Results Realty Buzz: A CREDIT Nightmare!!

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A CREDIT Nightmare!!

A credit nightmare with Countrywide Home MortgageMy sister recently refinanced her home with her current lender which is Countrywide Home Mortgage.  She had a bit of a funky loan and they offered her a better loan at a lower interest rate and she jumped at it.  Now here is where the problem starts.  Somehow the right hand at Countrywide did not tell the left hand what was going on.  In the meantime my sister kept making payments on the new loan as they had told her to do.

All of a sudden she started getting letters from credit card lenders who were dropping her because they said she had delinquent accounts.  This was her first clue as we were taught to ALWAYS pay on time; which she has always done.  Most of these were cards that didn't even have anything on them.  I thought maybe somebody had stolen her identity and told her to get Lifelock.  As part of Lifelock's service they provided her with copies of her credit reports.  Come to find out Countrywide had reported her as not making her house payment for three months.  Not once did Countrywide contact them letting them know that thought they were late making their payments.   Personally I thought it was the law that you had to be notified if you were behind in payments but maybe that is not the case.  It sure seems like they should have notified her but she received NOTHING from them.  As I said she had been making payments on the new loan so she of course had no idea this was going on. 

So now that she knew what was going on she called Countrywide.  Their first reCountrywide Home Mortgage gets off free and clear leaving their client with a nightmaresponse was "oh you are right we will correct this".  No apology!  Countrywide did send a letter to the affect that they had reported her as delinquent when she was not.  She contacted the credit card companies who had dropped her and was told that she would have to request the credit report from each company then she could submit that report with the letter from Countrywide and each lender could decide whether they wanted to re-instate her account or not.

I could not believe that this was all being dumped on her and Countrywide could just basically say "oops am I bad".  I told her she needed to call Countrywide again and see if they could do anything.  This time she did get a nice gal who told her she was REALLY sorry that this had happened but there was nothing Countrywide could do; if she could call each lender for her she would but they would not accept the phone call. 

Somehow this seems so WRONG.  My sister's credit went from 760 to 600 in that short time.  Countrywide has contacted the credit bureaus letting them know it was a mistake but there is no easy fix.  Now she has all these credit card companies who show they have dropped her which dings her credit.  It is a vicious cycle and one that is going to take her months to fix while Countrywide comes off totally unscathed. 

I feel so bad for my sister and this has made me realize how important it is to watch your credit on a monthly basis.  I think this is a good warning for EVERYONE; especially if you are considering a home purchase.  I signed up for Lifelock after I saw what a friend went through when her identity was stolen.  For the small amount of money I spend a year for it I'm happy. Lifelock is helping me to watch my credit by locking my accounts but when the problem is within like this one was I don't know what the answer is. To have caught this you would have to be checking your credit on a routine basis.  In the age we are living in we just don't know what is around the corner and once your credit is zapped it takes a long time to recover it; even if it is no fault of yours.

 

Comment balloon 60 commentsMarchel Peterson • May 13 2009 08:27PM

Comments

It seems here Countrywide GENERATED a bunch of work for your sister Marchel rather than being of service. ANOTHER Countrywide horror story.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 9 years ago

Marchel:  I am so sorry about what happened to your sister.  What a nightmare.  This is just one more reason why I choose to stay as far away as possible from Countrywide.  I think it would be a great idea if somehow this story... your post about your sister... could somehow hit the national wire services... or picked up by the national news media, talking heads, etc.  Give it a try.  Just my two cents.  Take care...

Posted by Karen Anne Stone, Fort Worth Real Estate (New Home Hunters of Fort Worth and Tarrant County) over 9 years ago

What a mess for your sister. I have seen buyers sit with their eyes covered by their hands and holding their breath while credit reports print out. Monitoring credit takes away a lot of that fear. But untangling the mess after the fact can take awhile. Shame on CW. All the best to your sister. kate ford

Posted by Kate Kate over 9 years ago

Marchel - Just about the time I think I've heard it all with bank generated problems, I hear of something new to add to the list.  I have past clients who requested a loan modification from Wells Fargo on their home, a couple of months back.  Wells Fargo immediately sent a letter to them stating they would not be required to make house payments for 6 months, but would have a $7,000. cash payment due at the end of that time.  Total savings equalled peanuts. 

Then to add insult to injury, they gave them until the middle of this month to either accept or deny the offer.  My old clients didn't like the offer so went ahead and rejected, and continued to make their payments as usual.  BUT Wells Fargo now sends their statement each month with the remark next to their payment stating, "Payment Not Applied."  Numerous calls to the bank aren't getting it straightened out and payments don't reduce principle each month.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) over 9 years ago

Marchel, there should be something that can be done to bit** slap them. Honestly, they should be made responsible for that. That gets me real angry. First she should call anyone and everyone who will listen.

A long story so I won't tell it here, but a few years back I wanted to get a large drug store chain to refund at least a portion of the money their incompetence had cost my father and brother. We are talking a minimum of $24,000. When they were trying to blow me off I got a supervisor on the phone and said, and I am quoting myself here... "I have a big mouth and love to use it, fix this or else I call anyone and everyone including newspapers, television stations, radio stations, I don't care who, but I will have no problem to use my mouth". They sent some of the money back right away. OK, not all of it, but I got some of it for my dad and brother.

Off my soapbox now, sorry.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 9 years ago

Marcel, I had a seller lose her house into foreclosure 5 years ago because CW never reported a payment they were to make out of the closing.

It got them behind and they could never catch up. I got an offer for them and CW wouldn't negotiate.

I tell all my buyers do not work with CW ever, now you have only confirmed that reason.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 9 years ago

The very name Countrywide (and Bank of America) is becoming a four-letter word out here, and it's not LOVE, FREE, or HELP.

Posted by Jim Frimmer, Realtor & CDPE, Mission Valley specialist (HomeSmart Realty West) over 9 years ago

Marchel, what a horror story. Your poor sister.It's the same as identity theft!

Posted by Marianne Snygg, ABR, ASP, GRI, SFR (ERA Herman Group Real Estate) over 9 years ago

I just don't understand why we can legislate just about everything but truly helping consumers. I can not understand the position that the banks, credit cards and credit reporting agencies take. Especially after they have taken our tax payer money in the bailouts.

Posted by Kim Curran (RE/MAX Unlimited of Northern Virginia) over 9 years ago

I sure hope they don't screw up my refinance like that.

Posted by Mike Russell, Overland Park Kansas Real Estate (Mike Russell & Associates) over 9 years ago

Hi Marchel, I'm sorry that happened to your sister.  I had a lot of credit cards and decided to cancel most of them since I didn't use them.  Later I read that doing that can make you credit rating drop but it was too late, they were already canceled. I will check out your link.  Thanks.

Posted by Shirley Parks, Broker, 210-414-0966, San Antonio TX Real Estate (Sands Realty 210-414-0966) over 9 years ago

I think a credit monitoring system is a good idea. It is just crazy what can happen. I would continue to write letters, and not expect CW to clear things up.

Posted by Julianna Hind (Keller Williams Realty) over 9 years ago

I am so very sorry to hear about the nightmare your sister has been going through.  Countrywide always seems to get off scot-free and it just is not right.   With everything that has been said about the sub-prime mess with "new and improved" regulations to prevent these things from happening again...I really have not heard much at all about holding lenders responsible for the messes they have caused and are causing to those people who actually are paying their mortgages every month.  I, too, have Countrywide horror stories but not quite as bad as what has happened to your sister.  Good luck to both of you.  Thanks for sharing her story, I really hope it gets noticed by someone who can step in and assist her.

Posted by Kellie Fitzgerald (Kellie Fitzgerald - Chiricahua Real Estate) over 9 years ago

Hi Marchel...This will not help you sister at this point but we have only one credit card.  Less to worry about and only one big credit bill to pay off each month.

Kate

Posted by Kate Elim, Realtor 540-226-1964, Selling Homes & Land a (Dockside Realty) over 9 years ago

Oh PLEASE... don't get me started re: Countrywide... ....!

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 9 years ago

When I buy or sell a house I'm all over my credit report from the day the transaction is recorded. It always takes the lender a couple of billing cycles to update it, but I'll dispute it each month until it shows paid.

I'm sure your sister wasn't the first to have that happen on a refi - that's unfortunate but it can be fixed - time and persistence will get her score back up!

Kent Davis

Posted by Kent Davis (Options Realty) over 9 years ago

GARY WOLTAL, It has been a nightmare and being the good sister that I am I have heard about it from beginning to end.  I feel so sorry for her having to go through this MESS.

KAREN ANNE, Your point is well taken and is actually the very reason that I wrote this post.  It is just not right that she has to deal with this when they caused the problem.  I'm happy to see that it just got featured as more people need to know about this.

KATE, What a tangled mess they wove and what a mess to straighten it out.  I had a client who had her identity stolen years ago and this is much the same.

MYRL, What a mess.  You are right just when you think you have heard it all you hear about some other bank nightmare.  I'm afraid it is only just beginning also.

ANDREA, My sister is in sales also and is not afraid to let them know what she thinks but so far in this case it is going in to deaf ears.  I'm glad you were able to get some of that money back for your Father and brother.

MISSY, How funny my sister and I were talking about that very thing today.  She was wondering if she was going to receive the foreclosure notice not even knowing they were not crediting her payment.  Very scary indeed.  How sad for your clients!!

JIM, I can remember when they were the company to go to; it is very sad!!

MARIANNE, It is very sad indeed and is very similar to identity theft.  I only have one sister so this is the one who is almost your neighbor.

KIM, It is mind boggling that they can do something like this and then be totally nonchalant about it.

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

Thanks for the warning!! Have NEVER checked my credit score, so I'd better do that!!  I wish your sister well in untangling the mess. 

Posted by Sonja Patterson, Texas Monthly 5-Star Realtor Recipient for the Hou (Keller Williams - BV) over 9 years ago

Hi Marchel,

First, so glad to see this as a feature, everyone needs to read this, especially the folks at Countrywide (like they care) or does B/A inherit this mess? As for the FICO dropping like a rock, that should be criminal!

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 9 years ago

I agree with Julianne. We use a credit monitoring service through American Express that costs $99.00 per year. For that fee, I receive a monthly credit report with credit scores and more importantly, an email in real time if there are any inquiries on my credit profile. I'm sorry to hear about your sister's situation. I would try to raise the issue through your local news media and perhaps the AG's office. I hope there's a happy ending to all this.  

Posted by Adrian Cox (Loan Protector Insurance Services) over 9 years ago

Marchel,

This certain seems a bit fishy to me.... and plain wrong!

Ann

Posted by Ann Hayden, SelectAnn.com (Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri) over 9 years ago

I've seen this type of thing happen before and things can be restored with that letter to each credit bureau.  Each of the credit bureaus will correct the mistake.  My understanding is that it usually takes 30 days.  I wonder if the actual loan originator who did the refinance can't help her do a Rapid Rescore?

I'd recommend you share this whole story with your clients along with the things you did to help fix it.  That Evidence of Helping will be seen as genuine value by your clients.  It will let them know you care about what happens to them too.

Posted by Vic Steele, Broker/Consultant (Vic Steele, Broker CA BRE 01349863) over 9 years ago

MICHAEL, Good luck on the refinance but be very careful those first few months.

SHIRLEY, My lender just told me that also.  It is better to keep the cards open and just let them sit there.

JULIANNE, I'm afraid is she waited for CW to clear things up she would be waiting a very long time.  They told her their hands were tied and she would have to do it herself (even though they caused the problem.

KELLIE, It is so NOT RIGHT that they can do this to the consumer and then they get off scott free.

KATE, I have done the same but the problem is with them being cancelled like this it has trashed her credit. 

JOAN, It appears there are LOTS of CW horror stories out there.

KENT, My sister does learn by her mistakes and you can bet this won't happen again.  She will be checking that report out monthly.

SONJA, I would recommend not only doing that but get with a company like Lifelock and protect your credit.

LYNDA, You are right THEY DON'T CARE!!  It is so NOT RIGHT!!  I have a tendency to look at life in black and white an this is very black.

ADRIAN, That sounds very much like Lifelock and is basically the same price.  We have been very happy having our credit monitored.  Now I had to give the okay to even get a new credit card but it was good to know they were watching.

ANN, You are right it is both fishy and wrong.

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

Great advice.  I have been considering subscribing to a credit monitoring service.  Why Lifelock?  I used Experian's free service in the past and it was helpful...

Posted by Daren Krause (Keller Williams Realty) over 9 years ago

Hi Marchel, As I read this,  hope that you or your sister has consulted with your legal counselor. Oops, me bad, is not going to do it and undo the damage. It would seem to me that there might be some collateral damage that needs addressed.

Posted by William Johnson, San Diego Real Estate Voice, GRI CRS e-Pro CDPE (RE/MAX Associates) over 9 years ago

Marchel - this reminds me a story a lawyer once told of a very similar situation except it went much further. And the bottom line (at least for that situation) was that nobody can undo and fix your credit even if there was a mistake - only time (an in that case it went to foreclosure). the only remedy the person had was to sue the financial institution, but it still didn't fix the credit. ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) over 9 years ago

Creditors should be held accountable for their actions.. Especially when they pull this crap

Posted by Roland Woodworth, Q Realty - Power In Real Estate (Q Realty) over 9 years ago

Marchel,
That is just awful, I feel so bad for your sister.  This is not right and if I were in her shoes I would be talking to the attorney general of my state!

Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) over 9 years ago

What a mess!  Some people work so hard to have good credit and to have someone slam them like this, it's a shame.  Very stressful for your sister.  Good luck to her!       

Posted by Renee Marrs Caperton, Realtor - Corsicana Texas Real Estate (Marrs & Associates) over 9 years ago

Recently on a listing appointment, I met with an owner who refinanced her Countrywide loan. They'd already taken her to the cleaners with one of those lovely resets that would have wiped her out in 3 or 4 years. For the 'privilege' of giving her a fixed rate loan, CW bushwhacked her by tacking $40,000 onto the principle. The owner is now working with a loan modifier. I hope this one is legit, because if he can't fix this for her, she'll lose her home.

Posted by Judy Chapman (Referral Network of Illinois LLC) over 9 years ago

Wow what a shame! Everytime I hear the word "Countrywide" I cringe. They have to be one of the worst banking organizations I have ever seen.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

Call your state banking commission and report Countrywide, this will get them moving. The state banking commission takes issues like this very seriously and moves on these things very quickly.

Once re-financed our home and the lender never closed out our old loan, started getting notices that we were late. Informed the lender of their error, fax them the supporting documentation and was still told that they would not have done that, got nothing but the run around, they were nasty. Reported them to the banking commission. What a difference. Problem was fixed immediately, even have a letter from the President of the lender in case anything ever showed up on my credit report.

Banks to not enjoy being investigated by the banking commission, however it does get results. Good Luck

 

Posted by Sandra Cummings, Real Estate Agent, Guilford Connecticut (William Raveis Real Estate) over 9 years ago

Marchel,

I would encourage your sister to contact senators and representatives from her state with her story. I think they need loads of feedback on what's occuring with banks these days. I do think that the feedback registers eventually.

Posted by Leslie Hampton, Realtor, Boise and Eagle Idaho Homes (Keller Williams Realty Boise) over 9 years ago

Marchel,

A valued friend one day took me into a room and said, "Mike, I HATE working at Countrywide."

And he no longer does, and is much more productive.

Countrywide is not organized to take care of the borrower in any way.

I like the advice to take it to the attorney general and elected representatives. 

Posted by Mike Jaquish, 919-880-2769 Cary, NC, Real Estate (Realty Arts) over 9 years ago

Marchel,  The entire situation is certainly terrible for your sister.  If any good came from it at all it's that you have shared her story with others so hopefully they can avoid the same situation.  Thanks for the tip on Lifelock too.

Posted by Yvette Gardner (Keller Williams Realty, Spartanburg, SC) over 9 years ago

Just one of a kazillion Countrywide stories.  I have my own.  So sad and financially troubling.

Posted by Chris Olsen, Broker Owner Cleveland Ohio Real Estate (Olsen Ziegler Realty) over 9 years ago

Working in the credit repair biz I hear Countrywide nightmares all the time.......as for Life-lock....you can protect yourself by putting your own fraud alerts on the 3 credit reporting agencies....for FREE....

Happy Thursday!!

Lori

Posted by Lori Isaacson (Credit Restoration Consultants) over 9 years ago

Marchel thanks for sharing this with us. I am so sorry for what your sister has to go through to fix this since it never should have happened to start with. I think the whole credit scoring system is broke and what CW did was about as sorry as it gets. Why doesn't any of this surprise me though.

Posted by Wendy Montoya, REALTOR® Broker Associate, 254-315-4906 (Towne Adams REALTORS) over 9 years ago

VIC, It is actually going to take much longer because of all the companies who dropped her which REALLY whacked her credit.  She was even dropped for the second on her rental house; although at least they didn't call the loan.

DAREN, I just saw in a message below where Lori Issacon said you could do what Lifelock does on your own by putting your own fraud alerts on the credit bureaus.  Maybe we can get her to write a post about it.

WILLIAM, My sister was drug through an unjustified law suit which caused her to have extra debt from attorney fees so she is a little gun shy about paying attorneys at the moment.

RITA, That is exactly what we are finding out.  Someone can easily whack your credit like Countrywide did but then it takes you MONTHS to restore it and even then it may not go back to what it was.  What a broken system we have.

CANDICE, I have never had the joy of trying to work through a situation like this but I am working through this one first hand with my sister and we talk every day. 

ROLAND, You are so right and the system is so BROKE!!

CYNTHIA, I know she does not at this point want to get lawyers involved but the Attorney General sounds like a good place to go as it is just not right.  Our parents raised us in black and white, so we just don't often see shades of gray and this fits in that black category. 

RENEE, My sister has ALWAYS worked hard to keep her credit high and this is just a shame.  It is a shame that someone's mistake can cause your credit score to suffer and affect your entire life.

JUDY, OH MY GOSH $40,000.  That is awful!  I can't believe all the horror stories I am hearing in the remarks on this post.  This just appears to be rampant.

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

BILL, I can remember when Countrywide had a great reputation but that is a thing of the past.

SANDRA, I am going to forward your suggestion to my sister.  Although when she has time she needs to read all of the remarks that have been left here.

LESLIE, It is that squeaky wheel thing; isn't it!  My sister is good at squeaking the problem is having the time as she has a business to run also and there's only so many hours in a day.

MIKE, Good for your friend!  I liked that advice also and will share with my sister.  Shoot we will sic our Mother on them as she has the time to find the person she needs to contact.  She called her state senator when my Army son was not getting his Thanksgiving dinner in Iraq and his group got their dinner.

CHRIS, WOW I can see that there are lots of horror stories.  What a shame!!

LORI ISSACSON, Have you written a post on how to set up fraud alerts with the credit bureaus?  If so you are welcome to post it here.  Shoot you are welcome to hijack my post and tell us all how but a link to a post would be WONDERFUL. 

WENDY, It is so sad and so BROKE!!

 

 

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

Marchel-

It wouldn't take long for your sister to get ahold of her representatives. Many have online forms where she could copy and paste her information (can you tell I've written to my elected officials?).

She (or you) could even direct the powers that be to your blog post. The squeaky wheel DOES get the grease and the only way to affect change is to be a part of it!

(off my soapbox now! sorry!)

Posted by Leslie Hampton, Realtor, Boise and Eagle Idaho Homes (Keller Williams Realty Boise) over 9 years ago

I'm with Leslie above, but I would specifically contact the attorney general's office and/or the controller for the currency, which the atty gen will tell you how to contact, if needed.

Posted by Dawn Maloney, 330-990-4236 Hudson & Northeastern Ohio (RE/MAX Haven - Northeast Ohio Real Estate Specialist) over 9 years ago

Marchal,

What a horror story!  Sometimes the things that happen to us through no fault of our own is disgusting! 

 

Posted by Marian Goetzinger, Crystal Coast Real Estate NC (Pine Knoll Shores Realty 252-422-9000) over 9 years ago

Sorry to hear this story Marchell...unfortunately this is all too common & you're right: The lenders walk away from the situation whil your sister is in a huge mess!!

Posted by Dan Magstadt (Paramount Residential Mortgage Group, Inc) over 9 years ago

Thanks Marchell for sharing your story. I just refinance my home and will make sure my accounts are closed.

Posted by Ritu Desai, Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949 (Samson Properties) over 9 years ago

Oh my what a sad situation.......I sure hope you sister can get some satifaction.  CW/BA is so out of whach it's *********.  I do think it's time for us to get Lifelock or something.  Thanks for the warning.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 9 years ago

Wow, what a story.

Are we the only industry that is held accountable for what we do?

Posted by Richard Weeks, REALTOR®, Broker over 9 years ago

Thanks for telling this story as I am actually starting the process of refinancing my home today. I am sorry this happened to your sister but now I know that I will need to keep an eye out as I transition into the new loan. Thansk for sharing.

Posted by Kelly Noble over 9 years ago

Marchel, I do not recommend these credit monitoring companies especially Lifelock, big waste of money, just google to get the other side of the story. These companies are not proactive as they claim and are not good in my opinion. The best way is to "freeze" your credit and "thaw" when needed, very inexpensive and you do NOT need anything else. Regards,

 

Posted by Pete Xavier, Outstanding Agent Referrals-Nationwide (Investments to Luxury) over 9 years ago

LESLIE, I think we are going to let our Mother loose with this.  My sister is very busy with her business but our Mother loves to deal with things like this. 

DAWN, As I just told Leslie we are going to let our Mother start making those phone calls.  She has time to do it and it is amazing what she can accomplish.  I'm fairly sure she was responsible for our son getting his Thanksgiving dinner on one of his tours of Iraq. 

MARIAN, It just hits that "Not right" button doesn't it.

DAN, the lenders nonchalant attitude is probably one of the worst parts of this story.

RITU, We always think about checking our credit before but usually we don't think about it after the loan is finished.

ANNA, I do think we need to protect our credit.  A couple of people have said we can do it our self.  I'm hoping one of them will write a post about how to do it.

RICHARD, I don't understand why these big lenders can get by with what they do.

KELLY, Good luck with your re-finance.  I hope this story helps you.

PETE, Please tell more.  I went to your blog to see if there was a post on how to freeze your credit but I didn't find anything.

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

Marchel, The credit reporting bureaus allow the person, your sister, to dispute the CW reporting. Typcially, this is a 100 word statement.

I recently had a situation where a reporting agency incorrectly reported something which negatively affected my credit profile. I asked for a correction. It didn't happen. So, I wrote a 100 word statement, and sent it to TransUnion, Equifax, and Experian.

Funny, I just got copies of my credit reports. My 100 word statement is there, and the errors are gone!

Now, I have to get the credit bureaus to remove my 100 word statement.

Posted by Andrew Haslett, Heartland of Kentuckynulls, Best Home Inspector (Van Warren Home Inspections, NAHI CRI) over 9 years ago

I still dont understand what happened?  Did they just post the payments incorrectly or did they purposely make her account delinquent?  Something does not seem to add up.  Plus being delinquent on your mortgage does not normally mean that a credit card company will kick you to the curb as long as she continues to make those payments.  Why would they even pull her credit and no longer grant her access to the cards?  Sorry to inquire further but it sounds funny.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

Marchel This sort of stuff can be a real nightmare, and the guilty party usually does not want to take responsibility.  Your advice of credit monitoring should be heeded.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 9 years ago

This is so crappy!  I hope your sister can get things straightened out in a relatively short time.

Posted by Ann Allen Hoover, CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL (RE/MAX Advantage South) over 9 years ago

ANDREW, The problem is now she has all these credit cards that have been closed which hits her credit report so even though the credit bureau received the letter from Countrywide her credit is in a mess.  She how has to dispute everyone of the closures because they will cause her credit to be lowered. 

JOHN, Countrywide posted incorrectly telling the credit bureau that she had not been making her house payment for 3 months.  They were somewhat apologetic when they found it was their mistake and wrote a letter but never really said "I'm Sorry".  My sister talked to a the President of a local bank and they told her that with what is happening in the credit industry credit cards have started looking at your house payment as number 1.  When the companies start getting reports that the house payment is not being paid then they start canceling credit cards.  It is a mess and she is the one who has to deal with it even though it was TOTALLY Countrywide that caused the problem.  You are right it sounds funny but that's they way it is in today's environment.

JENNIFER, You are so right and Countrwide for the most part has been VERY NONCHALANT about the whole thing. In all truthfulness the way the law is set up they can't do anything but they could have been a little more symphathtic about the mess they caused.

ANN, You are right it is crappy!!

 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 9 years ago

Wow.  Well I am sorry that happened to her and glad they could clean it up.  It sucks because its something completely out of her control if they make this type of mistake.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) over 9 years ago

Marchel, this is your sister that lives in Elizabeth? There was a discussion of this lender at our brokerage's networking group on Thursday. Your sister is not alone in this problem! But, I wrote a small blog on what happened at the meeting that I thought you might like to read. Click here.

Posted by Marianne Snygg, ABR, ASP, GRI, SFR (ERA Herman Group Real Estate) over 9 years ago

Marchel-So sorry your sister had to go through such an ordeal! Countrywide is messing up it seems on many fronts.

Posted by Mary Kent, Grand Rapids to the Lake Shore (Five Star Real Estate ) over 9 years ago

I am hearing all sorts of bad stories about Bank of America and Countrywide. I left B of A five years ago after having been a customer for almost 30 years. I'm a pretty laid-back Southern boy, so I'll give anyone three strikes, but when they get three strikes in thirty-three minutes, it's frustrating.

Posted by Russel Ray, San Diego Business & Marketing Consultant & Photographer (Russel Ray) over 9 years ago

Marchel, I'm sorry your sister is having to go through this and glad she has you for support.  It seems like people are constantly being told it is their responsibility to monitor everything, report everything, and fix everything themselves. 

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) almost 5 years ago

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