Comments on: My Countrywide Calamity Continues http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/ A Personal Finance Blog with a Silly Name Fri, 10 Feb 2012 11:02:13 +0000 hourly 1 http://wordpress.org/?v=3.0 By: texas ken http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-52770 texas ken Tue, 07 Apr 2009 17:47:08 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-52770 the rules have changed again, now its 400.00 and no guarantee, country wide must receive kickbacks from their insurance company, over six years of paying and no chance of removal of pmi. the rules have changed again, now its 400.00 and no guarantee, country wide must receive kickbacks from their insurance company, over six years of paying and no chance of removal of pmi.

]]> By: nick http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-46179 nick Wed, 25 Feb 2009 20:47:12 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-46179 I am just starting with them on the pmi, and can already tell its going to be a blast.I have a 30yr conventional fixed loan and have been on time for over a year now. The difference in my case is that i remodeled the house inside and out i pd 60,000 for the house, and was apraised for 115,000 minimum so going off that i am way past the min. requirement for equity. She told me i would get a letter soon......this is going to be fun i love new challenges, but see i dont lose you want to start that class action let me know. If this does not go smoothly im going to flip out. I am just starting with them on the pmi, and can already tell its going to be a blast.I have a 30yr conventional fixed loan and have been on time for over a year now. The difference in my case is that i remodeled the house inside and out i pd 60,000 for the house, and was apraised for 115,000 minimum so going off that i am way past the min. requirement for equity. She told me i would get a letter soon……this is going to be fun i love new challenges, but see i dont lose you want to start that class action let me know. If this does not go smoothly im going to flip out.

]]> By: Brainy Smurf http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-39435 Brainy Smurf Sun, 21 Dec 2008 18:30:13 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-39435 Really, Tyler? Please do keep me (and everyone who comes across this post) updated! I'm crossing my own fingers for you too! Really, Tyler? Please do keep me (and everyone who comes across this post) updated!

I’m crossing my own fingers for you too!

]]> By: tyler http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-38100 tyler Thu, 18 Dec 2008 19:36:21 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-38100 I am at the 78% mark as well and just talked to a countrywide rep. who assured me that my PMI would be canceled once he submitted a request himself, so im crossing my fingers. I am at the 78% mark as well and just talked to a countrywide rep. who assured me that my PMI would be canceled once he submitted a request himself, so im crossing my fingers.

]]> By: Greg http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-32812 Greg Sun, 17 Aug 2008 13:25:08 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-32812 I don't think it's going to get any better for you. My situation is very similar. I have a 6% fixed-rate mortgage for 30 years with Countrywide with no special considerations (HUD, subprime, Alt-A, etc...). Anyhow, I went past the 20% threshold several months and was unsuccessful in getting PMI removed. According to the HPA of 1998, lenders are not obligated to remove at 20%, but may remove it if the borrower is in good standing and can validate that the appraised value of the property has not declined. I opted not to request an appraisal, as Countrywide requires that it be through a company which it subcontracts for this. Call me a cynic, but I'm inclined to think that this company would probably err on the low side for its appraisals with regard to PMI deletion requests. Anyhow, I'm now over 22% and they have not automatically canceled PMI, as per HPA. They have sent me the same stock letter indicating that I need an appraisal. Reps at Countrywide have told me the same thing. I'm calling in again on Monday. After that, my calls will be going to state and federal authorities. I have paid every month on time, most months with much more than due, am not subprime or Alt-A, etc... and I'm getting this treatment? I am so frustrated and annoyed, I'm contemplating starting a class action lawsuit against Countrywide, as this is clearly their standard operating procedure and I'm also clearly not the only party enduring this. I don’t think it’s going to get any better for you.

My situation is very similar. I have a 6% fixed-rate mortgage for 30 years with Countrywide with no special considerations (HUD, subprime, Alt-A, etc…).

Anyhow, I went past the 20% threshold several months and was unsuccessful in getting PMI removed. According to the HPA of 1998, lenders are not obligated to remove at 20%, but may remove it if the borrower is in good standing and can validate that the appraised value of the property has not declined.

I opted not to request an appraisal, as Countrywide requires that it be through a company which it subcontracts for this. Call me a cynic, but I’m inclined to think that this company would probably err on the low side for its appraisals with regard to PMI deletion requests.

Anyhow, I’m now over 22% and they have not automatically canceled PMI, as per HPA. They have sent me the same stock letter indicating that I need an appraisal. Reps at Countrywide have told me the same thing.

I’m calling in again on Monday. After that, my calls will be going to state and federal authorities. I have paid every month on time, most months with much more than due, am not subprime or Alt-A, etc… and I’m getting this treatment? I am so frustrated and annoyed, I’m contemplating starting a class action lawsuit against Countrywide, as this is clearly their standard operating procedure and I’m also clearly not the only party enduring this.

]]> By: » Mortgage servicer affects person WITH EQUITY http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31651 » Mortgage servicer affects person WITH EQUITY Sun, 03 Aug 2008 20:05:12 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31651 [...] is a saga from a person with actual equity in their home, and a request for the mortgage holder to drop PMI which should [...] [...] is a saga from a person with actual equity in their home, and a request for the mortgage holder to drop PMI which should [...]

]]> By: nuckels http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31650 nuckels Sun, 03 Aug 2008 20:01:28 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31650 I so feel for you, as a person with equity (hard to find these days) and a consistent performer a different but challengning story of lack of customer satisfaction from Countrywide... We would love to here your outcome as well as any others at www.countrylied.com, we want to let the public hear from all types of homeowners and continue to expose the weaknesses in our mortgage servicers I so feel for you, as a person with equity (hard to find these days) and a consistent performer a different but challengning story of lack of customer satisfaction from Countrywide… We would love to here your outcome as well as any others at http://www.countrylied.com, we want to let the public hear from all types of homeowners and continue to expose the weaknesses in our mortgage servicers

]]> By: Heather http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31489 Heather Sat, 02 Aug 2008 18:17:57 +0000 http://pantsinacan.com/2008/08/02/my-countrywide-calamity-continues/#comment-31489 I feel for ya! And it is probably word for word the same canned answer - it's like nobody working for those customer service/call center places has a brain! I worked for UPS for a while and we had a plethora of canned answers and I finally quit because I realized I wasn't helping people - I was just causing more frustration! It never felt so good to write a resignation letter! Keep on it tho - as I know you will! Know that sharing your experiences is helping others, like me, who will be going thru the same thing soon! I am, however, starting to thank my mortgage broker tho for selling my loan to Chase and not Countrywide! And also know that although it isn't a funny situation, injecting humor into your blog like you do makes for a brighter day to atleast one of your readers! (me!) Keep the blogs comin' - love them! I feel for ya! And it is probably word for word the same canned answer – it’s like nobody working for those customer service/call center places has a brain!

I worked for UPS for a while and we had a plethora of canned answers and I finally quit because I realized I wasn’t helping people – I was just causing more frustration! It never felt so good to write a resignation letter!

Keep on it tho – as I know you will! Know that sharing your experiences is helping others, like me, who will be going thru the same thing soon! I am, however, starting to thank my mortgage broker tho for selling my loan to Chase and not Countrywide! And also know that although it isn’t a funny situation, injecting humor into your blog like you do makes for a brighter day to atleast one of your readers! (me!) Keep the blogs comin’ – love them!

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