The countrywide scam
A few years ago when interest rates had fallen to an all time low I started investigating refinancing to a lower interest rate. I talked to a countrywide rep about the options or programs they had available to refinance my home. They talked me into a convertible adjustable mortgage. They said it was an adjustable mortgage and when I wanted change it to a fixed mortgage all I had to do is call and it would be calculated based on prime and fixed at that time.
Well time passed and after a year and a half rates started to creep up and I figured it was time to fix it. So I called countrywide and no one seemed to know what I was talking about. After being told that no such mortgage exist by several different people, and transfered all over the place I was told special loans would call me back.
After several days of no one calling me back i called again this time asking to be transferred to special loans. After talking to several different people supervisors etc. I get transfered to special loans. I was told I could convert but only certain days of the month, and that it wouldnt be smart at the time that I should just let it ride since it was still relatively low bad advice.
PMI. I was told when I got the loan that the PMI-Private mortgage Insurance was a little high but since the rate was soo good it would be ok and I could petition to have it dropped after a 2 years. Well two years rolls around and they will let you drop the PMI if your house appraises for enough. Heres the kicker. They will only accept an appraisal from their appraisal company. (Landsafe). Stating it has to be a special appraisal on a special form but guess what your house will not appraise for enough and then you dont get to drop the PMI. Cause they lose money.
Applied for a home equity loan was told by their rep that no HELOC was fixed that they all are adjustable. (just a plain Lie). Would be interested in knowing what kind of sales training some of their loan speicalist get. The list goes on. There are so many ways to get screwed on a mortgage. The origination fees. Loan fees. Processing fees, buying points down etc. The term. The type of loan. I guess its easy to see why companies like countrywide and ameriquest make so much money.
Moral of the story. Have good credit. Only get mortgages through a bank. That's where mine is now.
Older and wiser in N.C.
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