I used Countrywide's Broker in San Marcos to refinance my home in La Mesa CA prior to relocation in IL. I wanted to move near my family and someone recommended this broker to me. I had a good amount of equity and needed money to move and put a downpayment on my new home. I specifically told him no negative am loan.
I explained my situation that I was moving to IL and building a new home there. I wanted to take a second but he told me that I would have to refinance the loan and suggested the COFFI loan through Countrywide. He said this would be the best loan for me.
I did not understand the loan so I kept asking him questions. He kept talking about his personal life and tried to avoid answering important things. One question to him was how much will the payment be because my friend is leasing the home. I need to setup up the lease for two years. He gave me the figure of 1,413.00. I set the rent at 1,450.00 and signed a lease for two years. When I got my first payment it said it was the minimum payment and in order not to go negative, I had to pay over 1,800.00 plus. I was stuck with the lease and a negative am loan. I could not get more money from my friend. When I received my loan papers in Chicago, he charged over 12,000.00 to do the loan. He totally ripped me off. I have had a resentment against this guy up until now. I called Countrywide and they said there was nothing they could do.
I told them that I am an insurance agent and if I did to someone what he did to me, I would lose my license for nondisclosure. Countrywide did absolutely nothing.
I was stressed out for 3 years in this loan going negative on my future retirement home. If anyone reads this please help go after these people. The loan added a negative 20,000.00 to my mortgage before they would refiance again. I got an agent (employee) to refinance (a decent guy though) to refiance but only 5 years fixed. I still had to pay refiance fees but not as much.
I feel taken advantage of by their broker and the fact they would do nothing to help me before this went too far.
La mesa, CA
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