- Report: #251491
Complaint Review: Countrywide Mortgage - Calabasas California
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Countrywide Mortgage
4500 Park Granada Blvd. Calabasas, 91302-1613 California, U.S.A.
Phone:
818-225-3000
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Countrywide Mortgage Ripoff Dishonest Loan PrePayment Penalties Calabasas California
I refinanced my house with Fremont Mortgage who sold it to Countrywide. I paid 24 mopnths of payments on-time every month. Set a closing date for June 1st (tomorrow) to close the selling of my house. Although I have made 24 payments (which Countrywide has gladly accepted) they are charging me a $12,000.00+ prepayment penalty because they say the loan will not be 24 months old until June 29th (28 more days). Yet they have accepted 24 payments from me. So in actuality, they are making the term 25 months long versus two years which is what my agreement says. Customer service is ducking me and the title company now for 3 days. This is a big scam! It's pretty bad that when the real estate market goes flat they result in ripping people off to make up the difference.
William
Orlando, Florida
U.S.A.
William
Orlando, Florida
U.S.A.
4 Updates & Rebuttals
Tom
Palm Bay,Florida,
U.S.A.
see the exact date of the pre pay rider.
#2Consumer Comment
Fri, June 08, 2007
I am certain the realtor and buyer can make an addendum to the sales contract to extend it until your pre pay is over. but nikki makes a good point. I 'assumed' you meant 24 payments on time, NOT in advance. The prepayment rider date is the final word. check it out. If you cant find it, then go to the county clerk of courts and your mortgage is public record. The pre payment rider will be availiable to you . I do this all the time for my clients to see if they have a Adjustable rate/ PUD /prepay or whatnot riders.
Nikki
Coconut Creek,Florida,
U.S.A.
Did you try making your July payment early?
#3Consumer Suggestion
Fri, June 08, 2007
You said you paid 24 payments. Did you make your July payment early, paying the mortgage through June, and essentially paying up through the penalty term (remember, June payment pays May's bill and July payment pays June's bill)? This doesn't work because they are required to pay you back interest for the days you paid for and didn't own the home. This negates you being paid up through the prepayment penalty.
Tom
Palm Bay,Florida,
U.S.A.
look at your prepayment rider and or delay the closing
#4Consumer Comment
Thu, June 07, 2007
I am a mortgage broker and deal with this all the time. First off, it doesnt matter when these PR**KS tell you its up, it is 2 years after the prepayment rider is up. Since you cannot make a payment for the first month regardless, if you have made 24 payments and have a 2 year pre pay , you CANNOT still have the pre pay. Whatever the real case is, I am CERTAIN your buyers will understand the horrendous concequences of closing it beforehand. If they are heartless bastards and dont have a soul, then compensate them by drawing up a new contract for 3 grand less . Better than a 12 k pre pay. DO NOT CLOSE THE LOAN IF THE PRE PAY IS STILL THERE. DONT DO IT.
Nikki
Coconut Creek,Florida,
U.S.A.
Look at your prepayment penalty rider
#5Consumer Suggestion
Fri, June 01, 2007
In your mortgage documents for the loan you signed 2 years ago should be a prepayment penalty rider. The two years run from the date of the rider (should be the same date you signed the mortgage papers). Find your rider and hopefully it is not dated June 28, 2005. That is your proof to fight them on this matter. Hope everything works out for you!
