- Report: #138755
Complaint Review: Countrywide Home Loans - Simi Valley California
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Countrywide Home Loans
countrywide.com Simi Valley, California, U.S.A.
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Countrywide Home Loans ripoff, raped, in bed with contractor, froze funds, blackmailed us Simi Valley California
2001 we went to build a custom home. We designed it, drew it and looked for a builder. We were preapproved with Washington Mutial. Builder said he did not do work with them, but they did for Countrywide.
We have excellent credit - or did and were easily approved. CHL first did not honor or locked bid, we had to pay more in interest. Const. loan was for 6 months. Builder dragged feet toward the end of this time and then walked off the job. CHL would not let us finish the house ourselves and we were hit with a friv. lien from the builder. CHL froze the account so we could not finish house KNOWING THAT LIEN WAS A FRAUD! Then came the 1st lien the builder did not pay. CHL knew the funds were paid to this supplier and stood behind the builder even though we had lien rights release from CHL and builder signed it.
CHL would not let our boss act as the "general contractor" even though they ARE and do multi-million dollars a year. We told CHL to f-off and we were going to finish it ourselves. Boss gave us the money to finish to get occupancy and we bonded at 1.5% of fraud lien builder put on us and jumped through all the hoop CHL set down - they still would not release the rest of funds to finish house. "You have a lien" they said. "No - they were cleared up by the attorney" we said. No - there is a 3rd lien from 4 months ago (CHL, builder and their attorney knew of, no one told us!)
So I got that cleared in 24 hours and said "OK, CHL, give us the rest of our money!" They said we had to get lien releases. "WHY?, you said the one the builder and CHL signed was worthless when he did not pay" Fine, we got lien releases and signed it. BY THE WAY - We had to pay 3,700 in the time the builder quit and we got the house finished (2 months time) to CHL because - SURPRISE! Your construction loan has expired and if you want to keep it active, you have to pay us and ADDITIONAL 1800 PER month on TOP of your interest payment or pay us in full for the money you already borrowed"
Long story short. I protested the "Street of Dreams" in Dupont Washington to protect others from Countrywide Home Loans and Builder AND found others who had the same identical story! Builder quit - All of us had Countrywide AND all of us had to pay construction loan fees over 1,000.00 per month on top of interest payments. DO NOT EVER HAVE ANYTHING TO DO WITH COUNTRYWIDE!!!!!!!!
E.R.
Puyallup, Washington
U.S.A.
We have excellent credit - or did and were easily approved. CHL first did not honor or locked bid, we had to pay more in interest. Const. loan was for 6 months. Builder dragged feet toward the end of this time and then walked off the job. CHL would not let us finish the house ourselves and we were hit with a friv. lien from the builder. CHL froze the account so we could not finish house KNOWING THAT LIEN WAS A FRAUD! Then came the 1st lien the builder did not pay. CHL knew the funds were paid to this supplier and stood behind the builder even though we had lien rights release from CHL and builder signed it.
CHL would not let our boss act as the "general contractor" even though they ARE and do multi-million dollars a year. We told CHL to f-off and we were going to finish it ourselves. Boss gave us the money to finish to get occupancy and we bonded at 1.5% of fraud lien builder put on us and jumped through all the hoop CHL set down - they still would not release the rest of funds to finish house. "You have a lien" they said. "No - they were cleared up by the attorney" we said. No - there is a 3rd lien from 4 months ago (CHL, builder and their attorney knew of, no one told us!)
So I got that cleared in 24 hours and said "OK, CHL, give us the rest of our money!" They said we had to get lien releases. "WHY?, you said the one the builder and CHL signed was worthless when he did not pay" Fine, we got lien releases and signed it. BY THE WAY - We had to pay 3,700 in the time the builder quit and we got the house finished (2 months time) to CHL because - SURPRISE! Your construction loan has expired and if you want to keep it active, you have to pay us and ADDITIONAL 1800 PER month on TOP of your interest payment or pay us in full for the money you already borrowed"
Long story short. I protested the "Street of Dreams" in Dupont Washington to protect others from Countrywide Home Loans and Builder AND found others who had the same identical story! Builder quit - All of us had Countrywide AND all of us had to pay construction loan fees over 1,000.00 per month on top of interest payments. DO NOT EVER HAVE ANYTHING TO DO WITH COUNTRYWIDE!!!!!!!!
E.R.
Puyallup, Washington
U.S.A.
2 Updates & Rebuttals
Anonymous
Encinitas,California,
U.S.A.
Almost the same thing is happening to me
#2Consumer Comment
Mon, September 29, 2008
I have countrywide for my construction loan. Right now they have frozen the last of our funds because I have a lien on my property, the builder who was suppose to protect me from this very thing put it on. That is another rip off I will be writing about later. But as far as countrywide is concerned I would like to know, did they tell you that you had so much time before they would put your contract in breech? That is what they are telling me. If I dont finish in 2 MONTHS. They are waving the $1800.00 extension fees but if I'm not done, meaning the house finished and all liens cleared up. I will be in breech of my contract. I wonder, does anyone know, even if I pay. Can they do that? What a hell this has been, They advertise build your dream home and when contractors divert funds, steal valuable contruction funds they look the other way. I'm so appalled at the entire construction loan process. It was suppose to save me money building a home in sunny california instead it has cost me more. This was basically a reimbursement loan with all kinds of fees attached to it. If anyone is considering using countrywide or building a house my advice to you, dont ever give a builder fund control and have the bank issue vouchers to the subs doing the work so you dont get in trouble with liens, so people get paid and be very very very aware of the lien law, hire a lawyer to go over all contracts. DONT PROCEED WITHOUT A LAWYER REVIEWING YOUR CONTRACT, ANY CONTRACT! Because there will be a lot of them and if you dont know what you are signing you will be in a lot of trouble. If you have kids, dont even attempt this because your children, your marriage will suffer and in the end, you may not have a house, much less anything left. Dont fall for the DREAM HOME SCAM!!!
Michael
Bountiful,Utah,
U.S.A.
use traditional lending, go through your bank or credit union and forget all the rest.
#3Consumer Comment
Thu, April 14, 2005
I have been shopping for a home loan. One company got me approved but after reading all the horror stories about lending institutions I am going through my bank. I KNOW they won't try to screw me. So my suggestion is to go through your bank or credit union and forget all the rest.
