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One Response to “Mortgage company playing games need some advice please?”
Okay, let me get this straight. Countrywide over-lent to you on a second mortgage, which means you cannot refinance your first mortgage because the property doesn’t support the vaule and now your ARM is killing you? If I understand that correctly, you MAY have options but you need to get a lawyer. How did they ascertain you had $35K in equity when they approached you about the second mortgage? Did they get a full appraisal at that time? Countrywide does these ‘no fee’ seconds which APPEAR to be really good but man I have never seen one go so badly like this. Either the appraiser or Countrywide needs to take the hit on this. The appraiser is no doubt covered by errors and omissions insurance, and they created a HUGE error in assigning such a grossly overstated value on your property. This is extremely common for appraisers to do, loan officers are their bread and butter so they do what they have to do. I suggest getting a lawyer and suing the appraiser and Countrywide both. While the appraiser is responsible for his own work, all lenders have quality control review in the form of underwriting and whoever underwrote this loan without a doubt new there was something wrong with this value. They were just looking to push loans through to make a buck and figured since they held your first mortgage as well, their risk was minimal since in the case of foreclosure they would be recieving the entirety of the auction value one way or another. You will no doubt find a lawyer expensive, but your choices are limited and it is your only way out of this. The good news is predatory lending is the new "It" issue for the government nowdays and lenders are getting HAMMERED for this kind of behavior. As a matter of fact this has upset me so much I am going to print this out and take it to work on Monday and talk to my boss about it, I am really sorry you are going through this, I do hope you can get an attorney and save your home.
Okay, let me get this straight. Countrywide over-lent to you on a second mortgage, which means you cannot refinance your first mortgage because the property doesn’t support the vaule and now your ARM is killing you? If I understand that correctly, you MAY have options but you need to get a lawyer. How did they ascertain you had $35K in equity when they approached you about the second mortgage? Did they get a full appraisal at that time? Countrywide does these ‘no fee’ seconds which APPEAR to be really good but man I have never seen one go so badly like this. Either the appraiser or Countrywide needs to take the hit on this. The appraiser is no doubt covered by errors and omissions insurance, and they created a HUGE error in assigning such a grossly overstated value on your property. This is extremely common for appraisers to do, loan officers are their bread and butter so they do what they have to do. I suggest getting a lawyer and suing the appraiser and Countrywide both. While the appraiser is responsible for his own work, all lenders have quality control review in the form of underwriting and whoever underwrote this loan without a doubt new there was something wrong with this value. They were just looking to push loans through to make a buck and figured since they held your first mortgage as well, their risk was minimal since in the case of foreclosure they would be recieving the entirety of the auction value one way or another. You will no doubt find a lawyer expensive, but your choices are limited and it is your only way out of this. The good news is predatory lending is the new "It" issue for the government nowdays and lenders are getting HAMMERED for this kind of behavior. As a matter of fact this has upset me so much I am going to print this out and take it to work on Monday and talk to my boss about it, I am really sorry you are going through this, I do hope you can get an attorney and save your home.