Countrywide either doesn’t know, or doesn’t care that reader Graham has a fixed rate mortgage, because they keep sending him “notices” that his mortgage is about to “adjust.”
Our mortgage is with Countrywide. They keep sending us notices with bold type that say:
“YOUR MORTGAGE IS NEARING ITS NEXT ADJUSTMENT!”
Of course … we have always had a fixed rate and they know that. There isn’t anything that could possibly adjust.
They know we don’t have a variable rate. It has always been a fixed rate and never been refinanced. It strikes me as fear based tactics to get you to shoulder an expensive refi.
The text reads:
“As a valued Countrywide customer, you shouldn’t have to worry about rising monthly payments.”
Except … It would never have crossed my mind to worry about my Fixed Rate Mortgage payments rising if I hadn’t received this mailer from them.
Oh, but Graham, didn’t you realize that “If you have available home equity, you may be able to access it to pay off bills or take care of unexpected expenses.” Don’t you know that your house isn’t really a house? It’s an ATM! Isn’t that nifty? It must be true, too, because it says “official” up there at the top.
We thought Bank of America was going to try to clean up Countrywide’s image, but apparently not.