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howie
Joined: 28 May 2008
Posts: 1
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| Posted: Wed May 28, 2008 7:15 pm Post subject: Is it safe to use CountryWide? |
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Hi,
Lately there have been a lot of news about the troubles Country Wide had, and they are being bought by BofA if I am not mistaken. I am in the process of getting a loan, and my broker told me that the lender will be Country Wide. Should I be concerned at all doing business with them?
Thanks in advance!
Howie |
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liverichly
Joined: 10 Feb 2005
Posts: 195
Location: Orange County, CA
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| Posted: Sun Jul 20, 2008 12:33 am Post subject: |
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| If you were going directly to Countrywide I'd say there could be a problem... a problem with you potentially getting jacked on your interest rate & fees. However the wholesale division of Countrywide is somewhat aggressive so you should be able to get a pretty good deal. This is not like a depository bank, where if they go out of business (ala IndyMac) then anything over $100k is going to be in jeopardy... this is a mortgage lender and if they happened to go under then a new mortgage servicer would buy out their servicing portfolio and you'd just have someplace new to pay your mortgage payment to. |
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TheLoanProfessor
Joined: 08 Feb 2007
Posts: 1
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| Posted: Tue Jul 29, 2008 6:19 am Post subject: |
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| I refuse to deal with CW anymore they are difficult at best there are too many options.,, |
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