Anyone interested in filing a class action lawsuit against Countrywide home loans for unfair lending
October 11, 2008 - Did Countrywide home loans acquire your home mortgage, then aggressively pursue foreclosure proceedings against your property forcing you to refinance or sign an unfair loan ...
- No, I have a mortgage with them and have been doing business with them for years and have never had any problems with them at all.
Countrywide, like many large mortgage lenders and servicers, is likely to have a few disgruntled customers. It happens. Likewise, Countrywide Specialty Lending Group (their subprime division) was not amongst the 67 wholesale subprime mortgage lenders that have ceased to function over the past several months. ... I know of no conforming Countrywide borrowers who have ever had a problem. Given their share of the marketplace, however, I am certain there must be a few borrowers who, through no fault of their own, may have defaulted on their home loans (e.g., job loss, illness, etc.) ... The fact remains that those with subprime home loans are never granted as much latitude as would a conforming borrower. The borrower's reputation (credit history) precedes them. ... Likewise, you do not end up being foreclosed upon for making ONE payment a few days late. Nor are you asked to enter into a forebearance agreement unless you are months behind BUT that there is reasonable hope to recover from whatever temporary setback teh borrower may have experienced. ... Foreclosure proceedings generally begin when you have defaulted by missing three or four monthly payments (unless the original loan documents contained more adverse verbiage) or if there has been a pattern of delinquency. The lender/servicer, in this case Countrywide, has every right to protect the interests of the investors who were gracious enough to have granted/funded the loan in the first place. Agter all, they hear thousands of half-truths, fabricated hard-luck stories, and outright lies every day of the week. ... If you, as a borrower, violated the terms of your mortgage agreement, you really have no one to blame but yourself (or your circumstance). On the other hand, if you are simply another ambulance-chaser fresh out of law school looking for deep pockets to plunder, may I suggest that you re-read the terms of the mortgage and/or forebearance agreement and the various terms which had been agreed upon. You will find no sleight of hand contained therein. ... The law is crystal clear. If you pay your mortgage on time, nobody bothers you. If you forget to make a payment, you will receive a courtesy call. If you continuously make payments late, the lender/servicer has every right to pursue every legal means to recover their investors' money. ... If you can prove to me that, miraculously, you managed to fall through the cracks somewhere along the way, you will have my full support. On the other hand, if you are making mountains from molehills and are in clear violation of a contractual agreement, I will support the lender's case every time. I have been in the mortgage business too long to be hoodwinked.
- I thought there was a class action against Countrywide going on. I did a search and found a bunch of attorneys suing Countrywide. Check out the search: ... http://www.targetlaw.com/pages/results.php?q=countrywide+mortgage&cx=014554649659382033265%3Ahx_xacprcdq&cof=FORID%3A10
Knowledge Base: Mortgage
Reverse mortgage?
October 10, 2008 - Category: Mortgage
i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why do you think it is good / bad? you must answer all three to be considered for best answer. reverse
Reverse mortgage »
what is a reverse mortgage and how do people benefit from them?
October 10, 2008 - Category: Mortgage
what exactly is a reverse mortgage? why do not people have to pay it back?. a reverse mortgage is a loan that allows people ages 62 and up to get the money they need for any expenses they may have. unlike traditional mortgages, there are no monthly payments on a
reverse mortgage people benefit »
Is there a reverse mortgage available for people less than 62 years old?
October 10, 2008 - Category: Mortgage
i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good for homeowners aged 62 or more. is there a company that provides reverse mortgages for those younger than 62?. have
reverse mortgage available people 62... »
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