Question to Moe from a reader and Countrywide borrower, Melena
Several years ago when I worked for a local builder, Countrywide was one of our preferred lenders. They seemed to have a strong customer service base but is apparent that has changed. Why? Did they grow too fast? New management perhaps? Why don’t they seem to care about servicing their customers? Have they forgotten that if it weren’t for our business they wouldn’t be in business. Just wondering is all…
Moe’s Response
” They are and were the biggest lenders, plus they sold a tremendous amount of toxic loans and ARM’s that are now adjusting. Couple this with the fact that they have laid off thousands and DO NOT have the “proper” amount of staff to handle the struggling borrowers and you have thousands of people who are bottle necked in the clogged arteries of Countrywide.
In the mortgage business, you are a customer until you cannot refinance again and you stop paying your mortgage. Now you are a “collection account” and a third wheel with no equity.
Don’t forget Melena, this is business and the people who run these companies are “shrewd” business people who got where they are by making “shrewd” business decisions based on dollars, not feelings.
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No Responses
I wonder if these will be the same lawyers that sit next to the homeowners at the closing table to make sure they understand the mortgage documents that they’re signing?
Posted on February 20th, 2008 at 2:39 pm
“I wonder if these will be the same lawyers that sit next to the homeowners at the closing table to make sure they understand the mortgage documents that they\’e2\’80\’99re signing?”~ Nick
Those types won’t do nothing for free.
Posted on February 20th, 2008 at 7:06 pm
I would have to agree with on that one. They are always looking for a way to make some money.
Posted on February 21st, 2008 at 12:00 pm
So the blame for real estate melt down is because consumers could not read their paperwork?
Most of the mortgage brokers/lenders in this country are really good people who want to help people. The small percentage who are all about money do ruin it for us. But the consumer has as much fault in all this as anyone.
If you don’t believe it, check out some scenarios I guarantee you have occurred in the past few years:
1- Consumer calls ethical mortgage broker and says he makes $50k per year, and wants a $400k home loan. Ethical broker says he doesn’t debt ratio, consumer asks about no doc or stated income loans that they heard about. Ethical broker says I can not do those loans for you because I already know your income. Consumer hangs up and calls next broker and says I want to do a no doc loan because I make a lot of money I don’t claim, can you do my 400k loan? Sure they can…6 months later he can’t afford the payments and defaults…who’s fault is this? Obviously the lender, right?
2- I can’t tell you how many clients I tell to wait 6 months to clean their credit up and get a GOOD home loan, then when I call them back in a few months to touch base they DID a loan SUBPRIME at terrible terms…why did they do this?!!? They wanted cash out or some other dumb reason. Some of us can give the best advice in the world, but in the end the consumer has to be held accountable for their choices.
3- If I tell you that your rate is 1% and your payment won’t change..will you believe me? If you say yes, then you are very very very naive (or stupid). Yet people wanted to believe lenders were just giving away money. IF you would have ignored the sheisters by believing in something that “sounds to good to be true” most of the mess would have been avoided.
Don’t get me wrong, some in the mortgage industry did contribute to the mess, but there are far more involved in the values going too high (realtors lieing about 40 offers on a home sound familiar?), consumers WHO DID NOT read their paperwork and wanting to just believe a magic loan existed, lenders, brokers, our government (for allowing BOTH the lenders and brokers to exist without more licensing requirements) etc…
Posted on February 23rd, 2008 at 9:42 am
“Most of the mortgage brokers/lenders in this country are really good people who want to help people. The small percentage who are all about money do ruin it for us. But the consumer has as much fault in all this as anyone.
If you don\’e2\’80\’99t believe it, check out some scenarios I guarantee you have occurred in the past few years:”
You’ve got to be kidding me?
Is your skewed perception and this offer of baseless supposedly true scenarios supposed to mean something?
Look, take a stroll through the HomeOwners forum http://loansafe.org/forum/forumdisplay.php?f=4 and read the stories of REAL AMERICAN PEOPLE and what they’re going through RIGHT NOW, not just in your imagination.
Posted on February 24th, 2008 at 3:15 am
P.S.
The lender is at fault in all three of your scenarios because if money was being lent under prudent, sound lending standards, scenario one and two could never have occurred.
Also, in regard to your 2nd and 3rd scenario, the borrower has no responsibility for the unethical, dishonest behaviors of the professionals in this industry. The so-called professionals are completely responsible for their lack of integrity, their greed and ultimately their part of the blame for CAUSING this fiasco.
The borrower is NOT responsible for the behavior of the mortgage broker, lender, underwriter, appraiser, real estat broker, title officer, bank or Wall Street Investor — the borrower is only responsible for themselves.
And the borrower, any single borrower, in whatever situation COULD NEVER HAVE CREATED THE DISASTER WE ARE ALL FACING TOGETHER AS THIS MARKET COLLAPSES AND WE FACE AN IMPENDING RECESSION.
Posted on February 24th, 2008 at 3:21 am
Hi! I just read your article to day and I am very thankful for your information. I have been dealing with Countrywide for the past three years. First, I was never informed that I had an adjustable rate loan until I was told by a Countrywide Customer Service Rep, that I should file a Chapter 13. I did this and it was no benefir to me. I have almost 20, 000 dollars up fornt equity in my home in which no one!! from Countrywide informed that I could use. They waited until after getting way, way behind as I dound over a year that I could use to refinance. I am furious with them from their under handiness and Reps telling you different things. I have been waiting since 12/08 for them to modify a loan with me. I have spoke to my personal bankruptcy technician-which assured me that they will… work out something with me/ I gave them information they needed to modify my loan in January and up to last night I have been speaking to different Reps which led me to believe that they will help me. I found out last night they denied my loan modification. But! No one never said a word to me all this time. I am so disappointed because no one never said … You know you can get refinance with the equity you already have in your home. Now that I have been behind and everything else.!! GUess what! No one not even them will refinance me. Please tell me who can I talk to? I want to talk to whom of high authoruty that I can to help me save my home. I kept in contact with them for the past 2 months to assure them I want to keep my home. They said they will work with me no matter what to stay in my home. That this is there job, anything to help keep it and so they want lose money. I live in North Carolina. Please help!! Thank you!! Much!!
Posted on February 26th, 2008 at 7:07 pm
[...] Read the rest of this great post here [...]
Posted on February 28th, 2008 at 3:39 am
Oh my gosh! I can relate to Hattie’s email. I’ve been working on a modification since JANUARY! I have called every week for 6 months! I have spoken to many a representative, some get laid off, or they don’t know, $10 and hour reps that don’t have a clue of what is going on in the industry! I have learned so much during this process more then the reps themselves. I want to keep my homes and meanwhile there is no one that has been able to help me. I’m told that now the homes are in foreclosure when i was told by all these reps earlier and for the past 6 months that not to worry that they would help and were working on this! I was NEVER told that my modifications on my four homes were denied until last week! I’m so upset with the system that Countrywide has! One rep. told me there was no hope, nothing they could do - just to pay or forget it! I could not believe the attitude! Meanwhile, I’m a stubborn ox who continues to call and now am back to a ‘conditioned approval’ for review for modification from Countrywide. I’ve called and called until I have reached the person that can help and meanwhile while it’s in review it holds off the sale date, it extends it. I’m not sure for how much longer I can go on sleepless nights but I’m going to do everything I can to get this straight. Who can I call or speak with? I need advice on who to contact.
Posted on June 17th, 2008 at 7:38 pm
Dianna,
i have been back & forth with CountryWide since last June 2007 & was fortunate enough to find http://www.LoanSafe.org last month & has finally put me in the right track to save my home and my family….
Good Luck !
Posted on June 17th, 2008 at 9:41 pm
i have been going through the same things with countrty wide since august of last year trying to do a loan modification the help at customer service is sinceless i call everyday thats the only way i stay afolat they put you further behind than what you are i will stay prayed up because i know god will see me through
sandy
virginia
757-235-0577
Posted on June 17th, 2008 at 9:49 pm
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