I just refinanced and bought out of my Ch. 13. I feel for Tin and his father's experiences. I just thought I'd put my 2 cents in about scammer mortgage companies...even supposedly reputable ones.
After 9 years with COUNTRYWIDE, I felt pretty confident that I was safe with them. They lull you into a false sense of security and that they'll "always take care of you."
I called them first because I figured that whoelse could serve me better, given I had been with them for so long. I spoke to Adam in the Full Spectum Lending Division. Since I had a BK now, I couldnt be served on the 'A' paper side... I had to go with the sub-prime department. He said they do Ch. 13 buyouts "all the time" and he was "familiar with all the rules and procedures."
To make a long story short, Adam promised me the sun, moon, and stars. I heard "No problem" about 100 times. He said that since I already had my mortage with them, all I had to send in was current proof of income and my last 2 years tax returns. I faxed the items to him at 10 a.m. and he called me 2 hours later to say that I was approved and an appraiser would be at my house that afternoon.
The appraiser came and the next day Adam called...everything is set...Lets close next week. Never mind that we needed court approval...which he didnt know...despite all of his alleged BK experience.
He ended up sending me a GFE with $8500 in closing costs, which included $3500 in points buy-down. He said the best interest rate I could possibly get while in BK was 8.5% after buying down 3 points.
The Trustee totally objected to the rate and the fees, saying that she wasnt denying our motion, just that we could probably get a better deal elsewhere, and to shop around.
By happenstance, I was referred to a friend who works for a mortage broker. She was wonderful and she agreed that Countrywide was trying to take advantage of our desperation. She found 5 lenders with better rates and we picked the one that best fit my needs.
We got a good rate 7.5% and I ended up paying only $1500 in orginination and fees. She encouraged me to give the GFE to Adam at Countrywide and see if they would match the offer. No response for several days... then finally he called and said that Countrywide could not match the deal. He told me to "go for it" because it sounded like a good deal. I did.
The Trustee approved the refinance with the other lender and I am done with BK! Plus, I got $23K in cash out of the deal!!! I cant believe I almost fell for the "trust us" scam from Countrywide.
After 9 years with COUNTRYWIDE, I felt pretty confident that I was safe with them. They lull you into a false sense of security and that they'll "always take care of you."
I called them first because I figured that whoelse could serve me better, given I had been with them for so long. I spoke to Adam in the Full Spectum Lending Division. Since I had a BK now, I couldnt be served on the 'A' paper side... I had to go with the sub-prime department. He said they do Ch. 13 buyouts "all the time" and he was "familiar with all the rules and procedures."
To make a long story short, Adam promised me the sun, moon, and stars. I heard "No problem" about 100 times. He said that since I already had my mortage with them, all I had to send in was current proof of income and my last 2 years tax returns. I faxed the items to him at 10 a.m. and he called me 2 hours later to say that I was approved and an appraiser would be at my house that afternoon.
The appraiser came and the next day Adam called...everything is set...Lets close next week. Never mind that we needed court approval...which he didnt know...despite all of his alleged BK experience.
He ended up sending me a GFE with $8500 in closing costs, which included $3500 in points buy-down. He said the best interest rate I could possibly get while in BK was 8.5% after buying down 3 points.
The Trustee totally objected to the rate and the fees, saying that she wasnt denying our motion, just that we could probably get a better deal elsewhere, and to shop around.
By happenstance, I was referred to a friend who works for a mortage broker. She was wonderful and she agreed that Countrywide was trying to take advantage of our desperation. She found 5 lenders with better rates and we picked the one that best fit my needs.
We got a good rate 7.5% and I ended up paying only $1500 in orginination and fees. She encouraged me to give the GFE to Adam at Countrywide and see if they would match the offer. No response for several days... then finally he called and said that Countrywide could not match the deal. He told me to "go for it" because it sounded like a good deal. I did.
The Trustee approved the refinance with the other lender and I am done with BK! Plus, I got $23K in cash out of the deal!!! I cant believe I almost fell for the "trust us" scam from Countrywide.
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