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Countrywide is taking over our mortgage in January 2003 Augusta Georgia
We just got a letter in the mail today that effective January 1,2003 that CountryWide will be taking over our mortgage. We just refinaced on the house in October and are really happy with the company we have, I have heard a lot of bad stuff about CountryWide, but not as much as I have heard about Fairbank Capital Corp which my mother is having a hell of a time sorting out. Is there anything I can do to stop the take over or am I pretty much SOL?
Laura
Augusta, Georgia
U.S.A.
9 Updates & Rebuttals
Frank
Staten Island,Oklahoma,
U.S.A.
get out NOW!!!!!!!!!
#10UPDATE EX-employee responds
Mon, September 13, 2004
ALL I HAVE TO SAY IS GET OUT NOW.ONE MISTAKE ON YOUR PART AND YOU WILL NEVER ESCAPE THE GRIP THIS COMPANY WILL HAVE ON YOU.
Rita
Seymour,Connecticut,
U.S.A.
Selling your mortgage
#10Consumer Comment
Tue, August 10, 2004
If a company sells your loan, the terms of your mortgage stays the same. Where you mail your payments to changes. The terms of your loan will stay the same, but your payments will go to Countrywide.
There are some companies that change terms last minute if you were just applying for a refi. That is when you have to watch out.
It would be wise to look up predatory lenders in a search on the web. There is a lot of helpful information so you will know what to look for in the future when applying for a mortgage.
Good Luck to you.
Ben
North Augusta,South Carolina,
U.S.A.
Not that bad...the most helpful and friendly of all the mortgage companies
#10Consumer Comment
Mon, July 19, 2004
My wife has worked with the bankruptcy court for years. She claims that Countrywide is the most helpful and friendly of all the mortgage companies she's dealt with when it comes to helping people keep their homes when they fall into hard times.
Brent
Heber City,Utah,
U.S.A.
Don't go with Countrywide
#10Consumer Suggestion
Fri, January 10, 2003
We had a loan also purchased by Countrywide. They issued an incorrect account number and then "lost" the payments. This enabled them to proceed with late penalties and foreclosure on our home. Their "workout department" stalled and did not workout anything. We finally had to sell our home to prevent Countrywide from taking possession and reselling it. We were able to preserve our equity and capital gains, but our credit was ruined.
Elvera
Carrollton,Texas,
U.S.A.
Passing on a suggestion from another rip-off report
#10Consumer Suggestion
Tue, December 24, 2002
Hi Laura,
My Mortgage is with Countrywide. I am a new homeowner and think I'm safe since I have zero equity, but that may change.
Someone else from Texas reported about a Mortage company that is supposed to be very good and I have already done some checking on them, so I am going to pass this on to you.
The name of the company is James B. Nutter Co,
just search the internet using this name and you will find them.
You may be able to refinance before your credit gets ruined.
I haven't seen that many rip-off reports on Countrywide,though, as of the others.
Melissa
Boston,Massachusetts,
U.S.A.
Common practice
#10Consumer Suggestion
Tue, December 24, 2002
You should not be too worried. The practice of "selling paper" ie mortgages, is common practice.
Company A, your original mort. co., sells your mortgage to Company B, Countrywide for a fee. Many possible reasons. Sometimes smaller mortgage companies would rather have the fee opposed to waiting the many years for their initial investment to mature, and profit.
Larger companies, like Countrywide look at the long term pluses of holding paper and are in a financial position to to so, not worrying about the time frame, as they know it will be profitable in the end.
That being said, Countrywide bought your mortgage as is, meaning terms and conditions are grandfathered. They cant change rate, payment, pre-payment penalty or such, with out you refinancing with them. As long as you pay your monthly bill, nothing will change except where you send your check
Melissa
Boston,Massachusetts,
U.S.A.
Common practice
#10Consumer Suggestion
Tue, December 24, 2002
You should not be too worried. The practice of "selling paper" ie mortgages, is common practice.
Company A, your original mort. co., sells your mortgage to Company B, Countrywide for a fee. Many possible reasons. Sometimes smaller mortgage companies would rather have the fee opposed to waiting the many years for their initial investment to mature, and profit.
Larger companies, like Countrywide look at the long term pluses of holding paper and are in a financial position to to so, not worrying about the time frame, as they know it will be profitable in the end.
That being said, Countrywide bought your mortgage as is, meaning terms and conditions are grandfathered. They cant change rate, payment, pre-payment penalty or such, with out you refinancing with them. As long as you pay your monthly bill, nothing will change except where you send your check
Melissa
Boston,Massachusetts,
U.S.A.
Common practice
#10Consumer Suggestion
Tue, December 24, 2002
You should not be too worried. The practice of "selling paper" ie mortgages, is common practice.
Company A, your original mort. co., sells your mortgage to Company B, Countrywide for a fee. Many possible reasons. Sometimes smaller mortgage companies would rather have the fee opposed to waiting the many years for their initial investment to mature, and profit.
Larger companies, like Countrywide look at the long term pluses of holding paper and are in a financial position to to so, not worrying about the time frame, as they know it will be profitable in the end.
That being said, Countrywide bought your mortgage as is, meaning terms and conditions are grandfathered. They cant change rate, payment, pre-payment penalty or such, with out you refinancing with them. As long as you pay your monthly bill, nothing will change except where you send your check
Melissa
Boston,Massachusetts,
U.S.A.
Common practice
#10Consumer Suggestion
Tue, December 24, 2002
You should not be too worried. The practice of "selling paper" ie mortgages, is common practice.
Company A, your original mort. co., sells your mortgage to Company B, Countrywide for a fee. Many possible reasons. Sometimes smaller mortgage companies would rather have the fee opposed to waiting the many years for their initial investment to mature, and profit.
Larger companies, like Countrywide look at the long term pluses of holding paper and are in a financial position to to so, not worrying about the time frame, as they know it will be profitable in the end.
That being said, Countrywide bought your mortgage as is, meaning terms and conditions are grandfathered. They cant change rate, payment, pre-payment penalty or such, with out you refinancing with them. As long as you pay your monthly bill, nothing will change except where you send your check