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  1. #1

    Countrywide Home Equity Scam--Beware

    When I bought my house the Counrywide rep advised me to take an ARM even though I had a substantial amount to put down, had no pressing financial problems, and planned to stay there for five years. When I figred this out two years ago I switched to a conventional 30 year loan. (I chalked that up to lack of experience).

    At the signing a rep came to my house with a pile of papers to sign. Despite my stated demand that I wanted no other services he asked me to sign up for a Home Equity Line of Credit (HELOC). I said I did nor want such a thing as I had no need for it. He assured me that there was no annual fee unless I used it, so I agreed to the deal based on this advice. Although I never used it, it turns out that indeed they are entitled to bill me for $75 a year. I refused to pay them and have been told that they often slip these deals in at signings. It is my understanding that this rep was legally bound to explain the terms properly and not scam. Countrywide refuses to remove the charge and says that I signed a paper ststing that I would not sue them, thus I have no recourse. What to do?

  2. #2
    Join Date
    Apr 2007
    Location
    Queens, New York
    Posts
    21

    Re: Countrywide Home Equity Scam--Beware

    It's unfortunate that you'll have to pay the $75 but all you really have to do is close the Line of Credit to not incur the yearly charge.

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