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2. You might wanna take a look at the HELOC agreement. We just opened one with BOA and looking at the contract it does specifically say that the lender can choke off the credit line at any time if they believe the property has lost value (since the line of credit is dependent on the home value). What you can do is have then evaluate your home specifically, since i noticed the computerized appraisals of BOA were really way off when they appraised our home and I had to dispute it (I won).
To be honest... I could care less as I have no intention of drawing anything at the moment - it's just a matter of principal. I also believe Countrywide stated that they DO NOT SELL THEIR LOANS! That is one of the reasons I went with them. If this is true, and Bank of America buys them, then I hope they get sued by each and every client. They can blame consumers all they want...but as CuCullin said... bad lending practices on their part and now we, the good guys who pay our bills, are the ones who will suffer.
I also believe Countrywide stated that they DO NOT SELL THEIR LOANS! That is one of the reasons I went with them. If this is true, and Bank of America buys them, then I hope they get sued by each and every client.
They are are selling thier loans, the whole company is being sold therefore their portfolio is transfering...what you are refering to is when a mortgage/line of credit company sells your right for processing or the loan all together in a packaged deal. But because they sell your loan, it still has to abide by the same rules as stated in your original contract....so there is nothing to worry about with the transfer.
They are are selling thier loans, the whole company is being sold therefore their portfolio is transfering...what you are refering to is when a mortgage/line of credit company sells your right for processing or the loan all together in a packaged deal. But because they sell your loan, it still has to abide by the same rules as stated in your original contract....so there is nothing to worry about with the transfer.
I'm not worried...just annoyed that they can get away with this! We paid for a closing on a loan that we can no longer have access to unless I provided them with an appraisal... which will cost me money! Perhaps a new company (BoNY) will be a good thing if Countrywide is falling apart.
I'm not worried...just annoyed that they can get away with this! We paid for a closing on a loan that we can no longer have access to unless I provided them with an appraisal... which will cost me money!
You can't dispute the thing and ask them to do a "human" appraisal? That's what I did when BOA undervalued my home by a lot. I disputed it and won, appraisal shot up by almost $100k, and I didn't pay anything.
I contacted Countrywide today and spoke with Lindsay in the Mortgage Rentention department. I addressed the fact that since Countywide modified my loan by not allowing me to draw against the HELOC that the terms of the loan should be modified too. Here is my problem with the overall HELOC changes. This loan was intiated as a revolving credit loan with the associated fees. Since most Countrywide customers have had the ability to use this revolving line cancelled the loan terms should be modified to that of an installment type loan reflected in the interest rate and how it is compounded. Basically we are be charged interest and rates based off a credit card type loan and not that of a loan that now has a balance and needs to be paid off over a certain term. If you have a HELOC you are getting ripped off on the interest rate not to mention the whole scope of terms has been changed to protect Countrywide and ********* in the end. I am going to seek legal counsel and recommend a class action law suit against Countrywide.
I forgot to add in my above post if you have a HELOC account with Countrywide more than likely your credit report will show you have a available credit limit along with your current balance. For instance my report shows I have over 20 thousand in available credit to draw against from the original appraisal on my home. However I do not have the available to me since they suspended my account for decreased property values. This is decieving to other potential creditors because it shows you have more credit available to use than you actually do especially since it is still reported as a "revolving" type loan.
I contacted Countrywide today and spoke with Lindsay in the Mortgage Rentention department. I addressed the fact that since Countywide modified my loan by not allowing me to draw against the HELOC that the terms of the loan should be modified too. Here is my problem with the overall HELOC changes. This loan was intiated as a revolving credit loan with the associated fees. Since most Countrywide customers have had the ability to use this revolving line cancelled the loan terms should be modified to that of an installment type loan reflected in the interest rate and how it is compounded. Basically we are be charged interest and rates based off a credit card type loan and not that of a loan that now has a balance and needs to be paid off over a certain term. If you have a HELOC you are getting ripped off on the interest rate not to mention the whole scope of terms has been changed to protect Countrywide and ********* in the end. I am going to seek legal counsel and recommend a class action law suit against Countrywide.
You bring up some very good points! I too feel like I got ripped off on the interest rate. When I first purchased my home, I also closed on a HELOC along with the primary mortage. I was eventually up to a rate of 8 plus percent on the heloc when I received a letter from Countrywide telling me that I could reduced my rate by refinancing the HELOC loan. The new rate was 6.25% and no fees. By the time I got done refinancing, I was at 7.25%.... it was recently up to 10.25%...some savings! I currently have an available credit line of 60K which as you say, does not look good on my credit report! Let me know how you make out with the class action suit.
I forgot to add in my above post if you have a HELOC account with Countrywide more than likely your credit report will show you have a available credit limit along with your current balance. For instance my report shows I have over 20 thousand in available credit to draw against from the original appraisal on my home. However I do not have the available to me since they suspended my account for decreased property values. This is decieving to other potential creditors because it shows you have more credit available to use than you actually do especially since it is still reported as a "revolving" type loan.
Speaking of "forgetting".... I just wrote a check to countrywide for my mortgage payment this month and I "accidentally" ommitted the "O" from countrywide while writing the check out...oops : ))
Speaking of "forgetting".... I just wrote a check to countrywide for my mortgage payment this month and I "accidentally" ommitted the "O" from countrywide while writing the check out...oops : ))
OOOMMMGGGG - i'm dying, LOL!!!!!!!!!!!!
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HELOC Terms
oops...sorry cOuntrywide
