Complaint Review: Countrywide Mortgage

Countrywide Mortgage foreclosed on property which we own in Texas. They failed to give us notification of the pending foreclosure. On contacting them by phone, we were told that there was nothing they could do because the property had already been sold to a third party.

We spoke to the attorney who handled the foreclosure for Countrywide. He advised that the property had not, in fact, been sold to a third party but was being held in the Countrywide's REO (real estate owned) department. Additionally, we were advised that the foreclosure could be rescinded by Countrywide. All they (Countrywide's attorney firm) needed was a written request from Countrywide.

Countrywide continued to tell us there iwasnothing they could do because the property is no longer in their hands. We experienced other treatment and actions taken by Countrywide which were similar to those described on this site by other Countrywide customers.

We contacted a local Texas attorney for assistance but were told that we would have had to pay a $5000 retainer to initiatiate any action. Due to declining real estate values, current equity in the property would not justify that neighborhood of expenditure. The foreclosure, unfortunately, will be on our credit for many years.

If anyone knows of a legitimate class action suit being contemplated against Countrywide for the type of treatment we and many others have experienced, we would be interested in participating.

Pauline
El Cajon, California
U.S.A.