We applied to Countrywide for their loan modification program as we have a sub prime mortgage and our 6.125% lortgage has skyrocketed to 10.75%. We can barely afford our mortgage. It recently dropped to 9.75%.
We applied in June, we were asked to submit a lot of information the bank along with 2 months worth of bank statements. They told me it would take 4 weeks for a decision. We calle them in 5 weeks and they said they dropped the ball and never assigned our file and we had to submit everything all over again.
6 weeks later we received a pachage, fedex, from Countrywide congratulating us and informing us that we had been approved for the loan modification. They asked us to sign, notarize and return the enclosed documents. Upon reveiw of the documents, Countrywide approved us at 10.75% for the next 5 years. Additionally they were going to add $3000 to the existing principle balance of our mortgage.
I have made many phone calls to Countrwide only to be gicen the run around. I was transferred to their "Heart" group who have been contracted by Countrywide to handle this program. A male voice from India informed me that the banks are suffering also and I should be pleased because my adjustable rate could go as high as 13.5%.
I commented that their offer of modification resulted in raising my interest rate and adding money to our principle amount. The voice from India was rude and short telling me that the group mamages 40,000 like letters that were sent out in a bulk mailing.
I called back and after 43 minutes of holding, I finally managed to get a supervisor, supervisor Gorski, on the line. I explained what had been said to me and he appeared to be horrified. He explaine that there must be a mistake, that he would deal with it and contact me within 2 business days. He gave his direct line number.
9 business later, 16 phone calls that covered 243 minutes and 11 emails later, I finally reached my caring supervisor. He told me he wasn't able to make any headway on my file and that I should be pleased to be offered the program.
They led us to believe that they cared about us as customers and people. Countrywide Financial is the worst company that I have ever done business with.
We will be refinancing and taking our business elsewhere.
Beware, their loan Modification program is nothing but a lure to lock you into a high interest rate that could put you into foreclosure.
To sum it up, Countrywide Financial just doesn't care about their customers.
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