Let me add my support to those who have experienced unsatisfactory performance from Countrywide. I've been a home-owner since 1984, and have bought and sold nearly a half-dozen homes since that time. Countrywide is the first mortgage company in which I regret getting involved.
Most companies are in the lending business. They hold a lien to protect their investment, but are not interested in becoming brokers of the commodity being held as collateral. A few, though, do require a large down payment which reduces their risk immediately, and then use any excuse to claim default on the borrower's part so they can collect collateral worth much more than the loan.
In the case of Countrywide, I was one month late in my payment. This lasted for four months. Each month I was able to make a payment, but it was always one month late. After 90 days, Countrywide claimed that this constituted 90 days late and initiated foreclosure. Only at the last minute did I find out and hurried to stop it. Fortunately, I received a windfall check that allowed me to reinstate the mortgage, including a huge attorneys fee from Countrywide.
Now they call each month on the 1st (when the payment is due) to see if I've sent it out. They claim that the US Postal Service notifies them of each payment in transfer through their system so they know if you mailed it or not.
No, the USPS has way too much to do in their own work, and they have no way of knowing what's contained in an envelope.
Frankly, dealing with Countrywide is about the same as dealing with loan sharks.in fact, just as soon as I can refinance, I'd sooner use a loan shark than ever deal with Countrywide again.
Countrywide is also one of those companies advertised on TV to use your home to consolidate your credit card debt. Best way to lose your home if you ever run into financial trouble. Had I seen those ads when I financed this home, I would have avoided Countrywide as the pariah they are.
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