- Report: #339209
Complaint Review: CountryWide Home Loan Lending - Calabasas California
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Author Confirmed
Why?
CountryWide Home Loan Lending
4500 Park Granada Calabasas, 91302 California, U.S.A.
Phone:
818-225-3000
Web:
N/A
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CountryWide Home Loan, Lending forces clients into forclosure vs silling for fair market value Calabasas California
I am a real estate agent. I recently have had two dealings w/ countrywide on short sales (people nearing foreclosure). Both had reasonable offers from buyers that were close to market value and just below asking price. Countrywide was contacted MULTIPLE times to initiate a short sale process.
The first time I dealt with then on a property, they didn't even repond to the offer until after the buyer walked ( after waiting patiently for a month). This happened twice on the same home. The home owner hired an attorney.
The second home was with a client who had a loan with countrywide w/ an adjustable arm that ate them alive. They were only able to make interest only payments of $1,500/mo on a $300,000 home for over a year! At first country wide didn't want to allow a short sale stating that the home owners had the means to continue to make payment. (interest only- and their debt grew all the while to an additional $10,000 in a year because they weren't able to pay enough). Finally we were able to begin the process only to be held up indefinately at the home apprasial. I called multiple times on many different days only to be told "I'll take a note of that". I asked for supervisors and got voice mail only w/ no returned reponse. these buyers have been waiting 6 weeks and said they are walking from the $304,000 deal tomorrow. Still no word on the apprasial. I talked with Landsafe today (Countrywide owns their own land/home appraisal company?!?) and they claim they haven't even recieved a request to do the appraisal yet- this after 6 weeks of phone calls and lots of effort mind you. Contrywide wouldn't accept any other appraisal and they would not allow anyone else to order the appraisal.
Both of my clients are being forced to foreclosure when there was a more than reasonable alternative.
Thanks countrywide...your on WHO's side?
Real estate agent
corydon, Indiana
U.S.A.
The first time I dealt with then on a property, they didn't even repond to the offer until after the buyer walked ( after waiting patiently for a month). This happened twice on the same home. The home owner hired an attorney.
The second home was with a client who had a loan with countrywide w/ an adjustable arm that ate them alive. They were only able to make interest only payments of $1,500/mo on a $300,000 home for over a year! At first country wide didn't want to allow a short sale stating that the home owners had the means to continue to make payment. (interest only- and their debt grew all the while to an additional $10,000 in a year because they weren't able to pay enough). Finally we were able to begin the process only to be held up indefinately at the home apprasial. I called multiple times on many different days only to be told "I'll take a note of that". I asked for supervisors and got voice mail only w/ no returned reponse. these buyers have been waiting 6 weeks and said they are walking from the $304,000 deal tomorrow. Still no word on the apprasial. I talked with Landsafe today (Countrywide owns their own land/home appraisal company?!?) and they claim they haven't even recieved a request to do the appraisal yet- this after 6 weeks of phone calls and lots of effort mind you. Contrywide wouldn't accept any other appraisal and they would not allow anyone else to order the appraisal.
Both of my clients are being forced to foreclosure when there was a more than reasonable alternative.
Thanks countrywide...your on WHO's side?
Real estate agent
corydon, Indiana
U.S.A.
1 Updates & Rebuttals
Robert
Buffalo,New York,
U.S.A.
Think about this...
#2Consumer Comment
Wed, June 11, 2008
You're a mortgage lender and you loan someone $100,000 to purchase a home. 2 years later, the "fair market value" of the same home is now only $75,000 but the outstanding principal on the loan is about $85,000. Do you think you would accept $75,000 as full payment for the $85,000 you're still owed? I think not. Yet, that is what it appears you think lenders should do. Heck, with that logic, I could sell-short some stocks and tell the broker, hey not my fault, take what the current market is and call it even-steven. Some folks make BAD FINANCIAL INVESTMENTS, and the rest of us, plus the creditors, are expected to absorb their losses. Never mind that MOST some folks such as myself waited decades to be able to afford the properties that we are paying for and thoroughly researched MARKET TRENDS before agreeing to some of the rediculous mortgages that some folks have agreed to.
