Initially when we had contacted Countrywide Home Loans, it was with the intention of taking a second mortgage out on our home. After the entire process, we were informed that we didn't qualify for a second loan, but we could refi for 6%.
We were aware that we would be subjected to a prepayment penalty for ONE-YEAR. After they sent a mobile notary to our home, we signed, and then realized that they had instead put 36 MONTHS on our paperwork. This notary came out at 10:30 in the evening, and had admittedly told us that they were trying to push as many people thru as possible because it was month-end, and that Countrywide would fix it. The next day, I called John and explained the glitch to him, and he said that I was right, that we WERE promised a 12-month prepayment penalty, and that we needed to contact the title company.
After the runaround several times, the title company said that the forms could most certainly be changed by John, since he was the loan originator. I also told John that I wanted this done as soon as possible, because I know there is a high turnover in this industry. He said that he'd just gotten a promotion, so he would definitely still be there. This was in October, and I can't get an email or a phone call back. Not to mention that we are stuck with this giant penalty.
In addition, when we were having checks cut to pay off some of our debt, the creditors and amounts were all screwed up, i.E. A credit card with a $200.00 limit had a check cut for $450.00, things like that. The title company was quick to fix that. We are young, and probably weren't the sharpest tools in the shed, but we trusted him. We are stuck at a 6% ARM that can go up every 6 months, up top 1.5%. He said we could refi after the 1st year for a lower interest rate, but now I don't know because no one will talk to us about anything.
I have spoken to their customer service department, the office manager, everyone. They all say they'll take care of it and make sure he gives us a call. DO NOT trust this company; for every friend I have that has been happy with them, there are three that say they'll screw you over. I did consult this website first, and didn't find a problem in our area. He also said we wouldn't pay more than 5,000 in closing costs, we paid in excess of 11,000.
Just beware, do research, and don't be as gullible or trusting as we were!
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