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!!!
0 comments