Do NOT use Countrywide... VENT!

Discussion in 'Teacher Time Out' started by LoVe 2 TcH, Aug 12, 2008.

  1. LoVe 2 TcH

    LoVe 2 TcH Companion

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    Aug 12, 2008

    Buyer Beware!

    I just need to vent.... We have been on a roller coaster ride with Countrywide, trying to get a home loan.

    It started with the Loan Specialst, who approved us for one amount and 3 weeks later dropped it over $175 K. This process, if it is not stressing enough, has been INSANE. She did not get paperwork in on time, and we were supposed to close escrow last week and still have not gotten the keys because she still has not transfered the funds. Several different people keep calling and telling us there is more paperwork to sign and it is going to get postponed, again. This has happened 4 times already.

    We are still waiting to get the keys, that we were supposed to get last Thursday...

    I am very annoyed with this company, and just wanted to let you all know, that they are very unproffessional.

    Buyer Beware!
     
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  3. wldywall

    wldywall Connoisseur

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    Aug 12, 2008

    Hey good news, they are notorious for selling their loans, so you will end up with a new mortage company in a few months!

    They are our fifth one, in three years. Those boneheads told us our escrow account would be short like $200 and then raised our monthly payments, problem is it was based on our old insurance premium not a new one (half the price twice the coverage) and they won't change it! I thought when you got a mortage payment on a 30 yr fixed they couldn't change it on you, but they can. Right now we don't know what we owe from month to month! GRRRRR

    I hope they sell it again soon!
     
  4. peggy27

    peggy27 Cohort

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    Aug 12, 2008

    I refinanced with Countywide about 6 years ago and have never had a problem. We got a great rate! My payment is different every year because our property taxes and our insurance rates keep changing because of increased value. Our loan has never been sold. Sorry you 2 have problems.
     
  5. each1teach1

    each1teach1 Cohort

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    Aug 12, 2008

    I thought country wide (the company) got absorbed by another company after tanking in this year's great subprime loan scandal?
     
  6. TeacherNY

    TeacherNY Maven

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    We have our mortgage at countrywide. It has been about 3 years and and we got a good rate. We knew someone who worked there so he's keeping us in the loop about stuff. The real problem we have with them is that they discontinued being able to borrow from the equity in our home. We had a credit line of 30k and now we have nothing. We have been paying ON TIME and over the payment minimum for 3 years. They still had the nerve to do this to us. Mainly it's because the tons of people who have forclosed on their house and can't pay their mortgages. The people who pay their bills have to suffer now. We can no longer complete any house projects because we were supposed to use that money. I can't wait to refinance and get rid of them once and for all!!!
     
  7. Erin Elizabeth

    Erin Elizabeth Groupie

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    Aug 12, 2008

    I have a Countrywide loan, and so far I've only had 1 slight annoyance that was quickly resolved. Wldywall, seems like we had the same problem! There was an overage in our escrow account, they sent us a check, the check was too much and so created a shortage in the escrow account, which made our payments go up a couple hundred. They straightened it out with no problem.

    Countrywide was recently bought out by Bank of America, but it takes a while for big companies to transfer. I think it won't be official until 2009.

    I bought new, and the developer was partnered with Countrywide, so I had to go through them in order to get all the incentives and upgrades that I wanted. But I did get a good rate. My husband and I both have excellent credit.
     
  8. cmorris

    cmorris Comrade

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    Aug 12, 2008

    My sister had the exact same problem with Chase. I don't know why they can't get it right.
     
  9. glen

    glen Companion

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    Aug 13, 2008

    Our mortgage company did the same thing. We had a line established, but never used it. The company sent a letter a couple of months ago saying they were closing the line because home values had decreased, in turn effecting the equity. If needed, a phone call to the company will reopen the line (again, according to the letter). Like I said, we never used it, but it did offer peice of mind to have access to the line if an emergency arose.
     
  10. LoVe 2 TcH

    LoVe 2 TcH Companion

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    Aug 13, 2008


    I went with them because in CA they are the only ones who offer a great teacher program. We did get a good rate, adn its fixed for the life of the loan. That's the good part, but the whole process has seriously been a nightmare. It is now Wed night and we still have no kieys, because they will not have the title change recorded until sometime late tomorrow.

    My frustration has been their unproffessionalism and their untimeliness in the way everything was done.

    No offense, but I am kind of glad that I am not the only one who has had problems with them. Everyone has said nothing but good things about Countrywide, and I was very disappointed by them.
     

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