letter stating that her interest rate is going up to 10% because they have to factor in hazard insurance. What a crock! I advised her to call them back and say no! She already has a signed agreement with them for the next 5 years. I would like to get your feedback, your thoughts, your solutions to this situation.

I asked her for her copy of the contract and she stated she sent both notarized copies to them. How dumb was that?

Posted by Angelia Garcia on 05/01/2008 10:21 PM

Comments (5)

5 Comments on Countrywide is getting ridicules!

I'd have her call a Mortgage Broker; they can help. Really, they can. CW is grasping for straws to make sure Angelo is paid

05/01/2008 10:23 PM

by Dave Woodson (Indigo Financial Group Inc.)

What a crazy business strategy! Best of Luck to your neighbor! - Carla

05/01/2008 10:25 PM

by Carla Harbert - RE/MAX Pros (www.LorainCountyHomeSales.com)

Wow - that's another crazy story - no wonder the market has a challenged image sometimes!

05/01/2008 10:28 PM

by Garreth Wilcock: Central East Austin Real Estate (The Pinnacle Group at Keller Williams)

Isn't countrywide in the middle of a sell out to Bank of America? And I thought they were dropping the countrywide name too.

05/01/2008 11:47 PM

by Bo Buchanan-Blue60.com Directory For Real Estate Pro's (Blue60.com)

I would lkie to say that unless this customer refinances their loan, Countrywide has them over a barrel. There are programs out there to help customers get out of a bad loan. It would require a refinance. If this customer has gotten behind on payments since the rate adjusted, FHA may be a great way to go. They have a new product out there just for situations like this called FHA Secure. I will be happy to answer any questions about it.

please check out my website at www.karolcrowleymortgages.com

05/12/2008 07:52 AM

by Karol Crowley (MBNG Mortgage)

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