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Beware Countrywide Home Loans

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Countrywide Home Loan’s problems continue as accusations of predatory lending practices continue to be reported by the media. If you are in the process of refinancing your mortgage with a loan from Countrywide you might want to think twice after watching this video.

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Countrywide isn’t the only mortgage giant being accused of predatory lending practices. Wells Fargo Bank is stealing the spotlight with similar accusations of predatory practices including excessive fees and mortgage rates, prepayment penalties, hidden variable rates, balloon payments, and falsifying information to the credit bureaus.

If you’re in the process of refinancing your home and want to avoid predatory lenders and learn how to refinance your mortgage with a wholesale mortgage rate check out my free mortgage refinancing toolkit.

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{ 2 comments… read them below or add one }

Andres Bustamante December 24, 2007 at 2:37 am

Countrywide is the worst! they tried to rip me off so badly when I bought my new home from KBHome.

KBHome and Countrywide are hand in hand in a mortgage scheme that pits the home buyer against various builder deadlines forcing the timid to use Countrywide. KB and Countrywide paint such a horrible picture that you are lead to beleive that if you don't take advantage of their convoluted partnership, you will never have your home built.

Countrywide takes advantage of this by offering predatory loan products that are inferior to the consumer's credit rating. Countrywide actually offered me an 80/20 loan when I more than qualify for 100% financing. The 20 portion of the loan was going to be a second mortgage that, by analysing the amortization schedule, would NEVER be paid off. In 5 years, I would have to refinance the 20 percent since I would only be paying interest.

Best part is that I kept all of the documentation and I am so taking them tot he cleaners. Both Countrywide and KBHome need to feel the heat!

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Keith January 17, 2008 at 7:13 pm

Countrywide is ALWAYS inventing new fees and ways to scam victims. They said there would be NO fees when I setup my payment plan, then added fees. NONE of those fees show on any Countrywide statements! When I called they refused to remove the fees, and advised I should check my bank statement. However, it's too late by then they've already charged you the fees!

They add fees and DO NOT put them on your statements!! When I called they told me I should have checked my bank statements..by then they’ve already charged you the Fees!!

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