Countrywide home loan. owe 135,000 apprased 139,000 no damage to residence sent a short sell package over $108,000 which was 20% package was declined and no counter offer. Never came across where there is no counter offer. Have you dealt with them and what kind of % discount will they work? By the way it is a conventional loan.
Another house 1st mortgage is Country Wide and 2nd is “servicing” the loan for Country Wide. They are Litton Mortgage Service. They just took over 1 month ago. Both behind. 1st mortgage $195,000 2nd mortgage 48,500 House worth $250,000
Do I try a short sell with 1st with country wide? Do I do the short sell with Litton Mortgage Service or do I deal with CountryWide on the 2nd? What kinda of Discount% should I go for and what to expect? Who do I goto when the loan is being “serviced”? FYI Both are conventional loans.
I wouldn’t give up, not just yet. Call and ask to talk to a manager/supervisor. I wouldn’t have any trouble trying to climb their ladder. May also want to try putting down some numbers for the person you speak with, to justify your offer, such as:
Distressed comps (not retail comps) minus repairs, minus holding costs, minus realtor commissions (if it becomes an REO and then subsequently sells), minus maintenance costs, etc., etc. Laying it out and doing some homework for them is useful, and you may just get them to start negotiating. Of course, you would show them this calculation if it is lower than your $108k offer.
If you’re working on a short-sale, it is a distressed situation, correct? If the lender takes the property back at a foreclosure sale, and remarkets their REO, it is still a distressed sale. Distressed sale comps are not the same as a retail comp.
So, as best you can, look for comps that were REOs, foreclosures, other short-sales, HUD sales, fixer-uppers, probate, etc. House-for-house, sale prices of a tip-top house that has been cared for by the original owner and is occupied by the original owner will have more value than a comparable house being taken care of by someone who cannot pay the mortgage, because there is likely deferred maintenance and other factors. So, I am just suggesting to use that to your advantage and drive down that BPO by using distressed comps, if you can find them.
some loans are not “sellable” they do not meet criteria or violate a guideline, not that anyone did anything wrong intially. i.e. if borrower recommened an appraiser instead of radomly selecting it may violate the “purchasing” investors guidelines.