Complaint Review: Countrywide Home Loan - Calabassas California

To the person defending Countrywide. I know that not "all" loans and people doing business with cw have been screwed. I do know that there are far, let me say it again FAR too many people that have!! It doesnt take much to see that. I see maybe one good remark out of ten bad ones against this company. We are all privileged to have our own opinion on anything. Even still if you like them, dislike them or just dont care, if you read the paper or keep up with news you cannot help but see that the company and its higher ups are not on the up and up. There CEO sold most all of his stock for millions of dollars and a few weeks later the bottom fell out of the stock. It went from $45 a share to $21. Even an idiot can see that. Another higher up sold his stock and quit a few months ago. The FBI has been tearing apart the company looking for fraud. By the way they have sent one guy to prison already. I will not explain my story because it is long and indepth. I will say that my loan was purchased by countrywide from Principle residential. I had perfect credit. Six months later I did not. I have filed Bk and am still fighting them. I have hired an attorney and so far just three months into my second fight my attorney has already found $6000.00 of applied money in the form of Negative escrow that was put into my escrow account which was a mistake by countrywide. One could argue that this company is full of crooked people, I would say yes, it stems from the man at the head of the company. One could also say that the majority of the people working there are a bunch of idiots and the reason for all the loans getting screwed up and people's credit being screwed and filing bk is simply lack of common sense and knowledge in the mortgage business. I would say this is true and it also stems from the crooked CEO and other higher ups. The fact is I am sure there are people who have never had a problem with the company and who would say they love Countrywide Home Loans, you are the lucky ones. For the most part you will not find many who like the company and for good reasons. I can tell you this much Im not bible pusher but I do the lord above is watching and "if" they make it through this "Credit Crunch" as they call it, there is one man who they can not make it pass and the people who are, crooked and hurting good honest people will pay for there actions. I welcome any and all responses to my comment here today. I have great knowledge of this company and can hold my own with facts not therories.

When you can't get a straight answer. When you can't get customer service. When you're dealing with idiots, sometimes it's worth the attorney/court fees to let the attorneys/courts deal with the bad guy. Countrywide is on the path of Providian. Wait and see. B of A has bailed them out. B of A will soon be servicing Countrywide's loans. Countrywide will have a bit of business left until someone else takes that over. It'll be interesting to see if anyone ends up in the pokey.

Your rebuttal didnt mention how CW was responsible for your filing BK. If was about the terms of the loan (ARM / Interest Only), the original people would have created that and not CW. The "glitch" that occured started when your initial lender decided to sell your loan to CW. Had they kept it, there would have been no problems. Countrywide isnt the only lender facing "financial woes" as of late. Since the disruption in the market started in late 2006, 136 lenders have shut their doors. Countrywide will continue to be in business as they are one of the top 3 in the nation. I am not singing praise about CW because they "pay the largest commission". They actually pay one of the lowest comparing to the other fannie/freddie conforming lenders. I send them business because of their higher service level even though i make less. As a broker, any issues the client may have once the loan closes falls back on me because i chose them. its not worth a few extra bucks earned that could possibly sacrifice future referrals.

Countrywide's purchase of my loan created a "glitch." Don't ask me what happened because I could NEVER get a straight answer from any of Countrywide's zillions of phone clerks. If Countrywide had a competent customer service department, rather than a bunch of phone clerks trying to sell loans/refi's, people wouldn't find themselves writing rip-off reports. Anyone with any sense knows that when you call a company three times in ten minutes, get three different phone clerks and three completely different answers something is wrong with the system. Had I originated the loan with Countrywide perhaps I, like you, would be singing their praises. However, when you have a problem with these people, it only s****..

Federal law mandates that if a loan is transfered, the initial lender has to forward any payments received to the new lender and can not have an adverse impact on your credit history. When the call to your initial lender "cleared things up" why did this force you into a BK as long as you were paying on time? Even if it wasnt on time, this wouldnt be a reason to file a BK. I think we need to take account for our actions instead of blaming someone else. I personally have my mortgage with CW and (being a mortgage broker) feel that they are one of the better ones out there from a customer service standpoint. the LAST thing any lender wants to do it foreclose.