Complaint Review: Countrywide Home Loans - Simi Valley California

How is it that when I obtained a mortgage from Countrywide, I ended up with a 30 yr. fixed rate? Sure, they were really pushing the ARM, but at the time I recall thinking who in their right mind would want to gamble on what interest rates are going to be down the road? Certainly not for a few interest points off the initial rate. I'm not a particularly brilliant guy, so at the time I did a little research about ARMs on the 'net. It didn't take many clicks to find out what an ARM was and what the risks were. It sounds like many of you replying here were also aware of what you were getting into, but your gamble didn't work out the way you thought it would. Well, that's the downside of gambling with your home. The upside was those nice artificially low payments you enjoyed for the first 3-5 yrs. (which I did not). Another popular class of ARM borrowers are those who could not afford a mortage with a payment that was anything higher than the ARM teaser rate. Those folks fall into the class that could not afford the home in the first place. Their gamble was that home prices would continue to increase, and they could easily refinance before the ARM adjusted. Well, we can see how that that gamble has worked out, but the bottom line was that they were gambling with their home and they lost. I'm disappointed that the mortgage industry degraded to the point that they would lend money to people who were obviously not going to be able to pay it back. But I'm also equally disappointed that consumers knowingly bought into these shaky ARMs in the hope that their gamble would pay off. It was a huge shirking of responsibility on both sides of the table and now we will all pay. Even those of us who refused to take part.

Ok, so I have a countrywide loan like most of you and it is an ARM like most of you. (it sucks) we were up to 12.5 % on the first and 10% on the second, we then received a letter from CW saying that they were going to lower our first to 7.5 for 5 years, that's great, but they just started to escrow our taxes, we are now paying around 1700/mo So what happens in 4 more years, you guessed it, the interest will go back up and we will be paying close to 2000/mo CRAZY!!! So here is the solution....................... What we need to do is get as many countrywide customers to unite....... Figure out how much they would need to pay off their loans and help each other to get out of the mess. Confused????? ok look at it this way I live in NH and lets say that in NH there are 5000 homes with countrywide at an average loan balance of $150000 per loan That's an average of $7.5 million dollars owed in home loans ok...now lets divide that by 1 year or 12 payments $625000 ok follow so far? lets break it down 5000 home owners $150000 balance on each loan $7500000 in loan totals divide by 12 months of payments = $625000 $625000 divided by 5000 payments for 12 months = $125.00 month So for $125.00 / month for one year, 5000 people could pay off their mortgages. Lets help out each other and come together and put the screws to countrywide. If you are interested in this, let me know!!!!

The one major element that has not been discussed yet is the actual loan "Sales" process and rather or not this is/was proper and real. My situation is a prime example. When I did my loan, I met with a "Loan Consultant". This individual presented themselves as someone who had mine and my wife's best interest at heart and was going to help us make the right decision based on our earning ability, debt to income ratio, etc. This was suppose to be a professional..... The reality is,,,, this was nothing more than a "Sales Person" who had nothing but their own interest at heart and would do an say anything to talk a person into a loan i.e an adjustable and/or high rate loan... Kinda fits the profile of a true predator.... Yes, I signed on the dotted line for a 5 year adjustable loan an truly thought I was making the right decision based on what my "Loan consultant" told me an instructed me to do. I was told after 3 years would be the best time for me to move into a fixed rate loan.... Look at us now.. 11 months to go before my loan is suppose to adjust... The equity is gone an our country is in a world hurt for numerous reasons which has effected folks jobs an abilty to pay... my credit is marginal at best as a result of the economic problems as well.... Thank God.. I am still employed, but my earnings have gone down (economy fall out).. So, all this being said... People who had great credit an worked hard to get there don't deserve to have to suffer either,,, This is not their fault, but, a company like countrywide who allowed these practices to run wild an all of these other subprime lenders who were even worse should have to be required to play a BIG part in fixing the problems that they played a role in creating... Why should people have to suffer because of these unfair an self serving practices....???? I just don't get how this is ok.... These people sold loans like they were selling cars... Unreal. One last thing, I just recently hired a former "Loan Consultant" who gave me the run down on how things truly worked an what the accepted practices were.. WOW !! it's crazy. He was making 20k, 30k +++ commission checks for a month writing these empty, bad loans..... The money motivated his behavior, not doing the right thing for the client.... Very Sad :-( I wonder if Countrywide is going to be willing to work with me.......

"Your a mess if you think the Company Wants Foreclosure" >>I don't own a home but from reading these reports, you are the mess. If the companies didn't wnt foreclosures, then they would absolutely work out whatever they could to make money and still allow these people to leep their homes. "Well I understand your frustration and here are a few things. Their are about 400 Workout Negotiators that work at Countrywide, and each person has anymore from 400-530 loans to work with. THATS up to 530 LOANS! Thats you times 500 per person." >>This is relevant how? You are at a job to work. Who cares how many people you have to deal with. "People think we make money off foreclosures, we dont, true fact and you can look this up. Each home that is foreclosed the Company Loses 10,000 Dollars." >>Read the first response. Also, every compant needs losses to help balance out the profits. That's how businesses work. There is not a single business that ONLY makes profit and shows it at the end of the year. "-The other thing you also have to realize is that THEIR ARE INVESTORS inthe company, so if countrywide says no, its probably because either Fannie Mae or Bank of NY or whoever your Investor on your loan is (investors are companies that help fund your loan)." >>Yes, there are investors - in real estate. They aren't stupid. There is equity in real estate and they are there to invest in that real estate which is what makes your foreclosure claims laughable. Real estate will always hold value. May not be an immediate return on investment but it will eventually. Besides, you chase after the people for the balance on a foreclosure anyway. Again, if these investors are soooo worries about foreclosures, why aren't companies like yours admitting your mistakes and rewriting the contracts so there is absolutely no foreclosure? Forebearance agreements where the payment is now MORE than the payment they couldn't afford before are a joke and truly a sign that foreclosure bothers NO company. "-Plus you shoudl have never signed up for an ARM LOAN, Its the worst. If it sounds to good when you signed it then it probably was. -So when you say the company shoudl jsut lower the rate, HEY BUD if it was that easy why did you sign up for the loan in the first place?" >>So then you can't cry about alleged losses on foreclosures. Here is the simple answer right in your face and all you do is try to dispel that. You clearly want the foreclosure. Also, I'm sure there are A LOT of bonuses that are tied to these ARM contracts that were paid out. You certainly aren't going to give that back to help out are you? "-YOU SIGNED A LEGAL CONTRACT for 30 Years to pay this back. If you dont believe me pull your contract up and read it word for word." >>So did your company so stop crying about alleged foreclosure losses and what an alleged burden it is.

Well I understand your frustration and here are a few things. Their are about 400 Workout Negotiators that work at Countrywide, and each person has anymore from 400-530 loans to work with. THATS up to 530 LOANS! Thats you times 500 per person. People think we make money off foreclosures, we dont, true fact and you can look this up. Each home that is foreclosed the Company Loses 10,000 Dollars. -The other thing you also have to realize is that THEIR ARE INVESTORS inthe company, so if countrywide says no, its probably because either Fannie Mae or Bank of NY or whoever your Investor on your loan is (investors are companies that help fund your loan). -Plus you shoudl have never signed up for an ARM LOAN, Its the worst. If it sounds to good when you signed it then it probably was. -So when you say the company shoudl jsut lower the rate, HEY BUD if it was that easy why did you sign up for the loan in the first place? -YOU SIGNED A LEGAL CONTRACT for 30 Years to pay this back. If you dont believe me pull your contract up and read it word for word.

http://www.nytimes.com/2007/11/06/business/06mortgage.html?_r=1&hp&oref=slogin Countrywide makes money off of foreclosures, they do not own the loans and as a servicer the money is made charging fee's. When/if the home is sold for a loss the investor takes the hit. Read the article.

So be it. Whatever works. Lets get the bail out going then. We pay taxes for the government to take care of us. So its time for our bailout then.

In case you don't realize, to be refinanced means you must meet certain criteria! Low dept Ratio and high credit score, which you have neither. You say your 2 months behind at that. Like Chris said you took on more than you can afford. You say Countrywide are crooks. You need to realize they are a business. You people take these weirdo loans and act like you didn't know what you were signing? I asked, read my documents and had a real estate attorney read them before I signed anything. Its amazing people make the biggest purchase in their lives and don't hire a real estate attorney to go over all documentation and explain it to you. It's only after you all want to start a class action suit and want the government to save you. It also seems contracts mean nothing to you people, you seem to think you can break them because you decide you don't like them. Like Chris said, we responsible taxpayers will wind up saving the deadbeats again.

In case you don't realize, to be refinanced means you must meet certain criteria! Low dept Ratio and high credit score, which you have neither. You say your 2 months behind at that. Like Chris said you took on more than you can afford. You say Countrywide are crooks. You need to realize they are a business. You people take these weirdo loans and act like you didn't know what you were signing? I asked, read my documents and had a real estate attorney read them before I signed anything. Its amazing people make the biggest purchase in their lives and don't hire a real estate attorney to go over all documentation and explain it to you. It's only after you all want to start a class action suit and want the government to save you. It also seems contracts mean nothing to you people, you seem to think you can break them because you decide you don't like them. Like Chris said, we responsible taxpayers will wind up saving the deadbeats again.

Unfortunately, I'm not joking. I got in way over my head and didn't know what I was signing. The taxpayers of America are obliged to bail me out. I'm a Chinese immigrant who is a highly skilled Software Engineer. I work at half the price and put in double the hours of the lazy-a** American Engineers who just b***h and moan about making more money. If you don't bail me out, I'll just skip out on my debt and return to China. So, as you can see it's probably a better proposition to renegotiate my debt, at least CW will get something back by giving me the 1.5% and excusing the LOC. Putting me in jail will be pointless, I serve a useful purpose to overweight, dimwitted American who just want to drive large SUVs through the McDonalds drive-thru, and talk on cell phones while running red lights. Thanks for your support.

You took out a loan and will set fire to your house when you can't afford it? You are worried ablout making ends meet...but refi your home, then will set it on fire if they foreclose...because YOU got in too far over your head? Sounds like you never intended to follow the terms of your loan. LEE-VING...nice I hope your posting was a joke...otherwise we as tax payers will be supporting your con artist butt in prison for a long-long time!

Well Ving wong lee. You shouldnt be paying any interest at all. Dont you immigrants get free reign in our country for 7 years, and then open up chinese restaurants all over the country. While the Americans born here support your a**? I think so. Thats the reason our taxes are so high.

I have a 5.125% 7 Year ARM with Countrywide myself. Although it resets on June 1st 2012, and they told me up front how it worked, and documented it pretty clearly, and I read it and signed it, I'm going to demand it be reset to a 1.5% 30 year fixed loan, and I should be able to pay it whenever I d**n well feel. If at all. It's high time we fight these bastards back. It's about time we let these leaches know that WE are the customers, and a binding contractual agreement that we signed doesn't mean anything. In addition, I'm not paying back my LOC either. I took out 100K and bought a new BMW M5 I couldn't afford to insure (or properly maintain). And you guessed it, It got rammed by an 18 Wheeler on the side of I-5 after I ran out of gas (that I can't really afford). The truck took off. The car was destroyed beyond recognition. So why should I continue paying off the LOC? So, you can count Lee Ving in on any class action suit. I'm sure we'll settle for a billion trillion dollars each.

I have a 5.125% 7 Year ARM with Countrywide myself. Although it resets on June 1st 2012, and they told me up front how it worked, and documented it pretty clearly, and I read it and signed it, I'm going to demand it be reset to a 1.5% 30 year fixed loan, and I should be able to pay it whenever I d**n well feel. If at all. It's high time we fight these bastards back. It's about time we let these leaches know that WE are the customers, and a binding contractual agreement that we signed doesn't mean anything. In addition, I'm not paying back my LOC either. I took out 100K and bought a new BMW M5 I couldn't afford to insure (or properly maintain). And you guessed it, It got rammed by an 18 Wheeler on the side of I-5 after I ran out of gas (that I can't really afford). The truck took off. The car was destroyed beyond recognition. So why should I continue paying off the LOC? So, you can count Lee Ving in on any class action suit. I'm sure we'll settle for a billion trillion dollars each.

I have a 5.125% 7 Year ARM with Countrywide myself. Although it resets on June 1st 2012, and they told me up front how it worked, and documented it pretty clearly, and I read it and signed it, I'm going to demand it be reset to a 1.5% 30 year fixed loan, and I should be able to pay it whenever I d**n well feel. If at all. It's high time we fight these bastards back. It's about time we let these leaches know that WE are the customers, and a binding contractual agreement that we signed doesn't mean anything. In addition, I'm not paying back my LOC either. I took out 100K and bought a new BMW M5 I couldn't afford to insure (or properly maintain). And you guessed it, It got rammed by an 18 Wheeler on the side of I-5 after I ran out of gas (that I can't really afford). The truck took off. The car was destroyed beyond recognition. So why should I continue paying off the LOC? So, you can count Lee Ving in on any class action suit. I'm sure we'll settle for a billion trillion dollars each.

I feel the same way. If I cant have it, then they wont either. We built this home up. And we dont need Countrywide taking all our equity. They stand to take a minimum of $35,000.00 at the new market slow down. Before the slowdown, there was easily $60,000.00 in equity. They are crooks and frauds. Time for investigations by our elected officials in government.

I recently refinanced with Countrywide myself after seeing their TV ads. So far no troubles with them. I have a feeling it's only because I don't have much equity now. (I will give it some time then try to refi with someone else). If they start doing to me what I been reading about here, if they put me in foreclosure at no fault of my own, then I will vacate the premises and set fire to it. If I can't have the house, they can't either!!! I refuse to play their silly games and I have no intentions on fighting for something they started. And since our Gov. won't step in and do something about this mess, then I guess I'm on my own anyway huh?? I'm tired of struggling to make ends meet and if they start with me then they will be doing me a favor. I'm sure I will be sent to jail for setting fire to my forclosed home so I won't have to worry about making ends meet anymore. I can sit in my cell rent free.

Chris, you have no idea. We did not buy a home that we could not afford. We tried to refi it a few months ago to the regular rate. But our credit score lacks because of our debt ratio. So you see. You dont know a thing. We can afford our payments, but why should we be ripped off and pay double what others are paying. That is fraud. And that is the issue. They can rip people off and its ok. Countrywide sucks no matter what you say. Thousands of us against little ole you! Good luck for you!

Chris is part right anyway. My impression is it is to get people a lower right before they have problems. After they have problems is a different story. You are blaming Countrywide because you managed to get two months behind. The best bet would to have gotten a fixed rate mortgage to begin with. Instead you chose the ARM. Kind of like going to Las Vegas and betting the the rates are going to go lower instead of higher. You held your bet a bit to long. The best thing you can do now is to either catch up on your mortgage and keep it current or to sell. Another variable is property value. Has the value of your property increased or decreased. If the value of your home has decreased that would be another reason for them not to refinance your loan.

Look, you bought more house than you could afford. You failed to read or have someone read your mortgage agreement. Now you want to stay at the introductory rate which you need a good credit score for? Please. What about the hard working people who saved and bought what they could afford? People like you are what is wrong with this country. Everyone else is to blame. Accept the consequences of your actions and learn from them. Buy what you can afford, not what you want. People like me who followed these simple guidelines may have to bail you out. There is no rip-off here, just people who can't manage money or accept responsibility for their actions. If you can't afford it sell it or try to do a short sale. Good luck.

Yes. How is it we qualify for the higher interest rate they have given us. But, we dont qualify for a modifiction back to the original interest rate. Our income is too low. THIS IS FRAUD. This is only to force foreclosures, which somehow gets them a government bailout. And the investors make money. I dont get it really. Someone needs to start hiring some lawyers for a class action lawsuit. There are thousands of us in this situation.

I want to know who got a loan modification. Everything is blows and whitles to make investors look good by making them believe Countrywide is trying to helph people modify their loans. US Citizens, remember they will not modify any loan. Why? Because as long as people continue paying their mortgage when their rate reset to a higher rate, you thing they are going to cut that extra source of income Countrywide promised investors by killing us with higher interest rate. Countrywide say We do not qualify for a loan modification because our income is too low, but how is it that we qualify for a higher rate with higher monthly mortgage payments in our loan. COUNTRYWIDE IS A COMPLETE RIPOFF AND THE GOVERMENT IS LETTING THEM GET AWAY WITH MURDER! SHAME ON YOU!