Countrywide services my mortgage. Don't worry, I'm not going to default or walk away from my mortgage...
The newest solicitation I've received from them is an application to insure my 'major home appliances or systems'. This seems like a desperate grab for high-margin cash. However, does Countrywide really want people to potentially have to choose between paying their mortgage and paying their appliance insurance premiums?
For only $37.95 per month, conveniently collected with your mortgage payment, you can have the security of knowing that your broken appliance will be replaced.* Imagine... a whole new furnace costing no more than your $60 deductible.*Here are my favorite examples of items for which the policy includes repairs and replacement:
- Garbage Disposal (This is so essential!!!)
- Ceiling Fan (These are $100, maybe $200?)
- Electrical / Heating / Plumbing Systems (All of it?!?!?)
- Thought his furnace would last another year. GAMBLED AND LOST $4,208
- Thought he had the perfect oven. GAMBLED AND LOST $1,486
- Thought their freezer would star frosty. GAMBLED AND LOST $1,023
* This represents the best case scenario. You will probably get hosed for much more.