Complaint Review: Country Wide Home Loans

I am a Realtor representing clients who tried to purchase a home advertised in the multi-list as a foreclosure, a bank- owned property. After agreeing to all the terms required by the bank (Countrywide) we were told three days before closing there were five liens on the property and we would not be closing.

It turns out Countrywide was fraudulently marketing a property they did not have title to. The title was held by a company that was awarded the property as part of a court ordered settlement of a lawsuit.

There are not just one, but four mortgage companies, all claiming they have an interest in the property. The final decision as to what will transpire in regard to this situation rests in the hands of a judge.

Meanwhile, my buyers have had to move out of their house, put their furniture in storage, and spend money renting a home -- while waiting for the judge to decide who or what gets the house.

Countrywide committed fraud by having their agent put the house on the market,designating Countrywide as the sellers. Had either party bothered to check county records they would have noted that title to the house is held by another party.

So, folks, Countrywide not only does great harm to its customers (as I have noted), it also perpetrates crimes against innocent third parties.

Thus far, we have not so much as received an apology, but according to your many complainants, this is to be expected. Countrywide is, indeed, a b-i-g company!

Barbara
Rochester Hills, Michigan
U.S.A.