Countrywide and Full spectrum lending really stuck it to us. I will admit part fault for some of this, but the bottom line is they missrepresented themselves, lied, and would not stand behind what they promised us.
We were moving to the city as my wife and I had recieved better jobs. We looked for a new home to buy 3 months ahead of the move and chose one. We were promised that we could keep the house we already owned, and still be gauranteed loan approval. Well we trusted that and went on with our plan.
We found renters for our home, and worked out a deal with the owners of the home we were buying to move in three days before the closing was scheduled. Remember we had been gauranteed loan approval, partly because my wife is in the escrow business and is a loan closer for this company. And we made our move.
The day of the closing we are told that we did not have approval yet. The company did not like the results of the appraisal they recieved. The appraisal they had ordered five days before we were to close on the house. So that delayed things and now we find ourselves paying rent on what was not yet our house but was just the same. So they order another appraisal.
This one came in 12,000 dollars higher than the first. So now we wait a week to see what is going to happen with that. Meanwhile, just about everything is in the garage still as we dont know what is going to happen next. I need to add too that Countrywide/FullSpectrum Lending sent both of the appraisals to the owners of the house we were buying, not us.
So anyway we finally agree on a new selling price, terms, interest, payments, etc., and go to closing being assured by Countrywide/Full Spectrum, that all is well. Now my wifes company is the one doing the closing. We get there and the mortage broker from Full Spectrum doesnt even show up, and the interest rates are 2 points higher on the first, and 4 on the second. At this point we should have walked, but had nowhere to go. So we closed the deal, after needing to write another check for over 3000 dollars because they had "miss-calculated" the closing costs.
Then just when we think everything is done, we get a call from them that they had lost all of our closing documents, and still do not own the house. Well come to find out, they had Fed-exed them to us at our house. So for a week Fed-Ex could not deliver them because we were not home and there was a COD on the package.
In closing we are losing our house. The 500 dollar difference a month in what we were able to pay at the beginning, and what we ended up paying in interest payments has finally worn us down.
If anyone after reading this story still wants to use them, be carefull. Dont trust anything they do, and nothing they have to say.
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