Anonymous
Encinitas,#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,#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.