i have been with them in an ARM for about 3 years now. i have been in default twice (im in default now) and they are the hardes mortgage company i've ever had to deal with. you have to go through a lot of red tape to get a repayment plan, etc. how has your experience been
2007-08-14 09:27:42 · 5 answers · asked by mcollinsvcollins2003 1 in Business & Finance ➔ Renting & Real Estate
Every company is struggling to manage the record volume of defaults right now.
Countrywide is massive, and not terribly well-run in many cases.
But right now, they are facing delinquency rates of almost 25% of their subprime loans. 15% on their prime 2nd mortgages. Probably about 10-15% of their Alt-A loans. The good ol' conventional loans are probably still only about 2%.
No company has ever staffed enough people to cover 25% of their borrowers being in some level of default.
People trying to buy foreclosed homes are finding it takes 60-90 days just to get their offer rejected, with zero communication in between. They simply don't have the people to handle it, nor the desire to spend money just to help themselves lose more money.
You're not alone, unfortunately.
2007-08-14 10:54:35 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
well u probably werent qualified to take that loan out to begin with if you are defualting, country wide s #1 mortgage lending and they have a great reputation, im surprised ur not having a good experience with them.
2007-08-14 16:36:48 · answer #2 · answered by spadezgurl22 6 · 0⤊ 1⤋
Let me get this straight...
You're in default on this loan, it isn't the first time, and you're grousing about how hard THEY are to work with?
Maybe if you'd make your payments on time they'd be easier to get along with.
2007-08-14 16:34:06 · answer #3 · answered by mazziatplay 5 · 3⤊ 1⤋
Penalties for pre-payment.
2007-08-14 16:31:28 · answer #4 · answered by ed 7 · 0⤊ 0⤋
They suck. Fremont is just as bad.
2007-08-14 16:39:43 · answer #5 · answered by VOLLEYBALLY 4 · 0⤊ 0⤋