Comments on: Money Mailbox Friday - Countrywide Home Loans

By: countrywide mortgage | mortgage-home-refinancing

countrywide mortgage | mortgage-home-refinancing — Thu, 16 Oct 2008 00:57:41 +0000

[...] Money Mailbox Friday - Countrywide Home Loans | Personal Finance … Jul 18, 2008 … I received a postcard from Countrywide Home Loans yesterday advertising the benefits of their home loan program. [...]

By: wamylove

wamylove — Fri, 25 Jul 2008 20:51:47 +0000

I git a call from a lender the other day trying to get me to refinance. He finally quit trying after I told him I have about 14 years left on only $41,000 and do NOT want to get cash from my home equity.

By: CD Interest Rates

CD Interest Rates — Fri, 25 Jul 2008 19:19:12 +0000

And educuation is what is needed. The blogging world certainly can help. However, I found when I counseled friends, they ignored my council and bought the homes anyway.

I don’t know the personal stories of the people you know, I do know it seems that people did not respect the nature of buying a home. A home for most people is the biggest purchase of the lives. It demands respect. It demands that you read the fine print. It demandz that you know what you are getting into, despite what some mortgage lender and/or sales agent is telling you.

I will say shame on Countrywide. I really feel those advertisements probably verge on bait-and-switch, because most people can’t qualify for those programs anymore and they aren’t right for most people. It doesn’t appear that they learned their lesson, but of course they got a bail-out.

Unfortunately it just seems like personal responsibility has gone out the window.

By: Joe @ Simple Debt-Free Finance

Joe @ Simple Debt-Free Finance — Tue, 22 Jul 2008 18:00:41 +0000

What scares me most is that there are so many people out there that can’t tell that a 30, 35 and 40 (!!!!) year loan is a very bad thing. Of course, ” No minimum credit score required” and “Flexible qualifying guidelines” are a big red flags too!

It all comes down to financial literacy. The government can regulate till the cows come home, but deceitful lenders will always adapt to the loop holes. The best defense is a good financial education.

By: wamylove

wamylove — Sun, 20 Jul 2008 21:23:06 +0000

Renters are getting hurt, also, as the apartments or houses they live in are being foreclosed and their belongings are being thrown into the street with little warning.
What happened to the rules that were around when I bought my townhouse 23 years ago? I had to show proof of employment and put 20% down. Bill Moyers’ Journal covered this today and we need to put those old regulations back in the process. As we can see from the solicitation you got, lenders have not really tightened up like we hear.

My loan has passed into many different lenders’ hands in the past years and I get those offers for mortgage insurance all the time.

By: luz

luz — Sun, 20 Jul 2008 04:03:51 +0000

Purchasing a house and lot is really a make or break in ones budget. Better study it carefully first before deciding.

By: home loans

home loans — Sat, 19 Jul 2008 18:19:44 +0000

There are several things you can do to get the best possible loans but he first thing is to make sure you know your options. Thanks for the info!

By: Gary

Gary — Fri, 18 Jul 2008 23:45:33 +0000

I live in Orange County also and have seen everything. Some people I know just stopped paying their mortgages completely because they said there’s no way they can keep up with the payments anyway.

The market is going to get worst so we will just have to wait and see what happens with stocks and the economy and everything else.

By: Greener Pastures

Greener Pastures — Fri, 18 Jul 2008 18:43:16 +0000

I have my mortgage with Countrywide. They’re always trying to sell me something I don’t really need, like this really expensive rip-off type of mortgage insurance, for example. When I get older and my brain goes a little soft, these people will still be hounding me, and then, I hope I still have enough judgement to fend them off. I’m sure older people are one of their prime targets.

Glad you didn’t get pulled in - I know some people really hurting as well. It really is not fair.

By: Calvin

Calvin — Fri, 18 Jul 2008 17:37:09 +0000

It’s very easy for us who don’t have a house to talk and laugh about how ignorant those people who are facing foreclosure is. Thank you for reminding us that it could’ve been us!