Countrywide disaster! Any help!!! Hi everyone. Haven't been around for a while. Last month we applied with the local Countrywide for a re-fi with a mini construction. Meet with the loan rep in early June. He took all information including copies of our BK from '99. Gave us a Truth-in-lending with a 5.3% locked rate. Our scores are between 644 & 660. He said the only thing the loan hinged on was the apprasial. As long as that came back good we would be set to go. Pd him a small fee. Spent $300 on apprasier. Aprasial was done 3 days after our initial meeting with rep. It came back $18K more then we even expected. So our loan would be at 80/20. No PMI. The wait was on. Two weeks passed & no word. So we started calling. The rep told us we would be closing on 7/16. He said we would need the signed contract to finish the closing. Ok, then I asked to confirm the 5.3% rate. 'Oh no you didn't lock in at that. If you want that rate it will cost 1 1/2 pts or we would be at 5.8%.' I agree to the pts. We were putting off signing the contract until the loan was official. We had gotten a letter from our exisiting loan co on how to cancel our ACH payments. Countrywide had requested a pay off & said they had done the title search & all was fine. Then the rep calls to say they can't do the loan striaght out the underwriter suggests doing a 1st & 2nd. He explains that the payments would stay the same. Ok agree to that. So now the contract is signed, we cancelled our ACH payments and I go on line to Countrywide's site & find out the loan has not been approved. Call the rep he claims yes it is & we are actually going to close a day earlier, next tue. Then 1/2 hour later he calls & say's sorry we can't do the loan becasue of the BK. My husband blew up. An hour more passes & another guy calls saying he is with Countrywide's high risk dept. They can do the loan for 6.4%. My husband told him off & hung up. So now we sit with a contract, payment has to be mailed in & not screwed up so we get a late on the CR & no loan. Any ideas out there?????????????? Thanks, Becky
Countrywide disaster! Any help!!! I know when we refinanced in 2000 and currently in the process again now we got a "rate Lock" letter which we had to sign and return showing the rate we locked and when it expired. Did you not get this in writing?
Countrywide disaster! Any help!!! Becky - Did you not get a Commitment Letter from Countrywide? If so, it states what the conditions to close are, and if you have it and it doesn't mention the bankruptcy I would be talking with a lawyer. If you didn't get a Commitment letter then Countrywide never committed to lend to you. Technically they never approved your loan request, regardless of what the loan rep said. I would still be talking witha lawyer since you disclosed the bankruptcy in the beginning, went through considerable expense and at the last second they say "Bankruptcy????"
Countrywide disaster! Any help!!! Forgot....Bankruptcy....what is the deal with that? Sounds like they are changing the terms because of it. We bought our home in 96, bankruptcy was filed in 91. finalized in May 92. The mortgage company had no troubles approving us. All they required was a letter explaining why we filed, etc.... Have you demanded an explanation and if they can't figure it out I would demand a check for the money you paid up front. We had a similar problem with a refinance a few years ago....the mortgage company locked in our rate and after 30 days locked it again but never even got anything rolling as far as the paperwork, etc....After 60 days of the run around I told them FORGET IT....demanded my 350.00 back for the appraisal, etc....After no response or check I wrote to their CEO via planetfeedback.com and within 2 weeks I had a credit to my credit card for 350.00. I hope you get this resolved!
Countrywide disaster! Any help!!! HI, Yes, I had a lock agreement. Which he claims was not correct. I have never had a commitment letter for any loan & have never had this problem. We just bought this house in 12/01 with an FHA loan with great rate at the time. Had not a problem getting it. We also got a 0% car loan in Sep. Now 4 1/2 yrs after the BK (which was due to a buisness we no longer do), with spotless credit. Not a hair out of place & plenty of income. Scores acceptable. The Bk is the reason they came up with. My husband did demand an explanation. He said, "All I can say is that it is the BK." Then he said, "I am only a salesmen." It's been 2 weeks since they turned it down & we did not recieve a "not approved" letter. Nothing from them. Since we paid the appraiser personally we can not get that money back. It's so frustrating. Becky
Countrywide disaster! Any help!!! Sue Em! (use the proceeds to pay off part of the mortgage... which you WILL get...)
