We have had Countrywide mortgage since we were told that after 2 years we would be able to refi and get a fixed rate.
The appraiser (theirs) low balled us and there was not enough to cover the loan. So we were stuck with the balloon.
I had a heart attack in Nov and lost work got behind, they said the "workout dept" could help. But first we had to not pay our payment for 3 months go into forclosure then thye would help.
Ok, didn't understand how that would help but did as they asked. Now the interest rate that was 6.5 now is 10.5 and going up again in august.
Then in April they put my payment in my escrow account, then May's payment went there too. They were forclosing on my house finally was able to talk to someone they were going to fix the problem.
End of June another letter threatning forclosure, I bcalled again, they finally took the payments out of escrow still charged me late fees and now have my $1459 payment is now $1612 (why). They have my account so screwed up it's not funny none of the figures add up.
I'm seeing a lawyer and would like to file suit.
2 people who work for me also have Countrywide and are having similar problems, they are being threatened with forclosure.
How can they afford to lose on these houses?
Is there a federal insurance that covers their loses plus they get to sell our homes and still make money?
We all need to find a laywer because this not normal with all of us having the same problem.
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