I am down to les than one week with our last of three offers due to expire in less than aweek.
Its been over 2 months they had the file. :flush
I know they are re-structering, but whats the deal? :bs
Have they stopped all short sales? :evil
Is ANYONE been able to bring a ss to close with them recently? :banghead
Just curious. Deal Hunter? :help
What contact do you have for Countrywide? I can email him or send him a instant message. You can private message me if you want.
Have a great day
AA
I will find out who our new contact is from our broker and get back to you.
Thanks :biggrin
The “good news”: four automated phone calls (in one day) from CW saying they have received the offer on our house and appraiser wb calling within 5 business days. Followed by a phone call from Appraiser! Scheduled appraisal for Friday.
The “bad” news: all 3 offers/buyers have moved on. Starting over from scratch, having to show the house. We are starting to pack up because we lucked out and found a landlord willing to rent to us with all our credit problems AND our 4 pets. So house showings will be last priority - as far as I am concerned - we are one step closer to sheriff sale, so screw it.
Going to wait for appraisal - going to get new payoff figures (which are higher since we started with late fees and attourney fees and so on. Then going to list it at a higher price, and hope if an offer comes in it is closer to what we owe and maybe close enough neither mortgage company will come fater us for deficiency.
Can mortgage compnay find out how much rent we are going to be paying and hold that against us?
Our old payments were $1440mo before chapt 7 and almost 1 year of no payments. Our new payments wb like 1650-1700 to “catch up”. Rent is $1300 and within our means for a change. Not much of a difference from the starting payments, but we had a long period of unemployment and illness and couldn’t juggle everything anymore.
Thanks Aussie - you helped the ball get rolling :beer where it going now, I don’t know.
I am NOT telling CW there are no buyers now that they got thier head out of the sand - but , if they could read a contract, they would see that they have all expired (again).
I have a question on short sales. I purchased a two flat from a seller last year who said he’d gotten a short sale agreement with the bank for $249K. Since the property appraisal came back higher than that I bought.
After closing I came across the short sale letter from Wa Mu and they approved a short sale of $190,000!
The seller in conjunction with the title company got a windfall of the bank’s money but what about me.
Do I have any recourse?
I have had recent ss with CW. If you use the automated system it will take forever! You really need a contact a CW or Nomura Securities- Japan to get any where with a CW ss.
Good Luck.
CHris
Sounds like the sale of an options contract. People find someone who is willing to sell for less. They whittle down the lender and then sell it for more. All in one swoop. Don’t think you have any recourse. You bought it. You approved of it. I don’t see why you would have any recourse. Did he miss lead you? I think you just feel he got a great deal and then passed on only part of that deal to you. It’s business. It’s tough. Great business model though. You still got it for under value at the time. You can’t compare when you bought it to the market now. Like apples and oranges. You could go to court but it might be a tough sale. Consult an attorney if you are really worried.
I closed a short sale with Countrywide last week and I have one scheduled to close with them two weeks from now. They are def slower right now due to restructuring but they are still getting the job done…
Agreed. Depending on the situation, Once all the items that we are in need off are in and processed, there we could close in 7-10 business days response once the BPO has been done and processed.
We work directly with the highest levels of Workout counselors to have our cases reviewed. It is up to the investor as they can turn over in house cases much faster than that!
It really helps us to know people. It’s all about building great networks. We are well connect there.
We should gather the greatest list ever derived of people who are directly connect with lenders either through x-associates or having actually worked there.
We through our had in for this lender.
Anyone have great direct contacts with other “workout departments” (every company has their own name for it – Loss Mitigation, Home retention, Collateral Department, etc) We have great contacts at many lenders but we are sure others have the same sort of connections we do here.
Look forward to the posts. Best wishes to everyone.
Yes, Countrywide has been slower than most. On the average I have heard it take 4-6 months to close a deal with them. That being said, I have closed them in 2 months and currently have 3 deals pending - one should close in 6 weeks, 2 months and 4 months.
They have restructured.
The good news is that most of the time they will order the BPO after they have received all the paperwork then require for a short sale. One important question to ask to speed up the process is to ask if all the paperwork has been received. Often when faxing the documents a page will get skipped. So, discovering this fact early, helps avoid a possible delay.
The restructure has more benefits, they now have a work out department which takes over after the bpo has been received. This department can make a decision on your offer. If they decline the offer, they will inform the home owner directly with a letter, but not you. You would find out if you call and check on the status. So, be sure to check on the status often.
You can request the short sale to be reopened and generally they will reopen the file. You may have to submit another offer or something like that.
The work out department will provide someone to negotiate the file if they believe the offer is close enough for them to accept it or work with you to get it accepted.
Then it will be passed to the short sale analysis department who will present your offer to the investor and negotiate with you if needed.
Then, closing.
Good luck.
Yes, to answer your question, I have been successful closing deals with Countrywide.
Sandi Shear
I’m sorry to hear about the delays you’re experiencing :shocked. We have actually been able to overcome those issues with assistance from higher level agents. Make sure that you are speaking with the right departments.
Countrywide is actually faster than most. We have excellent results with them. Once BPO is done at times we can get an answer as little as 24 hours* or as soon as the investors returns with results and that is usually 7-10 business days*. That is why we are sure others out there have the same internal connections as we do with this lender but with other lenders, since we have this one covered. Anyone have any sort of direct contacts to other lenders (HSBC, JP/Morgan Chase/etc.), upper levels of management, “workout” program directors, etc.? We are interested in hearing from those that could possibly network together. We can produce a program where people with certain connections can come together to produce the ability to perform a superior network above what others could provide. Anyone? Anyone? Let us know where you might be connected. Best wishes.
(*Disclaimer: Every case is different. No Case is typical)
Thanks for the help :biggrin now we have to relist since we have no buyers left. Guess CW did not see that contract had expired when they ordered appraisal.
Lets see if they accept “offer”. At least we will know what kind of offer to accept if any time is left before they foreclose.
Couldn’t even get original offer to respond to the cancel sale agreement - go figure, it expired a month ago. Never thought this would be such a mishandled process.
We are moving out next month - got a nice long time to move, a landlord that is so cool they didn’t even run a credit report & charge a fee(she knows we are hanging in the middle of a short sale) and will let us bring our 3 cats and one dog too!
We are paying 1st, last and 1 month security - so that is a big chunk of change.
My realtor wants us to keep utilities on until “inspection before sale” - hah, we want our deposit back from electric company so I doubt we will tie that up for whatever month(s) is left after we vacate.
We must have come in at a bad time with the SS re-training with CW, because we lost a month - and our buyers. Packet was submitted in last week of February! They dropped the ball and let it roll away.