3 years ago, we bought a home, our credit score wasnt the best in the world due to job loses. We were 3 years out of a bankruptcy. We paid high closing cost, agreed to a 3 year arm with the promise that if we paid our mortgage on time and never was 30 days late. There would be no problem in refinancing at a lower rate, ""countrywide takes care of its good customers""
Well, thru the course of the last 3 years, about every 3 months we were contacted by countrywides FULL SPECTRUME LENDING division about refiancing the home. 2 years into the arm, we decided to take them up on it, got the papers back and buried in the original paperwork was this HUGE PRE PAYMENT PENALTY. I was going to owe 13,000 more on the home by refinancing it. I refused and just stated "I would ride the loan till the arm was up and then refi"
GUESS WHAT&Now that the arm is up, they have shot my payments up over $500 per month — I havent been late with ANY PAYMENT IN 6 YEARS on any loan I have and I have had OVER 20 LOANS PAID OFF in that term... My credit score isnt great, but it hovers in the 660 to 680 range. COUNTRYWIDE claims I no longer quailify for refinancing at a lower rate (lower payment). Now this is weird, if I dont quailify for a lower paymet, how am I supposed to make the higher one now???
SInce they dont get to make that huge pre payment penalty money, they dont want to talk to me AFTER PROMISING they would refi only conditions was that I NOT MIS ANY PAYMENTS
Somebody needs to force them to make good on what they tell people. If I thought for one minute, there would be a problem like this, I wouldnt have even bought this house. Now all the work we have done repairing our credit may have gone to waste and there seems to be no one to help... If anyone has any info to a GOV agency that can look into this. Please email me at
Tgriffith
Cedar Bluff, Virginia
U.S.A.
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