Complaint Review: COUNTRYWIDE MORTGAGE - SIMI VALLEY California

I work in the Residential Restoration industry and can assure all of you this is a normal thing. As a General Contractor who does a great deal of insurance claim work I can assure you it drives me up the wall. There are really 2 ways to prevent the mortgage company from depositing and holding your check. First is hire a GC and get them to ask the adjuster to put them on the check instead of the lien holder. This means you have to really trust your GC. The second option is to endorse the check as John Doe deposit only Bank Name account leave a blank and write the last 4 digits of your account number. This makes it so your mortgage company can't deposit your check if they can't deposit the check there is no reason for them to hold it they usually turn it around pretty quickly. When you mail it off make sure to call every few days and request the status of its return. Don't be surprised if they want you to fill out an affidavit saying you will complete the work. This is to protect them and probably required by your INS company of them. If you take the money, don't make the repairs and then foreclose your INS company will have to pay for the repairs again. Be prepared to send your INS company a signed contract with a GC or invoices to show progress of work. They do have a financial steak in the repairs and want things done as much as you. They loose a tremendous amount of money on un-repaired homes that foreclose. Suddenly they have a foreclosed home that is worth $10,000 less since the roof needs replaced. They have now lost a great deal of money.

I work in the Residential Restoration industry and can assure all of you this is a normal thing. As a General Contractor who does a great deal of insurance claim work I can assure you it drives me up the wall. There are really 2 ways to prevent the mortgage company from depositing and holding your check. First is hire a GC and get them to ask the adjuster to put them on the check instead of the lien holder. This means you have to really trust your GC. The second option is to endorse the check as John Doe deposit only Bank Name account leave a blank and write the last 4 digits of your account number. This makes it so your mortgage company can't deposit your check if they can't deposit the check there is no reason for them to hold it they usually turn it around pretty quickly. When you mail it off make sure to call every few days and request the status of its return. Don't be surprised if they want you to fill out an affidavit saying you will complete the work. This is to protect them and probably required by your INS company of them. If you take the money, don't make the repairs and then foreclose your INS company will have to pay for the repairs again. Be prepared to send your INS company a signed contract with a GC or invoices to show progress of work. They do have a financial steak in the repairs and want things done as much as you. They loose a tremendous amount of money on un-repaired homes that foreclose. Suddenly they have a foreclosed home that is worth $10,000 less since the roof needs replaced. They have now lost a great deal of money.

I work in the Residential Restoration industry and can assure all of you this is a normal thing. As a General Contractor who does a great deal of insurance claim work I can assure you it drives me up the wall. There are really 2 ways to prevent the mortgage company from depositing and holding your check. First is hire a GC and get them to ask the adjuster to put them on the check instead of the lien holder. This means you have to really trust your GC. The second option is to endorse the check as John Doe deposit only Bank Name account leave a blank and write the last 4 digits of your account number. This makes it so your mortgage company can't deposit your check if they can't deposit the check there is no reason for them to hold it they usually turn it around pretty quickly. When you mail it off make sure to call every few days and request the status of its return. Don't be surprised if they want you to fill out an affidavit saying you will complete the work. This is to protect them and probably required by your INS company of them. If you take the money, don't make the repairs and then foreclose your INS company will have to pay for the repairs again. Be prepared to send your INS company a signed contract with a GC or invoices to show progress of work. They do have a financial steak in the repairs and want things done as much as you. They loose a tremendous amount of money on un-repaired homes that foreclose. Suddenly they have a foreclosed home that is worth $10,000 less since the roof needs replaced. They have now lost a great deal of money.

The same thing has been going on in Texas as a result of Hurricane Rita (the most powerful storm ever to come ashore in American history, yet forgotten). Countrywide are a complete rip off, I've seen this on many occasions. I won't go into it here, it's posted elsewhere, but they even go so far as price fixing, and manipulating the prices of homes, and rippping off sellers. A few years ago the Texas Attorney General took them to court and won a huge settlment. Countrywide was charging a couple of hundred dollars to customers for the legal papers on homes. But, it turned out that lawyers weren't filling out the legal work, but in-house Countrywide flunkies.

Hello all, This is a followup on what happened with us and the mortgage company... First off the guy who said they would send 1/2 the money is mistaken!! they told us to make a repair and then they would reimburse us after the repair was done (I do not keep enough money laying around to replace my whole roof!!) Either way we refused to send them the check, and after talking with the State Insurance commisioner and congressman Gene Taylor, they suddenly called wanting to play "lets make a deal". I refused any offer except the full check, and after being told "no" 20 times or more.. They suddenly decided they would sign it. So we traveled to Mobile And held the corner of the check while the lady endorsed it. The mortgage company may have a lein on my house , but they do "not" own it!!! I have more equity in my home than the mortgage company does and I pay for that insurance.. not them.. So if you like begging for your insurance money then fine.. I will not beg for what is mine... call your congressman, call the insurance company , and call the Mortgage company until you get the Presidents office.. Whatever you do .. don't just hand them your money.. We cashed our check into our bank that very day and we have repairs underway now and our new roof is almost done. best part I distribute the money as I see fit to repair my home...The way it has always been... Good luck to everyone in the area fighting this battle.. just stay tough and fight for your check.. Don't believe them if they say taking your check is ok, or the only way to do it.. remind them that the longer the house sits unrepaired the less investment they have.. This is all not ok, so stand up to them and get your checks!! So we can rebuild our beautiful Gulf Coast Area.

These people will not receive the money back from the Countrywide until the work is COMPLETE. They cannot complete the work without the check. Countrywide knows this, and is hoping the loan will default so they can repo the house. They are predators. Read up before shooting off!

This is perfectly normal. The Mortgage Company owns your home until you pay off your loan. Having gone through Wilma recently (and let's not forget Andrew a few years back) it's a rather easy process: 1 - Adjuster comes out and assesses the damage 2 - You receive estimates from your insurance company as well as the amount of your check (less deductible). 3 - You receive your insurance check, made payable to the names on the title (owners AND mortgage company). 4 - You endorse the check and remit it to the mortgage company. 5 - Mortgage company sends you a partial check (mine was 50%) so you can begin the work and get hard estimates from local contractors. 6 - Once work begins and you have signed contracts proving such, then your mortgage company will remit the balance. I understand that after a catastrophe such as this ones nerves are shot, but one must think logically. The Mortgage Company is protecting "their" investment this way. They want to be sure the work will get done.

I have contacted the insurance company and they said that the loan companies are insisting they do this?? I still do not understand how. I also have a rental property that was damaged and the insurance company made the check to me and an old lender that was paid off years ago. So now I have 2 checks I cannot cash. This is ridiculous, The lender on that check has no claim to my rental property I own it outright... WE NEED HELP and we need to get the word out to people "DON'T SEND THEM YOUR CHECK!!"

I have talked with several neigbors that did send their checks to Countrywide and found that Countrywide will only send you money after you complete a repair? How are we suppose to make repairs with no money?

PLEASE HELP!!

I cant believe thelows that some banks will stoop to in the interest of filling the pockets of their already super rich CEO's. Have you spoken to your insurance company? If not, CALL THEM and tell them what is going on! Maybe they will be able to help you get around Countrywide and their conniving BS.

I am sorry for all you have lost and hope everything works out for you.