When I bought my house the Counrywide rep advised me to take an ARM even though I had a substantial amount to put down, had no pressing financial problems, and planned to stay there for five years. When I figured this out two years ago I switched to a conventional 30 year loan. I chalked this all up to my inexperience and gullibility in trusting their agent.
At the re-signing a Countrywide rep came to my house with a pile of papers to sign. Despite my stated demand that I wanted no other services he asked me to sign up for a Home Equity Line of Credit (HELOC). I said I did not want such a thing as I had no need for it. He assured me that there was no annual fee unless I used it, so I agreed to the deal based on this advice.
Although I never used it, it turns out that indeed they are entitled to bill me for $75 a year. I refused to pay them and have been told that they often slip these deals in at signings so they can make money. It is my understanding that this rep was legally bound to explain the terms properly and not scam me. Countrywide refuses to remove the charge and says that I signed a paper stating that I would not sue them, thus I have no legal recourse.
My experience with these people has been completely negative and I encourage people to avoid them entirely.
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