Is Foreclosure Certain with Countrywide? An Update

Well tax season is upon us once again. And the idiocy of Countrywide continues, or should I say Bank of America.

You may want to refresh yourself with my previous article, Is Foreclosure Certain with Countrywide, for perspective on this article.

As per the initial article the foreclosure proceeded back in April of last year. Now keep in mind I informed the Master-In-Equity Court, during the foreclosure bidding process, of all deficiencies in the home prior to it being sold. It was bought for $149,212.00 by a very young man, according to him his first flip, and sold within 30 days to another gentleman. The foreclosure purchaser was informed, in detail, of all the deficiencies in the home, however he did not relay those to the purchaser to whom he sold it to. No big surprise there, right? No one is honest or has integrity anymore, those days are long gone.

And not surprisingly I received the 1099-A from Countrywide, although the lender listed was Federal National Mortgage Association (aka Fannie Mae), showing a balance of the principal outstanding as $124,185.05 and the fair market value of the property as $149,212.00. Keep in mind, Countrywide's appraiser was the one issuing this "fair market value", and Countrywide had full knowledge, before the appraiser came out, of all deficiencies including two engineering reports I personally faxed to them. Also refer to my article, Is Your New House A Safe Investment for some background information on the deficiencies with the house. And though Countrywide showed a $25,025.95 gain from the foreclosure sale they are still showing me as personally liable for repayment of the debt!! Now someone please explain to me how that works. If the property was sold at the "fair market value", which would be more than sufficient to cover the foreclosure fees, attorneys fees, et cetera how am I still personally liable for repayment of the debt? I spent more than three (3) hours on the phone with Countrywide this morning, being rerouted to 7 different departments, none of which handled that. Okay, no surprise there! I have dealt with this horrific excuse for a company for many years and they never fail to surprise me with their lack of knowledge, questionable chain of command, inability to answer one simple question or direct me to one single person who can answer any question. It's always this department doesn't handle that and you'll have to talk to....and then, I don't know why they transferred you here, we don't handle that, let me send you to... and so on and so on. And after this three (3) hour phone call I still wasn't given to any department that could or would assist me in getting a corrected 1099-A or acquiring a 1099-C. I was never issued a 1099-C, cancellation of debt form, as they made all funds expended back and then some. Countrywide hasn't lost anything and they are still claiming I'm liable for repayment of a debt that has been overpaid! In the foreclosure there was a default judgment against me in the amount of ZERO. Once again, their accounting skills leave something to be desired!
Now Countrywide has been bought out by Bank of America. Bank of America might want to look into their previous accountings for errors, such as issuing home loans with sub-prime rates to people with a credit score of more than 700! Or would that be the government's job?

Wouldn't it just be fabulous if the IRS decided to audit Countrywide? That little endeavor would keep the auditors occupied for the next five years sorting through their fraudulent actions and bogus information.

I am grateful that after this tax return is filed Countrywide will no longer the nightmare in my life and I will finally be free at last! But if there is anyone who wants to file a class action suit against Countrywide for their fraudulent acts, count me in and contact me!! I'd love to see them be made accountable for their actions!