After my son built his house he applied for a refinance loan with Countrywide and was denied due to his credit score. Countrywide suggested that I apply for a loan based upon my credit score and my son's income. I am retired with only Social Security benefits as my only sorce of income which is just under $1,300 per month.
The loan of $245,000.00 was issued in my name (including my wife) but did not include the name of my son. The title is also in my name. It is an interest only payment of about $1,900.00. The payment per month exceeds my total monthly income and my son who had planned to make the payment has been unable to do so. Countrywide did me a gross misjustice, knowing full well that I would be fully responsible for the loan.
Now I am faced with foreclosure and I believe that Countrywide placed me in an impossible situation. It is my opinion that Countrywide broke the "preditor lending" regulations and I do not know if I have any legal recourse. My credit is shot.
0 comments