Countrywide Home Loan-Bank of America
Fraud and Misrepresentation, Abuse of Customers

I'm writing to create a criticism against National Mortgage Loans, and also the Lender of America, its owner. Countrywide is utilizing a quantity of ploys to wait and steer clear of assisting people regarding the applying the lately-introduced national plan to aid its clients that require support.

Instantly about the statement of the strategy, I visited the National site which directed me to gather and send a summary of info, that we did. Which was in mid-March. I named a couple of days later to verify they had gotten my info. They established its bill, nevertheless when I questioned about that new plan, the National broker explained the only real program they've to help homeowners is for those who have loans through Freddie Mac and Fanny Mae, which my mortgage isn't. I told them they were mistaken, you will find two applications which were simultaneously introduced, the House Inexpensive Refinance Plan, that will be the program for Freddy Mac and Fanny Mae borrowers, and also the House Inexpensive Change Plan, that will be for additional borrowers. They explained that I had been incorrect. There's just one plan, plus they had no program to assist me. After I attempted to persuade them they were wrong and providing their clients the incorrect info, they hung-up on me.

I've called them at least one time per week since that time, and also have created no improvement whatsoever—not just regarding obtaining a change, but even yet in obtaining somebody who may rationally speak with me about doing this. All-they do is need instant cost, which, obviously, is difficult. Easily had the cash to created the funds, I'd undoubtedly achieve this and wouldn’t be calling them requesting help.

A week ago after I named, after having been informed exactly the same tale that there's no plan open to assist me, I required to talk to a boss. After detailing this entire scenario to her, I questioned her to verify their bill of my info. She stated, yes, it was obtained on March 19th but no motion hasbeen obtained onto it. I asked why don't you. She'd no solution, but simply stated no motion have been obtained. “It hasn’t been posted yet.” I questioned her to please publish it—I believed I had been distributing it after I adopted the directions to gather and send the info. She stated she'd obtain that it's posted.

Today (April 21), I named, and got another account. Yes, they've got my info, but there is no indicator of its having been posted. No, they don’t possess a plan open to assist me. Concerning the national program introduced last month, they explained the government hasn’t launched the info for them to apply such plan. They explained to hold back until middle-May once they may be ready to begin this program. Lastly, they explained to contact HUD. Which was it. They've accomplished nothing else to assist me in getting the help that I seriously need.

I visited America Treasury site, and discovered the “Summary of Guidelines” doc, that will be dated March 4.in particular respect towards the House Inexpensive Change Plan, this principle document claims, “With the info available these days, servicers may start instantly to change qualified mortgages underneath the change program to ensure that at risk consumers may better manage their payments.” (This wording is boldfaced within the record.)

Therefore, based on the U.S. Department of the Treasury, home loan servicers might instantly be applying change plan by March 4. Nevertheless, based on Countrywide, they've not obtained the rules to apply such program, aren't providing any program presently, and don’t understand once they may be ready to apply this type of program. They explained to check on in middle-May. The strategy that National-Lender of America, regarding me and my situation, hasbeen to lay to me, deceive me, and delay endeavor good motion till I'm to date behind that nothing could save me.

In my own newest phone (week of May 11-15), the reaction of Countrywide-Lender of America now's to inform the client to hold back. The phone consultant (you've to talk to another one any time you contact) stated that Countrywide was determining who qualified for that plan (though they're still steadfastly refusing to acknowledge the lifestyle of the low-Fannie Mae/Freddie Mac “Home Inexpensive Change Program”), and they may mail-out notices to people who qualify. Their guidance in my experience was, “Wait to determine if you receive a notice letter.” Towards The issue, “How long may that consider? Just how long can I need to delay? ” There's no response. “Just wait to determine if you receive a letter.” This Really Is really like their guidance to homeowners once they attempt the National inner change plan: “Don’t create any funds while this method is underway.” the things they don’t let you know is the fact that the procedure may take around three to four months—time enough without making funds (when you are recommended) to become somewhat behind in mortgage repayments and after dark 3-month limit for certification for foreclosure. Hence, the most obvious plan by Countrywide-Lender of America would be to trigger the homeowner to drop to date behind within their funds regarding create the problem insolvable—government plan or no government strategy.

When The Leader, the Secretary of the Treasury, Senators and Reps genuinely believe that the program they've started is assisting anybody available who's a person of Countrywide-Lender of America, they're sadly mistaken. These, ideally, well intentioned public authorities live in a dream-world when they genuinely believe that by putting the management of the plan within the fingers of the extremely creditors who produced the issue within the first-place anything substantial will be achieved to assist vulnerable homeowners, they're voluntarily kidding themselves. They've set the monk responsible for the hens, and also the chickens are vanishing, 1 by 1. I wonder why?

The Financial Institution of America, throughout the first tranche of the notorious $700 billion "bailout strategy, " got $20 million, that they evidently committed to their purchase of Merrill Lynch and bonuses for Merrill professionals. Today, when not just have they obtained substantial authorities cash, allegedly to help them in freeing-up the credit areas, and now have accessible one more national plan to help desperate homeowners, they're declining to do this. I've spoken to a couple others that I understand how will also be having monetary issues and mortgages with National, plus they are also receiving only refusals and postponements. It's difficult to locate anyone to rationally examine oneis monetary issues with at National because they WOn't achieve this. Their reaction is only to demand on instantly getting balances current or paying down the mortgage. There's a significant abrogation of obligation concerned hereby a business that's obtained national cash but will not aid citizens who're their clients. I've read the boss of Lender of America has accepted he is sorry that his company required the cash—possibly first and foremost since, consequently, he's arrived at understand that obligation could be expected of these in exchange, and they could be likely to make a move due to their clients. The Financial Institution of America-Countrywide ought to be punished to take cash under false pretenses.

I'm seeking info from you regarding National. I'd prefer to contact additional National customers who've been having comparable issues to obtain them to participate with me in calling our people of Congress, the Leader, and Assistant of the Treasury, to see them of National-Lender of America's violations of the usage of national resources, the general public confidence, as well as their clients.

Company: Countrywide Home Loan-Bank of America
Country: USA
State: California
City: Templeton

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