Comments on: Senator Schumer Has Some Serious Questions for Mr. Mozillo

By: Federal Loan Modification » Blog Archive » Lender & Servicer Loss Mitigation 2.0 - The Homeowner is Now in Control

Wed, 14 May 2008 22:08:13 +0000

[...] Senator Schumer Has Some Serious Questions for Mr. Mozillo [...]

By: Federal Loan Modification » Blog Archive » Senator Schumer Has Some Serious Questions for Mr. Mozillo

Wed, 14 May 2008 21:57:35 +0000

[...] Senator Schumer Has Some Serious Questions for Mr. Mozillo [...]

By: Fred Zerkle

Fred Zerkle — Sun, 11 May 2008 23:48:42 +0000

I have another problem that I would like to call to everyone’s attention…I recently applied to CW for consolidation of a first and second. Being retired and with cost of living expenses increasing, I needed to lower my monthly payments by combining them into one loan at a lower overall interest rate. My FICO was in the high 700’s, an excellent credit history, and with an income high enough to qualify…BUT, CW decided I would have to have the property reappraised if I wanted the loan. So, I paid for it in advance, and they contacted a local appraiser. The appraiser performed his duties on the appointed date, and left.
Several weeks later, I was turned down by CW because the appraised value was not high enough to meet their “Loan to Value” requirements.
I was shocked! I requested they provide me with a copy of the appraisal and sure enough, my suspicions were confirmed! The appraiser made several glaring mistakes; he had left out of the value equation, such things as a car port, a 3 year old re-model that added an additional 25% more space to my home. I informed CW about this, and their reply was “they could not talk with the appraiser, but would send an email to him that he had omitted the car-port. Although he made a $10,000 adjustment, without explanation, he did not address the other issues I had raised, i.e., wood floors in the kitchen, covered decks, extensive landscaping, parking for 7 cars and a boat, or 4 cars and an RV (he only stated 2 cars), and various other smaller items..
The issue is; do I sue the appraiser for devaluing my property? Or do I sue CW for not going to bat for me when they had been offered with valid proof of the items he, the appraiser, had ignored. Certainly, I don’t want the same appraiser…anyone who can walk through a carport, and then claim there isn’t one, isn’t much of an appraiser, and…any lender who accepts a bogus report, isn’t much of a lender!

By: JacMac

JacMac — Mon, 14 Jan 2008 22:48:43 +0000

Feels like Enron all over again. You know, executives getting away with murder.

By: Heather

Heather — Mon, 14 Jan 2008 20:44:42 +0000

That is absolutely rediculous! Martha stewart goes to prison for $40,000…and these guys have a few hrs of community service and a 4% fee on the $100,000 they stole?! WOW!

By: ray r

ray r — Mon, 17 Dec 2007 00:32:29 +0000

this total greed on behalf of the men at the top of the food chain. They were all taking a piece of the pie and letting the homeowners of america suffer. As well as the blinded loan officer that didn’t know how the mortgage industry works. Or the banking industry. But ervery body blames the local broker for selling what these big banking instituions present to them. If they really cared about americans they what have stop the greediness with them. But they did’nt did they. On average if a loan was not making at least 8points with countrywide then they would decline it. Managers would not cut into thier commission for homeowner. But sometime loan offciers would. I left Countrywide becuase I could sell the same loan for thousands less. And make a decent cut. Price gouging came from the bankers not brokers. Who do you think paid for all the millions of advertiseing on teaser rates. Just to get the people through the door to steal thier Equity. Even the o point loans the homeowners were still paying with a higher rate unaware becuase banks do not have to disclose YSP. Itmakes me sick when a client wants a opt loan. When banks offer it and they believe it. But the truth of the matter is they pay for it in the long run. They are better off paying points to a broker who values thier buisness and is up front and honest. As the broker needs repeat buisness and refferals to stay in buisness. If a company advertises something for free. ask your self how do they stay in buisness? As we see we are in this crisis becuase greed all the way around. Everybody is to blame even homewoners. And the real estte investors who didn’t want to pay points. Even when they were making $100,000 on a deal they would not want to pay any points.. Waht a joke.

By: vicodin detox

vicodin detox — Mon, 17 Dec 2007 00:20:26 +0000

vicodin detox…

news…

By: Max

Max — Sun, 16 Dec 2007 22:07:04 +0000

Hi – just wanted to say good design and blog .

By: Costly

Costly — Sat, 15 Dec 2007 00:33:23 +0000

Great post and great blog.

By: Commercial Realtor

Commercial Realtor — Tue, 04 Dec 2007 02:05:09 +0000

Hi there great site. Keep up the good work. Hope you are having a good Monday. Any thoughts on my site, http://www.gregorygarver.com