Is Foreclosure Certain With Countrywide?

Back in 2002 after my divorce, I purchased a home through Countrywide. At the time my Credit Score was 745, which is extremely high on the scale. They "required" a PMI and an interest rate of 8.25%. Thinking I could re-fi later through another lender I took out the mortgage with them.

My horrors with this lender began the following year when they increased my payments by $240.00 a month to cover an $800.00 a month increase in my property taxes. Unfortunately the county I lived in did not make the change I had filled out the paperwork for to change from the builder's millage rate to the residential millage rate.

I contacted the County Treasurer's office immediately and filled out the paperwork a second time. The county updated the information and informed me that Countrywide would have to be reimbursed for that as they made the payment. I called Countrywide immediately and let them know all the paperwork had been put in to obtain their reimbursement, all they had to do was send verification of their payment to the county and the reimbursement would be immediately refunded.

During the time I was waiting for Countrywide to obtain this reimbursement from the County Treasurer I attempted to make my normal and customary payment, without the increase, and Countrywide refused stating they had to be reimbursed for their expenditure. I informed them they were to get the reimbursement for the overpayment from the County and I would continue to make my normal and customary payment until that could be straightened out with the County Treasurer. They again refused my payments. They continued to refuse my payments for 18 months. They did not get the reimbursement from the County, who had been ready and waiting to issue it, for two years.

Countrywide's refusal of my payments put me into a foreclosure situation. I was forced to do a loan modification. This loan modification required that I pay $4000.00 down and $1100.00 a month for a year. At the end of which my payments would continue to be $1100.00 a month. I complied, hoping I would be able to re-fi after the modification was completed.

I faithfully sent them their monthly payments, via Western Union so they couldn't say they didn't get it. My final payment was due in November. I contacted them at the end of November when I got my payment voucher because they said I hadn't paid my payment. I was routed to about 15 different people, none of which could do anything.

Every time I had called Countrywide I was directed, redirected, hung up on, redirected, hung up on over and over again. Calls to Countrywide usually entailed at minimum a two hour incident with it culminating in being hung up on. When I finally reached someone who could look into their system I was told that my payment for November had not been received. I promptly informed them that I had verification from Western Union that it was received on the due date.

After two days of contacting Countrywide I was informed they had found the payment and would apply it. When I began getting calls for my past due payment I freaked out. They had failed to apply it on the date of receipt. Actually they had failed to apply it for more than 45 days, causing my modification to be null and void. Again, they proceeded with foreclosure.

At this point I am in complete disbelief. I met their requirements, I did what I was required to do, could verify each and every payment but still was put back into default. Knowing I could not come up with another $4000.00 down payment to initiate the modification yet again I came to the conclusion that Countrywide had set out to make sure I went into foreclosure so they could obtain the house, all the funds I had paid them and then sell it again and make a profit.

Now during my time with Countrywide they had informed me that I had "force placed" insurance because of a failure to pay my homeowners insurance. Well the insurance and the property taxes were included in my payments so if it wasn't paid it was a failure on their part. I called my insurance company and verified that the policy was still in effect and that there had been no lapse in coverage. After telling them that they informed me that I still needed force placed insurance, which was double the amount they had already paid my insurance company. This would again increase my payment amount to them.

At this point I began seeking other options for a mortgage company only to find that due to their refusal of my payments and it showing on my credit report as late payments for more than 18 months I was unable to refinance. I was stuck. I couldn't afford payments of more than $2000.00 a month for a house that was $114,900.00 at the inception of the loan. I later came to find that Countrywide had added an additional $10,000.00 to the balance of my loan.

As a single mother of two struggling to make such exorbitant payments Countrywide knew they would get the house. I tried to short sale it, but Countrywide refused. I tried to put it on the market but with all the structural deficiencies in the house I would have been left liable for them as opposed to the unlicensed builder who built the house.

I knew there was nothing more I could do than let them foreclose on the house. So in April of last year the foreclosure sale went forward. Countrywide was going to charge me for the difference in the sale price and the payoff amount. I'm now without a house, looking at having to pay taxes on a home I no longer own due to the foreclosure and struggling to repair my credit thanks to Countrywide.

If you are thinking of using Countrywide for a lender, please think again, they are a predatory lender. If you do not believe me please feel free to check with your local courthouse on which lenders are foreclosing on homes. I can almost guarantee you will be shocked at just how many people lose their homes to Countrywide. When I checked with the courthouse I was told that ALL the foreclosures that day, 90 of them, were for Countrywide loans. I am also attaching links to some sites which tell the stories of how Countrywide has taken advantage of others across the country.

Even their employees sued them for lack of overtime payments. Can you trust a company like that with your largest purchase? I did and now they have the home, a profit, what I put into the house and I'm left with nothing but an additional tax for a foreclosure. Also, Countrywide is also running Full Spectrum Lending, another predatory lender. And don't be surprised when MERS forecloses on Countrywide's mortgagee's, they're the company that does Countrywide's dirty work!

The last link I attached will bring up all current cases with Countrywide involved, please take a look, it will be well worth your time!

Think hard before you use Countrywide as a lender, you may end up where I did!