Comments on: Countrywide Sued for Predatory Servicing by US Trustee

By: catan785

catan785 — Thu, 14 Aug 2008 02:20:09 +0000

I am in limbo myself. Countrywide offered me a modification however the interest rate would adjust in five years. With the way things are I am scared that I will be back in the same situation. I am on a payment plan however the payments are just too high because they add on extra interest and late fees. It is a real scam.

By: Dan M Gilbreath

Dan M Gilbreath — Mon, 12 May 2008 17:36:53 +0000

Within the last three years, on three of our new mortgage loans for investment property, Countrywide failed to property account for prepaid interest collected at close of escrow. Instead of refunding the over-collection of prepaid interest, they offset against credits and in one instance offset against a bogus fee that had never before been disclosed. After months of discussion they are still “looking into the issue.” Borrowers should be careful to analyze their closing statements vs. what appears in their loan statements and 1099’s.

By: Annie L. Foreman

Annie L. Foreman — Thu, 13 Mar 2008 23:07:18 +0000

I too have been in the modification limbo for now three months
each time my call was answered and I was told not to make a payment because at the time only one month behind and it would show as a late payment only, and a modification wasn’t necessary even though my interest rate was/is 10.35,this snowball started in November 2007 with CountryWide when my pay scale changed to avoid our company going out of business and little or no jobs are available in our county. Less take home pay ment my 2800.00
month salary went to 1200.00. A blemish on my credit history, I took in a border in attempt to make my 1633.00 payment to keep my home of twenty five years Now all I get is the you’re being reviewed and a final decision will be made on April 1st.

By: Mike

Mike — Thu, 13 Mar 2008 22:58:46 +0000

We have been fortunate enough to get our loan modified ($270,000@5% fixed)but unfortunately we have a $70,000 2nd/signature loan that filed a notice of default. We have at least $100,000 equity left, but I’m not sure what to do. We have lived here for 20 years, and don’t really want to move – and only have 30 days supposedly.Loss of job and change of profession was the main reason, but were tapped.Is it possible the Loss Mitigation Department @ Chase would tack the other loan on, that would solve our problem?

By: CJ Everhart

CJ Everhart — Wed, 05 Mar 2008 02:23:55 +0000

The servicers know that they can screw over so many people and suffer little to no repercussions. It’s not enough to tell people to file the QWR’s. They answer them with lots of fluff. Tell people how to proceed after they get the fluff answers. There needs to be a better connection between people having problems so that they can band together and sue.