Comments on: Countrywide Sued Over ‘Excessive’ Fees on Defaults http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/ Loan Modification & Home Loan News Fri, 12 Mar 2010 02:03:55 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Claudia http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-17444 Claudia Wed, 14 Oct 2009 18:00:49 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-17444 My current 1st mtg. loan is with Wachovia and we have been trying to get a loan modification set up since Feb 2009, but each month Wachovia reps said that it's not yet set up but will be soon and they would contact us when it's done. I just called them again today, and was told that it's still not set up, and they have no clue when or if it would ever be set up. I just recently got laid off and being a family of 4, where my husband is the only income earner, is extremely difficult. I am starting to think that Wachovia has absolutely NO intention of getting with the loan modification program, especially since we locked in at 7% in 2007. I tried refinancing for the past 2 years now, using lenders/brokers, and they all came back with one answer: "No" since the DTI is too high and LTV is to low. We are really struggling and hurting financially, to the point where I have to put back food items at the store (fruit/vegies) b/c it's not a neccessity, but rather a luxury and I turn off the heat in the house for the entire day and switch back on for the kids at night time, since our house runs on oil heat I have been actively looking for a job since I was laid off (sept 09) and have not been successful. I really need some help with Wachovia since the payments are really crippling us and would make a huge difference btwn 7% or 5.5% payments. Any suggestions or ideas would be greatly appreciated. My current 1st mtg. loan is with Wachovia and we have been trying to get a loan modification set up since Feb 2009, but each month Wachovia reps said that it’s not yet set up but will be soon and they would contact us when it’s done. I just called them again today, and was told that it’s still not set up, and they have no clue when or if it would ever be set up. I just recently got laid off and being a family of 4, where my husband is the only income earner, is extremely difficult. I am starting to think that Wachovia has absolutely NO intention of getting with the loan modification program, especially since we locked in at 7% in 2007. I tried refinancing for the past 2 years now, using lenders/brokers, and they all came back with one answer: “No” since the DTI is too high and LTV is to low. We are really struggling and hurting financially, to the point where I have to put back food items at the store (fruit/vegies) b/c it’s not a neccessity, but rather a luxury and I turn off the heat in the house for the entire day and switch back on for the kids at night time, since our house runs on oil heat I have been actively looking for a job since I was laid off (sept 09) and have not been successful. I really need some help with Wachovia since the payments are really crippling us and would make a huge difference btwn 7% or 5.5% payments. Any suggestions or ideas would be greatly appreciated.

]]> By: tom ferge http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-14378 tom ferge Tue, 28 Apr 2009 12:57:38 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-14378 PLEASE DEAR GOD SOMEBODY HELP US, Countrywide mortgage is destroying our lives, I was not one of those idiots who signed up for one of those ridicules balloon type loans or even am arm loan, No sir I just borrowed money against my house that was paid for ! to buy an investment home to fix up and sell. I almost lost both houses because of the high interest payments.. Anyway I sold the house in less that a year and loss my ass just get out from underneath it, because I was almost three months behind on payments and they were not willing to work with us in any shape or form so they started for closure proceedings during the sale of the house,, we closed on the house sent the check to what we thought was the pay off .. and then after closing they made us take out another restructuring loan to pay for the foreclosure proceedings and the three months we were behind.. It was a killer $16,000 oh my God dollars we have been paying these crooks for three years now, they are raising our APR to 12% because its an ARM. and when we found cheaper financing to pay them off they now want and additional $almost $3,000 dollars this is crazy .we where only three months behind and now we are forced into paying an extra $20,000 some thousand dollars on my house that was originally paid for.. DEAR GOD SOMEBODY PLEASE HELP US. Tom Ferge , PLEASE DEAR GOD SOMEBODY HELP US,

Countrywide mortgage is destroying our lives, I was not one of those idiots who signed up for one of those ridicules balloon type loans or even am arm loan, No sir I just borrowed money against my house that was paid for ! to buy an investment home to fix up and sell. I almost lost both houses because of the high interest payments.. Anyway I sold the house in less that a year and loss my ass just get out from underneath it, because I was almost three months behind on payments and they were not willing to work with us in any shape or form so they started for closure proceedings during the sale of the house,, we closed on the house sent the check to what we thought was the pay off .. and then after closing they made us take out another restructuring loan to pay for the foreclosure proceedings and the three months we were behind.. It was a killer $16,000 oh my God dollars we have been paying these crooks for three years now, they are raising our APR to 12% because its an ARM. and when we found cheaper financing to pay them off they now want and additional $almost $3,000 dollars this is crazy .we where only three months behind and now we are forced into paying an extra $20,000 some thousand dollars on my house that was originally paid for.. DEAR GOD SOMEBODY PLEASE HELP US. Tom Ferge ,

]]> By: Linda Wissel http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-10369 Linda Wissel Sat, 14 Jun 2008 06:06:44 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-10369 We have lived as hostages to Countrywide for the last 2 plus years. Our nightmare began when my partner became seriously ill, we would make a payment when the next payment was due. Countrywide contacted us and said our escrow had gotten behind we owed 3K. We sent 3K, then they said there was interest and penalties our payment would be $2,500 for 4 months (we owed about 109,00 on our house). Countrywide would only accept wired payment so we sent payment according to "work out", the 4th payment we sent half early and half when payment was due. TWO WEEKS LATER we received a notice from Western Union saying we had unclaimed funds. We called Countrywide, they denied that they would ever refuse a partial payment but deemed us late, said we defaulted on our "work out" and now our payment was going to be $1,800 for a year. We were struggling along, my partner's progressing illness and two failed operation to locate a tumor. When we requested an account history from Countrywide we discovered that they were holding anywhere from $211 to $1,800 out of our monthly payment in what they call a "suspense account", marked us late, piled on fees, interest and penalties, and marked our credit. One month we just could not meet the mortgage so we called, there is one elusive individual they assign our case to whom you can never reach, you are told not to send money that this person will contact you with the amount your payment will be. They always wait until after your payment is due to contact you, putting you in default once more. Our payment went up to $2,200 a month. We now, even after sending on average $18,000 a year, owe more on our house than we did when we began with Countrywide and are still not in the clear. In November 07 I was leaving for work and noticed a red tag hanging on our door knob. It said that a court ordered appraisal had been performed on our house and it was going to be sold at a Sheriff's Auction on Dec. 20. We could not get ahold of our person at Countrywide for FIVE days, I lived in terror. When we finally did reach her she said "Oh, that should have never happened, we have $1,800 in your suspense account". It is crazy and we had decided to walk away from this nightmare, we are in the process of moving out and will drop our keys off at the Countrywide office by the end of the month. THey have succeeded in striping all equity out of our house, made payments impossible, we have no choice. Someone wrote that they tried to refinanace, we did to. Last summer we were approved for a loan, had our house appraised etc, all we needed was the pay off from Countrywide. They dragged their feet, saying they put it in the mail but if we needed it sooner it was $30 to fax. As our payment date neared we drove to Countrywide and picked up our payoff amount. They tacked on a huge early payment penalty that put us over the amount we were approved for. Once again we were in Countrywide's clutches. It is too late to save my home, a home that I've restored and owned for over 10 years. It took Countrywide two years to destroy the equity we built up. Never in the previous 8 years of owning this home had we had any problems with lenders. I hope that one day soon the truth comes out about this company and someone pays. Right now I'm grateful that I am getting out of the situation. We have lived as hostages to Countrywide for the last 2 plus years. Our nightmare began when my partner became seriously ill, we would make a payment when the next payment was due. Countrywide contacted us and said our escrow had gotten behind we owed 3K. We sent 3K, then they said there was interest and penalties our payment would be $2,500 for 4 months (we owed about 109,00 on our house). Countrywide would only accept wired payment so we sent payment according to “work out”, the 4th payment we sent half early and half when payment was due. TWO WEEKS LATER we received a notice from Western Union saying we had unclaimed funds. We called Countrywide, they denied that they would ever refuse a partial payment but deemed us late, said we defaulted on our “work out” and now our payment was going to be $1,800 for a year. We were struggling along, my partner’s progressing illness and two failed operation to locate a tumor. When we requested an account history from Countrywide we discovered that they were holding anywhere from $211 to $1,800 out of our monthly payment in what they call a “suspense account”, marked us late, piled on fees, interest and penalties, and marked our credit. One month we just could not meet the mortgage so we called, there is one elusive individual they assign our case to whom you can never reach, you are told not to send money that this person will contact you with the amount your payment will be. They always wait until after your payment is due to contact you, putting you in default once more. Our payment went up to $2,200 a month. We now, even after sending on average $18,000 a year, owe more on our house than we did when we began with Countrywide and are still not in the clear.

In November 07 I was leaving for work and noticed a red tag hanging on our door knob. It said that a court ordered appraisal had been performed on our house and it was going to be sold at a Sheriff’s Auction on Dec. 20. We could not get ahold of our person at Countrywide for FIVE days, I lived in terror. When we finally did reach her she said “Oh, that should have never happened, we have $1,800 in your suspense account”.

It is crazy and we had decided to walk away from this nightmare, we are in the process of moving out and will drop our keys off at the Countrywide office by the end of the month. THey have succeeded in striping all equity out of our house, made payments impossible, we have no choice.

Someone wrote that they tried to refinanace, we did to. Last summer we were approved for a loan, had our house appraised etc, all we needed was the pay off from Countrywide. They dragged their feet, saying they put it in the mail but if we needed it sooner it was $30 to fax. As our payment date neared we drove to Countrywide and picked up our payoff amount. They tacked on a huge early payment penalty that put us over the amount we were approved for. Once again we were in Countrywide’s clutches.

It is too late to save my home, a home that I’ve restored and owned for over 10 years. It took Countrywide two years to destroy the equity we built up. Never in the previous 8 years of owning this home had we had any problems with lenders. I hope that one day soon the truth comes out about this company and someone pays. Right now I’m grateful that I am getting out of the situation.

]]> By: BARBARA SCHMITT http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-10368 BARBARA SCHMITT Sun, 11 May 2008 15:50:14 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-10368 WE TOO HAVE BEEN RIPPED OFF BY COUNTRYWIDE BUT BECAUSE THEY TRIED TO FORECLOSE ON US WE CANNOT REFINANCE WITH ANOTHER COMPANY PLEASE HELP (THEY HELD CHECKS THAT WRER SENT CERTIFIED AND SENT SOME BACK TO US SAYING THEY COULDNT ACCEPT THEM) THEY DID THIS FOR A COUPLE OF MONTHS AND ON XMAS EVE WE WERE SERVED FORCLOSURE PAPERS AT HOME BY COURRIER WE CASHED IN MY HUSBANDS 401K TO GIVE THEM THE LARGE AMOUNT OF MONEY JUST SO WE COULD KEEP OUR HOME. WE TOO HAVE BEEN RIPPED OFF BY COUNTRYWIDE BUT BECAUSE THEY TRIED TO FORECLOSE ON US WE CANNOT REFINANCE WITH ANOTHER COMPANY PLEASE HELP (THEY HELD CHECKS THAT WRER SENT CERTIFIED AND SENT SOME BACK TO US SAYING THEY COULDNT ACCEPT THEM) THEY DID THIS FOR A COUPLE OF MONTHS AND ON XMAS EVE WE WERE SERVED FORCLOSURE PAPERS AT HOME BY COURRIER WE CASHED IN MY HUSBANDS 401K TO GIVE THEM THE LARGE AMOUNT OF MONEY JUST SO WE COULD KEEP OUR HOME.

]]> By: Tamara Stender http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-10367 Tamara Stender Sun, 06 Apr 2008 01:36:16 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-10367 My Husband purchased this home approx 5 years ago. For $145000.00 Now he had gotten a divorce, and to pay his x-wife some of the equity. The country wide appraiser came in said the property was worth a little over 200,000.00 he did want that much out, he just want to pay her off. They ended up raising his loan amount to 180,000.00 which is way over 100% of the loan value. NOW we are trying to sell a house, this appraiser told us we had a 200,000.00 home. And the real price is really only worth 149,000.00. How can a mortgage company loan way over 100% of loan value. This is really wrong and we need help. Sincerly, William and Tamara Stender Bay City Michgan My Husband purchased this home approx 5 years ago. For $145000.00 Now he had gotten a divorce, and to pay his x-wife some of the equity. The country wide appraiser came in said the property was worth a little over 200,000.00 he did want that much out, he just want to pay her off. They ended up raising his loan amount to 180,000.00 which is way over 100% of the loan value. NOW we are trying to sell a house, this appraiser told us we had a 200,000.00 home. And the real price is really only worth 149,000.00. How can a mortgage company loan way over 100% of loan value. This is really wrong and we need help.

Sincerly,

William and Tamara Stender
Bay City Michgan

]]> By: Ronnda http://loanworkout.org/2008/02/countrywide-sued-over-excessive-fees-on-defaults/#comment-10366 Ronnda Wed, 12 Mar 2008 22:30:04 +0000 http://loanworkout.org/2008/02/28/countrywide-sued-over-excessive-fees-on-defaults/#comment-10366 I'm looking to see how to talk to some one about our countrywide mortgage. We were told by another company to find out how to get get information because we are locked in and can't get out because of a pentalty if we refinance our mortgage. I’m looking to see how to talk to some one about our countrywide mortgage. We were told by another company to find out how to get get information because we are locked in and can’t get out because of a pentalty if we refinance our mortgage.

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