IF ANYONE HAS A SHORTSALE PACKET AVAILABLE FROM COUNTRYWIDE - PLEASE LET ME KNOW. I NEED A COPY.
Ask Matt at foreclosurenegotiations.org/ss I know he just did a successful SS with CW. From what he told me it took him eight months, but he did it. After eight months of dealing with CW I would venture a guess that this guy knows his stuff pretty good when it comes to dealing with them.
Good Luck!
I’m glad that I am not the only one that has had problems with CW. I have been working a short sale with them for 6 months now.
In the past month they have slowed down a great deal. Matt was telling me of how the loss mit department was closed all last week. I bet they were waiting to see if they were going to close too. :grim
They did not have a SS package when I spoke with them.
They asked for :
Purchase Agreement
Harship Letter
Bank Statements
and that’s about it, IIRC. From start to finish it took me 45 days. They also order an ACTUAL appraisal, they do not do BPOs. That, IMO, works against us, but you never know. I got about a $30K discount from their foreclosing amount, but with the required repair(s) it just didn’t work. I had a great Loss Mit rep, and its too bad I couldn’t close on that one, because I would have loved to try to get her assigned to the other deals I had with them. I never pursued them b/c of other circumstances, but MY experience with CW was fairly good.
CW requires less information to get started than most other banks when it comes to a short sale. To begin with they will ask for:
- Proof of income for the past 3 months
- Bank Statements for the past 3 months
- Tax returns for the past 2 years
- hardship letter
And of course the authorization form goes without saying. As you progress in your short sale they loss mitigation rep may ask for further documentation, and updates of the documents listed above by be requested each month throughout the process. This was the situation with my last CW short sale. As my companion stated, I’ve been working this for several months. I’m actually into month number 9. But to be fair CW is the primary and the secondary (5th/3rd) has caused its fair share of delays too.
When possible I would suggest having the above docs ready plus the HUD, PA, listing agreement, maybe copies of the MLS listing, home inspection report and POS when applicable ready to fax to the Loss Mitigation Department PRIOR to contacting them for the first time.
This will save time and help move the deal forward much, much faster than if you wait for them to tell you to supply the above info. If you have all of this ready prior to making first contact, then you can send it all in along with the letter of authorization.
slondeau, you are correct about the appraisals. CW does not use BPO’s rather, ONLY LICENSED APPRAISERS. This is not always a bad thing, in fact, I find it just as easy to “influence” an appraiser than to influence a BPO. They ordered three separate appraisals from three different companies and 5th/3rd ordered one BPO only after I had to go up a level to management and explain that if they did not order a BPO or appraisal prior to making their decision I would by one stock in their company and be at the next stock holders meeting to ask why they are not doing their jobs correctly thus causing me, as the stock holder, to loose money. After all of that the BPO came back higher than all three of CW’s appraisals. And no, my playing hard ball with the loss mit dept had nothing to do with the BPO coming back high.
Good Luck!
Ouch. Haven’t dealt with 5/3rd yet… sounds like they might be a pain. The one I did with CW only had 1 appraisal, 3 would be tricky, IMO, but I suppose if you can influence 1, you can influence 3. 
They are a pain in the ass. They ended up refusing the short sale because they wouldn’t accept $1k as a payoff for their second lien. This is the biggest double edge sword in this line of work. You have a primary lien holder, in this case countrywide, who requires that all Jr. lien holders accept $1k. Then you have the Jr. lien holders who are almost insulted by the offer half the time and don’t want to do it.
In this case 5th/3rd would not budge. In the end the homeowner had to pay additional funds outside of the short sale to get 5th/3rd to provide their payoff. I haven’t asked the homeowner what that amount was, I’m waiting until we close before I ask.