Countrywide Homes Loans, a division of Treasury Bank N.A., was found guilty
of failure to perform an initial comprehensive analysis of the escrow
account during my refinancing of an existing home loan with their company.
They elected to use spurious information, when figuring the amount of
monetary assets to be allocated to the various entities paid from the escrow
account, instead of using pervious loan information stored in their own data
base. For this reason my escrow account, once controlled by Countrywide, was
closed and became my responsibility.
If you have a home loan with Countrywide and was forced to jack up your
escrow payment PLUS provide them with a 2 month buffer (to cover any future
shortages) contact your state attorney general. You may be one of thousands
suckered into believing they are helping you out. They get to use the
payment overage plus pocket the interest from your money. You loose & loose.
Don't sign that refinanced home loan until after you check out their
numbers. With over ten years of my tax & insurance history stored in
Countrywide's computer, their loan processing people used "their best
estimate" to re-do my escrow payment. The truth is they pulled the numbers
from where the sun don't shine.
Now I get to control my own escrow plus keep the interest. It makes you more
proactive and aware of what the taxes and insurance are really costing you.
R. Williamson
Houston, Texas
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