Countrywide,bofa,greentree Welcome To My Nightmare

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LoanSafe Member
Jun 18, 2015
It all began in 2003 when my wife and I purchased our first home and still our home today.We knew nothing about mortgages or the shadiness behind them, so we pretty much got screwed over.

We purchased the home for 179,00 and had only 16,000 to put for the down payment so when we walked out of this place "Resource Lenders"we owed 150,000 to Wa. Mutual at 5% and a second of 25,000 at 10.5% to Resource Lenders because our down payment wasn't enough they said and by doing it this way we wouldn't have to pay mortgage insurance when it was time to make our first payment Resource Lenders had already sold the loan to countrywide who we paid for years until they got in trouble i'm guessing and then we started paying B of A.for about a year and a half or so,then it went to Greentree who we also made payments too.

Now it is 2011 and I got laid off and the first people to not get paid was G.T. so to keep this short we got a mod. on our first and have paid religiously but Greentree wouldn't budge on the terms.So after I did some math I had already paid 25,000 and then some on that loan and still owed 25,000 with a balloon payment of 18,000 in 2018.

Now it is 2016 and still haven't paid them they have since charged it off and closed the acct. all in the last year after I contacted them and told them that I thought that this was a predatory loan and I wanted my money back,well obviously that didn't go over to well, and now I'm stressing myself out wondering what to do or what is going to happen next.

My concerns are:If in fact this was a predatory loan why should I have to pay them when I have already paid that amount, they should eat the interest and their balloon payment,and why didn't they try to collect from me, never did they call me,it wasn't even on my credit report for 5 years until I contacted them and said I wanted my money back ,and then why did they start sending me statements again after our chat about my money when I hadn't gotten one in years.

I went to a lawyer and was told there was nothing she could do because of S.O.L.had expired but had I acted sooner I had a very good argument,so how is it fair that I have to pay or how is it that Resource Lenders loaned me 25,000 that they never had to pony up and just sold to countrywide, this is all bad and I can't believe this kind of stuff happens,there was no reason for this to happen except for greed anyways if somebody could point me in the right direction I would be forever grateful

Thank You Kev.
Last edited by a moderator:

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
Southern California
Hello Kev,

If it was predatory or not makes little difference now because the statute of limitations has expired on any predatory lending claims which is 3 years from the time you signed the mortgage.

The reason you have to pay is because you signed a contract stating that you would pay. I know that it seems unfair and predatory, but contract law supersedes all our emotional claims unless they are legal claims and to enforce those, you have to be willing to pay money and sue.

Your option are to work out a payment agreement or a lump cash settlement to make them go away. You may also be able to file bankruptcy and wipe the debt out.