Countrywide - Landsafe Inflated sales price by inflating home worth on apprasials. Conflict of interest. Countrywide ownes Landsafe. Stockton California
Countrywide and Landsafe inflated the value of our home on an appraisal on 5/8/09 by as much as $50,000. I am looking for other people in the Mountain House, California area that have the same problem so we can file a class action suit against them. Please contact me if you are also a victim of Countrywide and Landsafe. Since Countrywide ownes Landsafe this is a conflict of interest. I have filed this complaint with the District Attorneys office.
Sally
Paso Robles, California
U.S.A.
5 Updates & Rebuttals
babs
trenton,New Jersey,
United States of America
More Information
#6Consumer Comment
Sun, July 29, 2012
I know your experience was in 2009 and mine was in 2009 with the same companies but in NJ. I had no idea that there was a possible collusion between broker and assessor. It took months to get the assessor's report and it was inaccurate, made false statements and I could not figure out what was going on. The assessment did seem inflated and recently the FBI said there was a problem of scams involving assessors. I was refinancing with a HECM and investigating this I realized many problems with the broker. I have no idea what to do now. I have put my equity into the house to make sure i was safe. I found out that if I did not do that the bank could have taken my house.
I also found out my broker was an employee of Bank of America when I signed my contract and so it seems many questions remain unanswered. In my view, counselling for the HECM did not cover any of the risks. For a Senior Citizen, it is frightening to think that signing away your home to keep it can be so risky. Seems that the Federal Government should be regulating these loans and be more realistic about old houses and old people. We do not have the option to get a job much of the time, even in a good economy. We need to have lives that are not a struggle so the mortgage we get should not be a constant burden. If our homes our in need of repair and we have not enough equity to do that, perhaps options could be given us so that we could take on some debt and pay it out of our Social Security.
Seems that nothing about these loans has been thought about except how to make money on the. Landsafe is now owned by Bank of America and when Bank of America leaned that the assessor did not assess the property truthfully, they sent me a really nasty note as if it was fault. Yet, they were supposed to read the report and see that the assessor covers his behind by stating that he is unqualified and the bank should hire qualified individuals to inspect the electric, the plumbing, etc. Of course! If you are going to fund a 1926 home with a mortgage for Fannie Mae, you might already have thought of that!!
Inflating the value of a home in 2008 when it is in need of a new roof, upgrades to 1957 kitchen and horrible bathroom and is less than 1200 sq. feet and on a small lot in a town near one of the least desirable cities in New Jersey, is probably something that would be easy to prove. In 2001 I paid $130 K for my home. I started fixing it. By 2008 I had many thousands of dollars to go to fix the house. My housing market made my home more valuable but I was surprised it was worth $225K. I think this happened so that these guys could get a higher commission. I am going to try and find out what that commission was. Recently I learned that Bank of America put my home into a trust but I am not able to see that document or any of the documents held by those that own the trust. The reason: Because I am not a member of the trust. It seems they are selling shares in HECMS like mine and speculating on risk. Does this sound familiar?
Stephanie K
Piedmont,Oklahoma,
U.S.A.
I was also ripped off by KBhomes,KBCountrywide and Landsafe
#6Consumer Comment
Thu, June 04, 2009
Same thing happened to me in Florida to the tune of over $100,000. You need to see this!
http://www.forbes.com/feeds/prnewswire/2009/05/08/prnewswire200905081354PR_NEWS_USPR_____SF13963.html
RECENT DEVELOPMENTS:
May 29, 2009 - HBSS recently began an investigation into KB Home sales in California.
Stephanie K
Piedmont,Oklahoma,
U.S.A.
I was also ripped off by KBhomes,KBCountrywide and Landsafe
#6Consumer Comment
Thu, June 04, 2009
Same thing happened to me in Florida to the tune of over $100,000. You need to see this!
http://www.forbes.com/feeds/prnewswire/2009/05/08/prnewswire200905081354PR_NEWS_USPR_____SF13963.html
RECENT DEVELOPMENTS:
May 29, 2009 - HBSS recently began an investigation into KB Home sales in California.
Stephanie K
Piedmont,Oklahoma,
U.S.A.
I was also ripped off by KBhomes,KBCountrywide and Landsafe
#6Consumer Comment
Thu, June 04, 2009
Same thing happened to me in Florida to the tune of over $100,000. You need to see this!
http://www.forbes.com/feeds/prnewswire/2009/05/08/prnewswire200905081354PR_NEWS_USPR_____SF13963.html
RECENT DEVELOPMENTS:
May 29, 2009 - HBSS recently began an investigation into KB Home sales in California.
Stephanie K
Piedmont,Oklahoma,
U.S.A.
I was also ripped off by KBhomes,KBCountrywide and Landsafe
#6Consumer Comment
Thu, June 04, 2009
Same thing happened to me in Florida to the tune of over $100,000. You need to see this!
http://www.forbes.com/feeds/prnewswire/2009/05/08/prnewswire200905081354PR_NEWS_USPR_____SF13963.html
RECENT DEVELOPMENTS:
May 29, 2009 - HBSS recently began an investigation into KB Home sales in California.