All Forum Posts by: Miriam Gaddis

J-Mac ---

I have a handicap called Dyslexia. I'm only a partial, meaning I CAN read and write, but it is a real job. Having my credit union send out my bills each month, prevents me from making monthly grievious errors.

The woman who said "we don't accept electronic payments' didn't know what she was talking about. Countrywide has been taking payments that way for over 15 years. I have OTHER Countrywide buyouts that are also sent that way, and there has been no interuption in those.... except... want to hear ANOTHER Countrywide horror story?

I've had State Farm Homeowners Insurance on all my houses, seems like forever. Countrywide allowed all the policies to lapse, then purchased Balboa Homeowners Insurance instead. I verified that State Farm sent the bills to the right location, because CW tried to say they never received them. State Farm then sent the bills where a signiture was required, and CW STILL claimed they never received them.

CW has an interest in Balboa and gets very large commissions on the policies they sell. I called CW and told them to cancel the Balboa Insurance, because I was paid (out of my own pocket, instead of though the escrow account) in full for a year. After quite a dispute, they finally canceled the Balboa, but then the following year, they pulled the same stunt.

I recently learned a little about the shinanigans Balboa pulls. There was an elderly couple who bought a home 26 years ago. They only owed a few more years on the house. At the time they purchased the house, it was worth $80k (a lot for back in those days), NOW it is worth over $450k. Well, the house burnt down. Fire Dept says it was electrical. Balboa just paid off the remainder of the loan, and left the just retired couple out in the street with no home and no money. The gentleman had been a lineman for AT&T. He literally risked his life every day. Then ended up retiring into poverty. I cried when I heard about it. It's on the Internet.

There are quite a few Rippoff reports about CW. You can see a few of them here: http://www.ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=countrywide

I'm glad that Bank of America took CW over. I heard BofA got a good deal when Seth Glickenhaus (previous owner of CW) sold his stock for a song. I sent him (SG) a letter about a year and a half ago, about CW's policy pertaining to Balboa. Maybe that's why he rid CW from his portfolio. It sure did do a number on CW's economic status.

Annie

Several times, I have found good deals, and then have had them stolen by an agent. Are there any laws against this? There SHOULD be a law that you are either an Agent or an Investor, BUT NOT BOTH!

The Countrywide site may be of special interest.

Hope that helps.
Annie

In 1998 Florida VA foreclosures were great deals. I purchased several with the help of an Investment Buyer's Agent, who had instructions not to send information on anything that was in a flood zone. One was a very nice house on Cove Landing, out near the Beaches area, but far enough inland to not be effected by the Florida storms.

This VA loan was sold to Season's Mortgage, then Season's sold it to Countrywide Home Loans. In May of 2002 my payment jumped by $250 a month, making my monthly payment more than the rent I was collecting. I called the County treasuer to find out that my property taxes had not gone up. I called my homeowner's insurance and it had actually gone down (something about the house now being in a "preferred area").

So then I called Countrywide to find out why my payments had gone up. Seems that 7 months after they purchased my loan, they had purchased "forced placed" flood insurance, to the toon of $1200, using my escrow account for funds. I was not notified or even sent a declaration page showing that it had been purchased. AND they did not raise my payments to cover the costs, but had allowed my escrow account to go into arrears.

Then, in stead of renewing 12 months later, in 10 months they purchased a new policy, and then again 10 months later, putting my escrow account into crisis. Each time, they used a company called Balboa, whom I had never heard of before. I found out later that Countrywide has an interest in Balboa, and was getting a $1000 commission for each new policy they sold.

When I found out what had happened, I insisted they put that money right back into my escrow account. That they could not purchase flood insurance behind my back without my knowledge. That my house wasn't in a flood zone. I then faxed a copy of the VA's "flood determination sheet" showing it in an "X-zone" (meaning NOT in a flood zone), and also the FEMA LOMR saying it was in an x-zone. The woman actually had the nerve to construe that I had "made these up on the computer!"

Neadless to say, I'm still in litigation with them, again, for over 5 years.

In 1998 I purchesed a VA Foreclosure as an investment, and was collecting rent from it. The VA sold the loan to Season's Mortgage, then Season's sold it to Countrywide Home Loans. I had a fixed 30 year loan for $708 a month, which was well inside my means (in fact, for almost a year I made double payments, one going entirely to the principle). My payments were set up to go out each month on the 24th, which meant the payments would be 2-3 days early since they weren't due until the 1st.

In May of 2002 an electronic payment was rejected. When I called Countrywide to find out why, they said I never MADE the payment. I then called Wescom Credit Union to find out why my payment didn't go out that month, and they said it went out fine, but that Countrywide had sent it back as rejected. I asked if they could send it out again, manually, and they did. I called Countrywide back to let them know the payment had gone out as usual, in full and on time, but that it had come back as rejected, and that I was having it resent. Well, it came back as rejected again.

I called Countrywide again. Customer service said I didn't make the payment. Was transfered to the loan department who also said I didn't make the payment. Was transfered to the collections department who also said I didn't make the payment. They asked how the payment was made, I told them it was an electronic payment, and they said that that was the problem, and that they didn't accept electronic payments. I told them all my payments had been sent that way for years, and they said "well maybe that's your problem!"

I argued with them back and forth for a month. When my June payment went out, it was accepted. But they applied it to May, added a late charge of $45, and said that my June payment still hadn't arrived. ARG! I had Wescom manually send out another payment (along with the late charge) which was accepted. I THOUGHT that was the end of the matter. But then the July payment was rejected, Aug was accepted, Sept and Oct rejected, Nov and Dec accepted, Jan 2003 was rejected, Feb was accepted. Then in March 2003 I received foreclosure papers.

I have had to fly out to Florida from Arizona for a 12 hour derogitory, then again for a hearing in a Judges quarters, at a cost of over $3k each trip for motels, airfare, meals, rental car etc. I am still in litigation with them after four more years. They have added 5 years on to my payments, they have added $70k onto my loan amount for their costs, doubling the amount of the loan and the monthly payments, not to mention the costs of lawyers fees. I'm to go to court sometime this year. I'll let you know what happens.

And this is only ONE issue I have with them.

I never used the term "represent" on my website, just here.

"...for locating an opportunity to invest in homes for sale" - this is the part the Attorney says I'm doing illegally. He says that the birddog is doing the realtor's job, so needs a license.

It's not really like Napster, they would be offering copyrighted material. Someone's home would not be copyrighted.

"...nor in the confines of an agent's duties" - here is where I need a law that sites this to prove it.

For the closing, I use a local Title Company. I talk to the owners, make the bid, pass the money to the seller, arrange for the closing. The Birddog does not get involved in any of the contractual and financial part. Then after everything is closed, I pay the birddog for finding, photos, info, and packet.

Thanks for your thoughts.
Annie

I guess my beef is this: every time I ask a licensed real estate agent, even a buyer's agent, they don't want to help. "I don't have the time to do all that" is all I hear. But the birddogs DO because this is ALL they do. They drive around looking for FSBO signs, knock on doors, talk to the owners, take photos, check to see if the house is in a flood zone, pull comps from the Internet, get permit/tax/assessors info and more, and then send me a packet with all the information. If everything is in order, then I contact the owner to get more information and decide if I want to make a bid. If the deal goes through and escrow closes, then I send the birddog a finder's fee for finding this property and sending me the information packet. None of these properties are listed, so would not be on the MLS. I haven't done one of these yet, but that's how I'd like to work it. And I think "representing" me is the wrong term, because from what I understand they each run their own business.

So you are saying that all birddogs in all states HAVE to have a license? WHAT license? A real estate agent's license?

Please help. I am an investor and I advertised for help from birddogs, and offered a finder's fee for them to look for FSBOs and represent me. I was sent a cease and desist letter from an Attorney with the Northeast Florida MLS siting Florida Statute 475. The statute deals with real estate brokers, sales associates, schools, and appraisers. He insists that birddogs are doing a realtors job and need a LICENSE, and says I am aiding and abetting if I keep this ad on my website or pay the finder's fee. What gives? Is he siting the wrong law? What law can I site that says birddogging is an exception, or SOMETHING. Anyone know the law out there?