I contacted Countrywide Home Loans to set up making my mortgage payments bi-monthly. When I received my approval letter, it showed the payments would begin the 28th of September and again on the 14th of October. I called them to let them know September's payment had been paid and to start on the 14th of October. I was put on hold and the chick that came back to the telephone told me she saw the payment, but that I always paid a month in advance. I asked her since when? No response. I told her to start in the month of October and that I have not paid a month in advance on my mortgage since I started paying in 1996. That problem was solved.
Before the lady hung up, she stated she noticed my interest rate was at 7.5% and that if I wanted to speak with a loan officer, there was probably something that could be done to refinance to get the interest rate lowered. I said sure, I'll speak to a loan officer.
Steve came on the line and asked a few questions and then told me he would call me back in 45 minutes to tell me if I qualified for a loan. The forty five minutes was the next day in the afternoon.
Steve called back and told me I qualified, asked a few more questions and told me an appraiser would contact me and the cost would be two hundred ($200.00. (Remember that number readers)
I was contacted and the appraiser was set to come out on Saturday, September 24, between the hours of 7:00 A.M. And 1:00 P.M.
I'm happy. I can now get a fresh start because there was a second mortgage I was paying that I could now have paid off. The balance on it was seventeen thousand dollars ($17,000.00) and some change. Not so.
I received a Fed Ex Package with an original Uniform Residential Loan Package and a second with the words Customer Copy written on it. I think, Countrywide thought I was going to just sign on all the X's and mail the Loan Package back in. Not a chance. I looked through the package and finally on the last sheet, I saw where a Fifty Three Thousand Dollar ($53,000.00) mortgage and a seventeen thousand ($17,000.00) dollar mortgage was going to total Two hundred thirty eight thousand six hundred eighty dollars and twenty nine cents ($238,680.29).
I filed a Chapter 13 in 2001 and it was discharged May of this year. Countrywide had included all the Creditors I bankrupted into this so called Loan, was charging Three hundred dollars ($300.00) instead of the Two hundred ($200.00) they initially stated for the appraiser, was changing my home insurance to a company called Balboa.
This is a frame one family house with Siding on just the front. The initial cost was Fifty seven thousand dollars ($57,000.00).
The interest rate was 7.5% thirty year fixed. If the Loan was taken out, it would be 10.051%
Some of the paperwork states Countrywide is in St. Louis, Missouri. Some of the paper work states Countrywide is in Calabasas, California.
I will stay with my financial situation the way it is until I can do better. Choosing Countrywide to refinance is not a smart move.
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