Patrick S Egg

CCO Mortgage has lost me a low rate refi of my primary mortgage

Updated by user Mar 25, 2013

As last week my broker FINALLY heard from CCO that they were approving the subordination. We're still waiting on the paperwork to arrive... hopefully today. I just signed a whole new set of paperwork at the title company, now at a slightly higher interest rate (due to CCO). So crossed fingers we'll FINALLY have this refi done.

I can only HOPE that my post here, my communication with link to this post directly to CCO customer service and my efforts to spread the word to EVERYONE I know has caused them to make additional effort to get this fixed. I have no way to know as they've never responded to my communications of this post.

AVOID CCO AT ALL COSTS... horrible horrible company, and under educated CS reps.

Original review Feb 20, 2013
My mortgage broker is negotiating the refi of my PRIMARY mortgage. It is all set up, I even went in and signed all the paperwork. My CCO loan is a 2nd mortgage, which has always been subordinate to my first mortgage. He overnighted the subordination paperwork to them 3 different times. The first time they refused them requiring a new appraisal of my house... which was not required for this refi. The refusals of these have now caused my refi to not close last month. The broker and title company now have to redo all the calculations and paper work for me to go in and sign again. I was now notified that they refused the paperwork a 3rd time, this time saying some other form wasn't completed, which I'm told is never required for subordination. This likely means my refi can't close AGAIN. THIS MEANS I HAVE LOST THE LOCK ON MY REFI RATE at 3.5%, which means it likely won't be worth it to refi at all. CCO HAS NOW COST ME ALOT OF MONEY IN LOST RATE REDUCTION. I'm furious. In my dealings with them, their customer service is horrible, and their staff seem like their knowledge is in the stone ages. I had to pay them $10 to get a copy of the "note" for this refi. I placed the order on their website. I waited. I finally called and was told there was no order on file... much lost time in a time sensitive refi process. I asked if they could place the order and expedite it... maybe send it to me via email as a pdf file... "I don't know what a pdf is." came the response. In this day and age??? Unbelievable. Considering a loan? Hear the name "CCO"? RUN FOR YOUR LIFE.
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Quilla Wua
map-marker Philadelphia, Pennsylvania

Loan modification

Applied for a loan modification with cco mortgage, They denied me because they said "It would not help me because i had to much debt and a modification would not help me". Doesn't make much sense to me, It seems to me I would benefit from a loan modificaton because that would give me a lower interest rate and lower my monthly payment. Having a lower payment will help me to continue to make payments on time. But I guest they would rather I not be able to make payments so they would have to foreclose on the loan.
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1 comment
Ford Ffc

Most mortgage borrowers who have experienced economic hardship in the past several years, or who for any reason have gotten behind on their mortgage or are under water on their mortgage, are looking desperately for a mortgage 'modification'". This is usually an extremely difficult road, and unfortunately, due to the many people in need of a modification, it has become a road loaded with scams and obstacles:. The Obama Administration created something called HAMP (Home Affordable Modification Program) that has a generally terrible track record;. People try over and over to get into it, and despite all their efforts, their mortgage servicer loses their papers, the documentation gets stale, and it is often an endless, frustrating road to nowhere?. And, while they are trying to find a solution, the mortgage company is trying to foreclose on them and take their home away.

In this generally miserable and discouraging landscape, there is now a ray of a mortgage modification program that actually solves the problem ! If the borrower qualifies,!;. Your mortgage company will actually agree to REDUCE THE PRINCIPAL BALANCE TO CURRENT MARKET VALUE and restructure the payments, based on the reduced amount'". As long as the borrower makes the payments on time for three years, the reduction is permanent;. The only additional detail is that if the property is sold in the future, and if the home value has increased after the loan modification, the borrower agrees to share that increase with the loan owner, with the borrower retaining the vast bulk of the benefit..

As I have been working with many mortgage companies closely since past 7 years, so I know the tricks of the trade to get this modification for you, Contact me on mortgageassistance4u@***.com.If I am unable to get you an approval for a loan modification you don't pay my fee, fee is quite reasonable amount and you pay ONLY after approval, already helped 1000's of people, reference available on request,if you are delinquent on your mortgage or if you feel your interest and monthly payments are too high and you can't afford it anymore and need principal and interest reduction on your mortgage you can email me with a number to call you.

So,if you are hoping for a loan modification and would like my help, please let me know.A loan modification can be a great way to save your house, A mortgage company offers only two chances for a Loan modification under HAMP(Obama) modification and its not easy to get without professional help as it offers a great discount on your loan, so if you have already exhausted one chance do not let the second one go and if you have not tried it at all please contact me as I guarantee you for an approval.

Anonymous
map-marker Aurora, Illinois

Handicapped people are discriminated against!

We had to go to Capital One Bank/CCO Mortgage to have them sign off on an insurance claim check to get storm damage fixed. We called ahead of time to see what we needed to get this done. They told us a bank manager needed to be present. We asked when one would. They told us when to be there. I went twice. NO bank manager. I had to go to another branch. Still no bank manager. It took 4 trips and days before anyone signed off. They treat handicapped people like second class citizens. Do not use this mortgage company or bank. Beware!
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Loss:
$300
Anonymous
map-marker Los Angeles, California

Closing Account

We paid off our loan last year and repeatedly asked CCO to close our account. We have now sold our home and got charged $50 for a "FAX Fee" and Closing Fee by the escrow company. Then today I get another statement from CCO. The account is closed! Duh. They soak you for fees for this and that, then won't lower your interest rate even though it will benefit both you and CCO. You can't reach them, save for a recording. What does it take? For those of you who do not know, CCO is a spin off of Bank of America, one of the worst offender of the financial crisis meltdown of 2008. Makes sense doesn't it?
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Reason of review:
Poor customer service
1 comment
Guest

I am in the same boat. Our mortgage was originated by Countrywide. CCO Mortgage bought our mortgage. We paid off the entire mortgage in February 2012. In the ensuing 18 months, we check our county records, and to date, the deed of trust has not yet been released. In December 2012, CCO mortgage sent us "payoff instructions" to pay off the balance of $0.00. We were instructed to sign the payoff instructions and check the box stating:

"By signing below, I/We request that this account be permanently closed to further advances and s discharge of the mortgage be issued."

We checked the box, signed the document and mailed it back to CCO Mortgage at their address 10561 Telegraph Road, Glen Allen, VA 23059. This was apparently ignored, as we received another copy of the payoff instruction letter in March 2013. Again, we filled it out and mailed it back to CCO Mortgage. Now, in August 2013, we have received another payoff letter. All attempts to contact CCO mortgage by phone have been futile. The company has an impenetrable voice-mail system.

A day on the internet has revealed that neither Colorado or Virginia recognize the company or claim to have regulatory oversight. I did find a lawsuit against CCO Mortgage and numerous other mortgage companies filed by the State Attorney of St. Claire County Illinois for fraudulent practices. In this suit, CCO Mortgage is identified as a defendant and a part owner of a foreign owned company named Mortgage Electronic Registration, Inc. (MERS). Apparently, CCO Mortgage is a foreign corporation set up under the laws of Ohio and having a principal place of business in Virginia. I can not find any government regulator in Ohio that has any oversight of CCO Mortgage.

This is extremely frustrating. What I want is to have CCO Mortgage release the deed of trust. There does not seem to be any readily available means to identify the proper oversight of this particular mortgage company, and no way to contact a person at the company with the ability and authorization to release the deed of trust. The mortgage crisis was bad enough. The problems have not been solved in the ensuing 5 years. Consumers are mistreated, corporations are free to continue inept and corrupt practices, our government does not have the ability to do their oversight.

Buddybites b
map-marker Seattle, Washington

CCO Morgage. Class action Lawsuit. Looking to File one.

Everywhere I read I see and hear that CCO mortgage group is notorious for Stiffing potential Sellers and Buyers and Short Sale situations. Putting people into foreclosure situations and having buyers walk away.

Banks are not above the law. I was wondering if anyone had thought of or would partake in a class action law suit against CCO for a multitude of various offenses. Such things as

- Loss of sensitive information items like (bank statements, paystubs, personal information, etc),

Negligence/Not doing their job

- Not responding to phone calls, emails.

- Not working with Real-estate agents on the purchase agreements and trying to maintain dates.

- Being a third-partied to the knowledge of the short sale. Yet choosing to take no responsibility in the sales process.

- Intentionally passing documents of a sensitive nature to multiple Bank Processor's and not filing the packets or additional documentation properly

Bait and Switch.

- Allowing a house to be sold at a price they had no intention of letting it sell for.

- Stringing along the seller and buyer for months before coming up with a new price negotiation.

- Acceptance of a price of Sale. But still strings along seller and buyer into foreclosure.

The fact that the bank knows prior of the house going on the market for a short sale. Shows a third-party knowledge. If the bank chooses to be ignorant and have signed a agreement with the sellers. The bank should put forth every effort to do a diligent job even if they are at a loss.

The fact is you get enough people together for a class action lawsuit and get the same issues. It will start forming a pattern of negligence.

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Loss:
$20000
12 comments
Guest

my name is Paula from Rhode Island and having the same issues. we all need to get together and start action

Guest

I am having the exact same problem!!! And it's making me nuts!!!

I'm more than willing to file a lawsuit. If anyone can find a lawyer let me know!!!

Guest

yes! i have just discovered that class action is an option but i went through foreclosure from 2009-****, and they resisted and manipulated every step of my attempts to save my home.

they neglected to pay my insurance (from escrow), manipulated pay dates, and refused loan modification, as well as making strange accusations about me not living in my home and calling my neighbors to try and get proof. I can be reached at: raiarbor@***.com

Bernadine Jmc

I am having the same problems with CCO. I started the loan process 6 months ago and they keep asking for the same information over and over again, because they states that it has expired.

I have my origional home loan with them and I'm just doing a refinance. This company is a bunch of incompentents! If I do not call and ask questions, they won't do nothing! then when I get upset, they need more and/or updated paperwork submitted!

I am very interested in a class action lawsuit! Because regardless if they approve the loan or not "I'm suing" The unrealistic part about all this is... that my house payment would go down by $300.00 per month. and I have 7 rental properties with titles free & clear!

and they keep asking for a profit & loss statement from my CPA! That statement has been submitted to them twice! Then my house has has had 2 appraisals done since they started! Nobody here knows what they are doing!

If more people sue then maybe they will get this so called mortgage company under Federal Investigation!

I am totally Pissed Off!!!! :(

Guest
reply icon Replying to comment of Bernadine Jmc

I,m having problems with them as well. I think a lawsuit is in order. How do we go about that?

Guest
reply icon Replying to comment of Guest-669137

contact state attorney generals office everyone have them investigated,i already have,they are crooks never get an answer,every year we get a letter about escrows,escrows are in with the payment,but every year they send that letter saying they are short,not :( right get busy and file that complaint,everyone

Guest
reply icon Replying to comment of Guest-729261

yes! i had the same issue!

i am looking for a lawyer. my email is: raiarbor@***.com

Guest
reply icon Replying to comment of Guest-669137

i am looking for a lawyer, i think we could all exchange email addresses and then we can contact each other when one of us finds a lawyer willing to take the case. mine is raiarbor@***.com

Guest

Absolutely!!

Think they sold me down the river - BIG TIME!!

Guest
reply icon Replying to comment of Guest-589508

thats nothing we went in to bankruptcy,had to get out of it after three years,the payments for bankruptcy were 1599 a month,we only owed 77,842 on the house,when we got out of bankrupty, we should of owned only 57,754 ,they added on almost 53,00 to our bill and can't get no answers,need to contact the state attorney generals off everyone and have them investgated

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Anonymous
map-marker Beverly Hills, California

LIke to paydown my loan

Would like to have wiring instruction to pay down our loan or to have a street address to next day checks to pay down loans. In the past I have either paid on line or sent checks that took a long time. Now I am refinancing a property and would like to make a large pay down. I cannot next day it to post office box and cannot make large payments on line and do not have wiring instructions. Can anyone help me with this easy problem. Also why do I have to have 100 words or more. My problem is very simple and could have done it in 25 words. This really *** me off. Now it should be 100 words. Thanks,
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Asia Bhf
map-marker Cleveland, Ohio

Inability to access account information

I have accepted an offer on my property and have been totally unsuccessful in being able to get a loan payoff amount. Cannot access website - keeps saying information does not match - Phone contact is futile - no one seems to be able to give this info. Said to fax, which I did, with no response. Then was told to get immediate quote would cost $25.00! What a bunch of losers. I have been a loyal customer for over 21 years, never missed a payment, never a late payment. So much for loyalty. Glad I will no longer be doing business with them.
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Anonymous
map-marker Philadelphia, Pennsylvania

TERRIBLE CUSTOMER SERVICE- CAN'T LOG IN!

I can't log in to make my mortgage payment and check on Escrow accounts. When calling CCO they tell me it's my computer. NOT TRUE! I have 4 mortagages ie. Rental properties and and CCO is the only mortgage company I can't log into after doing so for the past 24 months. What's the problem here? You need to have better customer service. I can not recommend CCO to anyone. I have been using on-line backing for almost 20 years. There is absolutley no reason for poor customer service and poor online communications. We are considering moving our accounts to your competitor. Please address this issue. NOW!
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1 comment
Rosemary Daf

Dear sir/madam- I was reading about the cco mortgaage customer service/ tax department most of the call's centre's they dos't have proper knowledge about to solve the promblem just forward the call to other department let them handle so who suffered customer only its very hard to solve the promblem with the customer service as well as tax deparments also their is no we site for the cco mortgage complaint site still my promblem is continue

Anonymous
map-marker Orangeburg, New York

Refi Run Around and Now Incompetence

We started the refinance process for a 30yr fixed mortgage in April of 2012. An appraiser came out and gave an as is appraisal noting 9 windows needed maintenance. We have a 130 year old house so this is not really a surprise. CCO told us that they couldn't complete our refi unless we replaced all 9 windows and gave us a due date in July 2012. They said if we completed the windows and notified them by that date they would have the appraiser go back and take pictures of the completed windows and we would close the end of July. We did the work and called our contact person before the due date to say we're ready for the appraiser to come back. He told us 'oops, someone pressed the wrong button and you're appraisal has been removed from the system along with all the documents you had completed with us. You have to start all over again." This is the 2nd or 3rd week of July. So we tried to argue but there was no use. We started providing all the paperwork all over again. It took them until the first week of September to assign an appraiser (a different one). They appraiser comes out and we get a call from the bank that the appraisal came out over $100k lower than the first appraisal which, and the bank said this, was like $150k too low. We got this whole explanation that there hadn't been sales of houses like ours (3 family) in our town or immediate area so the comparison properties were in these lesser neighborhoods and the "the law specifies what comps we can use" etc etc. We asked for a copy of the appraisal too many time to count and they always had some excuse why they couldn't send it. They told us they had to add 1/2 point to our rate because of the appraisal and we had to do most of the paperwork again. Then they made us send them copies of statements for our 401Ks, checking account, copies of our leases, the insurance declaration like 4 times. Finally we closed the first week of November 2012 after they tried to tell us we were on a FEMA list from Sandy (which was BS) and delay us past the expiration date of the appraisal. They were telling us we were going to need a new appraisal etc. I gave them a date and time after which I was calling an attorney to pursue legal action both civil and criminal. A miracle, we closed. After yelling at the guy for another 2 or 3 weeks they finally sent us a copy of the appraisal. It had an error which when corrected and the correct number put in the appraisers calculation brought the appraisal up to the same as the first one. But the papers are signed and they won't take the extra 1/2 point off. It gets better. They have been sending us notifications about our homeowners insurance. We have no record (remember we sent it 4 times a month ago), now you don't have enough coverage and after both of those issues were taken care of well within the timeframe given we received a policy which they had taken out in our name, back dated 2 months, which cost 3 times what our policy costs and has the same liability etc. Turns out that was cancelled by the time we received the paper in the mail. Now I'm trying to get a human to make sure they didn't charge us for any portion of their duplicate policy.
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Loss:
$67500
Rosemary Daf

Owner

Dear sir/madam- This is in reference of my home owner association dues which is already included in my monthly payment of the mortgage but when I call to your cco mortgage customer service department they transfered to Tax department explainting to me its their department job so again I explained to them that about this issue but they explained to me that not their deparment job I have to pay my own home owner dues which is pending to me in my name inspited of repeated reminders to their company and fax many times to the customer service department and their tax department also the situation that provide to me who handle my home association dues desk so that I can explained to them which is already included in the mortgage monthly payment and they are not getting payment because of your not mentioned the proper account no and my name of the electronice check transfer to them means Impact real estate which is my name of the company of management every month or you can deduct this money so that I can pay directly to them my monthly payment everymonth inspite of repeated discuss with your company of different department I have a name and your tax department I D she explained to me last time that the Tax department is not responsible of my home owner association dues this is my reponsiblity to pay them directly-this is going of every month and the management is sent to my credit agencey showing late payment or not receiving the payment on time due to this reason I lost my credit score so I have no choice to explained to you everything so please look into this matter urgently my Loan account no is 799998****-this is in reference of my mortgage or you can call to me any time 347-221-**** cell phone so I am trying to solve this issue but still continue for a long time
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Loss:
$7000
2 comments
Guest

I've never heard of a mortgage lender paying home owner association fees. That's your responsibility.

Guest

you do realize this is a public site and your posting personal info?

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Anonymous
map-marker Indianapolis, Indiana

Just a bunch of dishonest Crooks

We finally sold our house and needed the final closing amount to pay off the rest of our loan. We could not get in touch with a real person just automated BS. When we finally got to speak to someone he told us he would not give us the payoff amount... though he admitted it was on his computer.He said it would take 2 to 3 days to get this info! After we waited for a few days, we called back and the same thing. We asked to speak to a supervisor, he said she was not available and he "accidentally" hung up on me and then my husband. They were literally holding up the sale of our house intentionally. We had to get our closing attorney and real estate agent to call them and I finally told them I was contacting my personal attorney and suing them if they caused the fall-through of our house sale. They are ruthless, dishonest and I cannot understand how they are in business. What they did to us was completely illegal!
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Anonymous
map-marker Southampton, Pennsylvania

PRESIDENT

I can not log on to their website, and this is happening with 4 different computers and 4 different networks providers...They keep telling it is me or my computer, I keep asking for help from their IT department.....well guess WHAT their answer they do not have an IT department....In the meantime, I can not check on my monthly statements( even though I was able to do this for the past 29 months) and they keep asking me "id there anything else I can do for you'?YES FIX YOUR DARN NETWORK....................INCREDIBLY FRUSTRATING, I wonder if I m the only one using their website
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Anonymous
map-marker Salisbury, North Carolina

Poor negotiations

Trying to to get a short payoff on 2nd loan or loan modification. Would not help. Have a balance of 5,600. Had this loan for 12 years. CCO bought from BAC. In 1999 received 2nd loan and had to pay $500 for appraisal and area environmental report. Was told everything ok. Now in 2005 i am notified by EPA of water contamination from nearby Henry *** Mtn. a former strip mine. This mine is 1.5 mile from my home, and at this time 47 homes have been affected by contamination. our property has been devalued by stigma of EPA SUPERFUND site. Ask for settlement offer to resolve issue. I offered $2600 to payoff.I was lied to by appraisal and area report. This area has been on the news many times. We cant sell home cant refinance. I am stuck with property . CCO does not care. Wife very ill for 5 years and i have loss job our income $824 per month. Live in a mobile home. Bac has first mortgage and they are willing to help.
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Loss:
$30000
Anonymous
map-marker Chicago, Illinois

CCO Loan Mod - Kane County Illinois

I am unemployed for the past 18 months. I asked for a loan mod when I was first laid off and they refused, saying I wasn't behind in payments. I continued to make on-time full payments for 9 months. After 9 months, I applied for a loan mod again. I completed my 6 month forbearance trail period with CCO. I had a contact person who said they would be with me through the whole process. Well...after receiving my first 2 payments of 6 on time payments, I never heard from my loan contact again. After paying off my 6 forbearance payments, I have received 3 new Loan mod package requests from CCO, and no call from my contact person and no explanation of where my original loan mod stands. Then I received a returned funds notice and a check equal to my last 2 months of forbearance payments, stating that they couldn't apply my funds to my account because my account was delinquent. The letter also states that I owe them 6,304.78 and that I need to send them a certified check. I also have a 2nd loan with CCO for a Home equity loan that has been paid on time since it was issued. I have no income, unemployment has run out , I had to move out of my house and try to rent it out. I cannot refinance, because I don't actually live in the home any longer , plus I don't have any income. I am ready to just walk away from my home.
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2 comments
Guest

Here's an idea................ GET A JOB!!!!!!!!!!!

Guest
reply icon Replying to comment of Guest-588125

there could be reasons why this individual isn't working ie; CAN'T FIND WORK, have become disabled, or how about circumstances that have no bearing on why this company isn't doing the right thing...what's with your hostility...remember, don't judge other's and they won't judge you for being small minded, obviously bias and well...just a sort of a nasty pin head !

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Anonymous
map-marker Harrison, Arkansas

Horrible computer interface

Every time I attempt to access this *** website to pay my bill, I cannot do so without conbtacting this mortgage company by phone. Primary problkem appeares to be the site will not accept either the user ID or the password, depending on which month I access the site. Each time I do so, I am assured that this misfortune will not occur again. I am fed up with whomever the Riceball is who is setting up this outfit's web page. I thought I had already submitted 100 words. Apparently, I have not, so perhaps this small addendum shall suffice to fill the 100 word requirement.
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1 comment
Guest

Can definately identify,also if you owe more than one month and want to make a payment for only one month it will not allow.you to do so. Therefore your only option to pat is to pay extra via phone or pay via mail which takes forever to be credited to your account,hence causing more than one payment due to show up At a time causing the cycle all over agian.