- Report: #360291
Complaint Review: Countrywide Home Loans - Simi Valley California
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Countrywide Home Loans
PO Box 5170 Simi Valley, 93062-5170 California, U.S.A.
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866-880-1232
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Countrywide Home Loans Unprofessional conduct by Countrywide's Hope program ruins possible short sale after full cooperation Simi Valley California
Please read the following letter, written to BBB, forwarded to Countrywide, and explaining our complaint. Details have been skewed for confidentiality.
August 7, 2008
To Whom It May Concern:
I would like to express my disgust at recent practices which Countrywide Home Loans engaged in regarding the property located at ***** Michigan. The loan number is #***.
On June 5, 2008, my husband and I made an offer to purchase the said home. We were of the understanding that the property was listed for sale pending short sale approval by the bank. On June 6, 2008, we received a call from our real estate agent (****) informing us that all pertinent documents had been faxed to Countrywide from the listing agent (****). We were informed that according to Countrywide all documentation needed was received. We were told that we simply had to wait for a response.
The following week, we were informed that Countrywide needed until July 21, 2008, to make a decision regarding the short sale. We agreed and thus began waiting. The purchase agreement was amended to allow Countrywide until July 31, 2008, to agree or disagree to the terms.
On July 11, 2008, ****, owner of said property, contacted Countrywide's Hope program. He was told that the bank needed another 10 days to make their decision. On July 21, 2008, Mr. **** again contacted Countrywide and was told that the bank still needed until July 28, 2008 to make their decision. On July 28, 2008, Mr. **** once again contacted Countrywide and was informed that the bank would have a decision by the end of the week, possibly within two days. By August 1, 2008, Countrywide claimed they had no idea how long they would need to make a decision.
On Monday, August 4, 2008, Mr. **** and Ms. **** conducted a tele-conference phone call with Countrywide attempting to resolve the matter. They were informed by Mr. Richard L**** of Countrywide's Hope program that they had no idea how much time they needed to make a decision. Mr. L**** stated that it takes about 60 days to reach a decision. I then contacted Countrywide myself on August 4, 2008, and informed them that I would be contacting the Better Business Bureau if we could not reach resolution.
We have been waiting for nine weeks now while Countrywide continues to defer any decisions. We have submitted all necessary documentation and have been a willing party to negotiate. Our lender, **** Mortgage, has even been willing to fax any additional loan information regarding our pre-approval. Countrywide has proven to be difficult, unprofessional, and has continued to make false claims regarding resolution of the matter. I am disgusted with the practices which Countrywide has engaged in. I am saddened that Countrywide has been so insensitive given the current economic troubles plaguing our area.
As a buyer, I am enraged because we have given more than appropriate time waiting for a response. Countrywide appears to just defer us over and over again. No one will give a clear answer or date, and once dates are mentioned regarding approval or rejection, those dates are not respected.
I will not hesitate to share my horrendous experience with Countrywide Home Loans with everyone I know and come in contact with. It is my hope that by word of mouth, more people can become aware of the rude, unprofessional, and incompetent work which Countrywide provides.
It is sad that Countrywide is so unwilling to assist this homeowner in a fair transaction during documented financial difficulties. It is especially concerning considering that GMAC Residential Funding Corporation estimates that a bank loses over $50,000 for each foreclosed home (http://www.chicagofed.org/community_development/files/02_2006_foreclosure_alt.pdf). How confusing, then, that a mortgage company would stall past the expiration date of a valid offer on a home which is in danger of foreclosure! Why not resolve the matter in a timely manner so as to avoid losing a potential buyer?
I will conclude this letter with the following code of ethics, directly quoted from Countrywide's own website, www.Countrywide.com. The following five values represent what we believe in as individuals and as a team, and how we aspire to interact with our customers, our shareholders, our communities and one another. Doing the Right Thing - We have the responsibility to do the right thing for our customers, shareholders, communities and one another. Trusting and Teamwork - We succeed together, taking collective responsibility for our customers' satisfaction.
Sincerely,
SS and JS
Jennifer
Capac, Michigan
U.S.A.
Click here to read other Rip Off Reports on Countrywide Mortgage
August 7, 2008
To Whom It May Concern:
I would like to express my disgust at recent practices which Countrywide Home Loans engaged in regarding the property located at ***** Michigan. The loan number is #***.
On June 5, 2008, my husband and I made an offer to purchase the said home. We were of the understanding that the property was listed for sale pending short sale approval by the bank. On June 6, 2008, we received a call from our real estate agent (****) informing us that all pertinent documents had been faxed to Countrywide from the listing agent (****). We were informed that according to Countrywide all documentation needed was received. We were told that we simply had to wait for a response.
The following week, we were informed that Countrywide needed until July 21, 2008, to make a decision regarding the short sale. We agreed and thus began waiting. The purchase agreement was amended to allow Countrywide until July 31, 2008, to agree or disagree to the terms.
On July 11, 2008, ****, owner of said property, contacted Countrywide's Hope program. He was told that the bank needed another 10 days to make their decision. On July 21, 2008, Mr. **** again contacted Countrywide and was told that the bank still needed until July 28, 2008 to make their decision. On July 28, 2008, Mr. **** once again contacted Countrywide and was informed that the bank would have a decision by the end of the week, possibly within two days. By August 1, 2008, Countrywide claimed they had no idea how long they would need to make a decision.
On Monday, August 4, 2008, Mr. **** and Ms. **** conducted a tele-conference phone call with Countrywide attempting to resolve the matter. They were informed by Mr. Richard L**** of Countrywide's Hope program that they had no idea how much time they needed to make a decision. Mr. L**** stated that it takes about 60 days to reach a decision. I then contacted Countrywide myself on August 4, 2008, and informed them that I would be contacting the Better Business Bureau if we could not reach resolution.
We have been waiting for nine weeks now while Countrywide continues to defer any decisions. We have submitted all necessary documentation and have been a willing party to negotiate. Our lender, **** Mortgage, has even been willing to fax any additional loan information regarding our pre-approval. Countrywide has proven to be difficult, unprofessional, and has continued to make false claims regarding resolution of the matter. I am disgusted with the practices which Countrywide has engaged in. I am saddened that Countrywide has been so insensitive given the current economic troubles plaguing our area.
As a buyer, I am enraged because we have given more than appropriate time waiting for a response. Countrywide appears to just defer us over and over again. No one will give a clear answer or date, and once dates are mentioned regarding approval or rejection, those dates are not respected.
I will not hesitate to share my horrendous experience with Countrywide Home Loans with everyone I know and come in contact with. It is my hope that by word of mouth, more people can become aware of the rude, unprofessional, and incompetent work which Countrywide provides.
It is sad that Countrywide is so unwilling to assist this homeowner in a fair transaction during documented financial difficulties. It is especially concerning considering that GMAC Residential Funding Corporation estimates that a bank loses over $50,000 for each foreclosed home (http://www.chicagofed.org/community_development/files/02_2006_foreclosure_alt.pdf). How confusing, then, that a mortgage company would stall past the expiration date of a valid offer on a home which is in danger of foreclosure! Why not resolve the matter in a timely manner so as to avoid losing a potential buyer?
I will conclude this letter with the following code of ethics, directly quoted from Countrywide's own website, www.Countrywide.com. The following five values represent what we believe in as individuals and as a team, and how we aspire to interact with our customers, our shareholders, our communities and one another. Doing the Right Thing - We have the responsibility to do the right thing for our customers, shareholders, communities and one another. Trusting and Teamwork - We succeed together, taking collective responsibility for our customers' satisfaction.
Sincerely,
SS and JS
Jennifer
Capac, Michigan
U.S.A.
Click here to read other Rip Off Reports on Countrywide Mortgage
1 Updates & Rebuttals
Hatestupidpeople
Fort Worth,Texas,
U.S.A.
SHort Sales
#2Consumer Suggestion
Sat, August 16, 2008
I have to first say this. SHORT SALES are an option of the lender, by no means is it mandatory that they do it. All Lenders are behind in these OPTIONAL ShortSales because of the number of them. The Lender doesnt always have Delagated Authority by Investor or M/I company and must submit this package to them. This can take 30 to 45 days alone. They also must do appraisals and BPO's per AGAIN INVESTOR, M/I guidelines. Start to Finish SHORTSALES can take up to 90 to 120 days. Hope this helps. So write the BBB, AG, congressmen, and the easter Bunny. Nothing you can do legally. Happy Shopping.
