I know a lot of you have been having problems with countrywide, but I need to bring you good news.
I have just got my short sale approval through from them and I shorted it from 280k principal ( 298K inc fees etc ) down to 185k.

I got a contract on it this morning for 260k. Closing 15th August.

Just to give you guys a little encouragement, short sales do work.



Please give a little more info on your deal. What were the particulars that made Countrywide accept your offer? thanks in advance

Congrats! I’d like to hear more details as well if you’d like to share. From what I understand about short sales, they basically have a realtor tell them what the market value should be. Were there issues with the property that allowed you to get a great deal?


here is the scoop

the girl refinanced through countrywide in Sept 2005, for 280k
she made 1 payment.

She tried to sell the house ( she was a realtor). no joy.

I spoke to her and said she was asking way too much for the house, she replied that she just wants enough to pay off lender.

She rented it out and the pretty much wrecked the place.

I put in an offer of 200k with comps etc and repairs… the usual.

the BPO came back at 250K and the call from Countrywide was we want 245k or we will foreclose.

Meanwhile I had the FSBO signs out. trying to get 265k but no joy.
Now she had animals, 6 goats, 6 chickens and a turkey, and when the storms were here last year the barn got flooded and they brought the animals into the screened porch area.

The animals done their business etc… no need to elaborate there.

I wasn’t sure what to do. But my coach took over. ( Please this is not an advert, I am basically telling you what happened and quite frankly I would not have known what to do here or have the _alls to do it.

He got an inspector to look at hte house and gave him reports of salmonella for the chickens and B. melitensis for the goats.
These are two deseases that can be fatal to humans.

he also built a new 40 page shortsale package included new comps and a sex offenders list, which were .2 mile away from the property.

Also (this is the kicker ) he said in his letter, inlight of these new challenges the buyer has reduced his offer to 174,200.

Well Countrywide flipped. they sent out 2 more BPO’s and once i spoke to them we got them to come in closer to our numbers.

Countrywide came back with 185k. My coach said yes as long as they pay an additional 800 dollars for closing costs.

they accepted.

Pretty Cool eh.


Yes, very cool. Thanks for the update!


What technique did you use to find the short sale opportunity? Did you market? Word of mouth? Someone you knew?


It was simply a drive-by.

I saw the for sale by owner sign and asked her how much she wanted.
When I got talking she told me she was behind and she could not afford it.

It was that easy.


I looking to do a ss with Country Wide. Can you please give me the number to the loss and mit dept. Also fax number. I am a bit nervous because I hear they are difficult to deal with. I’d love any advice you have to offer.

kelly tooke: 1-800-669-6087 ex6245. fax: 805-306-7167

Wow, what a story and a very interesting read!

Congrats green queen!

I’ve been trying for a Countrywide house and they have lowered the price from $235K (market value) to $210K in 4 months. The house needs at least $50K worth of work and no first-time buyer in their right mind is going to buy this house - it is scary inside but if you know what you are doing, you realize that it is all cosmetic. I made my offer to cover the foreclosed amount plus the taxes they have paid over the last 2-1/2 years thinking they might want to get rid of the place, but no bite and no counter. Personally, I think the realtor has a lot to do with Countrywide’s decision on offers. Any thoughts on getting around the realtor? I’m in Maryland if that info helps.

A friend led me to this site today to learn about short sales. My loans are all with countrywide, so i thought I’d start in this thread. I own three ocean front condos in panama city beach florida. they are all practically new and gorgeous. i have held on as long as i can. the rates have increased ridiculously and i must admit i was taken by the realtor in the last two sale. now i need to sell these places before my credit is destroyed. A few questions for you experts: will a short sale effect my credt? How do I go about finding people interesting in purchasing my places through a short sale?
Thank you and wish me luck!

green queen:

Did CW assign you to a negotiator? I am working on a SS and have been assigned to a negotiator and waiting for the appraiser to value the property. I only read in your post about loss mit. Just wondering if they have any consistency to their workouts.

i was just given the name of this site today, so i haven’t called and found out the details of this work yet. i could post information as i proceed if that would help you see how countrywide does business. i am told the skill of the person presenting the short sale is key. they must be able to convince the bank of a very low market value. i am afraid i will be learning this all first hand. sadly, in total i have about $800K in 1031 money in these places and will end up owing uncle same in the end. this should be some ride!

Countrywide has offices on just about every corner here in Dallas. i had my mortgage with them for several years, re-fi’d with someone else and now am going back to them. instead of talking to the ‘mortgage’ dept., talk to either the foreclosure or ask to speak directly with a broker. they have a lot to say about cutting out the middle-men. you’d be surprised how much help you can get! just be honest with them. they are the one’s stuck holding the notes on tons of unpaid mortgages, shorts, etc. they will gladly work with you if they see you’re serious and have something to back you up. once you’re in with them you should never have to worry again! you can stay with the same person/dept. and the more they get to know you, the easier it is to do business with them on a regular basis! gl to all. let me know how it goes!
btw, anybody have any ideas on how i can get this mortgage paid off by grants?? i know that you can get money and i have some ideas on it (e-mail me for more info…and no, i’m not selling anything lol), but it’s money to use to re-hab a house, etc.

Letting Go,

Your question was would a short sale affect your credit. Yes and no. IF your properties are already in default, meaning 90+ days late then your credit is already tarnished. A short sale, and this is extremely important, if negotiated correctly with your lender would be subject to the bank dismissing the deficiency judgement against you. In laymens terms, if you owe $250k on a property and it short sales for $100k, you’d technically be 1099’d the difference which would be $150k the IRS would be expecting.
Right now there is ALOT of cowboys out there doing short sales who have absolutely no clue as to how to do one. It is a process and all the paperwork submitted to the loss mit dept has to be in the correct order to make the loss mit reps job as easy as possible so he/she can flip open your file, go to page 3 and expect to see the HUD 1 statement for example without thumbing through the entire file looking for whatever he/she needs. It’s a waste of time for them and with 200 files sitting on his/her desk and a timeline they can open your file and immediately know if whoever is doing the short sale has their act together or not and whether they’ll even give it a second look. Find someone who knows what the hell they’re doing, not just anyone.
Your other question was how do you locate an experienced investor who understands short sales. I would look up your local REIA group in Panama City and ask if anyone is knowledgeable in doing short sales and explain your situation. Meet with them one on one.
Over on the left column of this site is a link for real estate clubs, click onto that and look up your state and area and that should get you started.

thank you for your comprehensive response. i have not been late on any payments to this date, but i’m seeing the writing on the wall. it is good to know this is an option to begin before it gets ugly.
thanks for all your advice. i will check out the pcb club for a start.
good night.

Does CountryWide allow you to assign your contract to another buyer/investor.

I have to be honest, I did so many mortgages with them, I can’t say for sure; but I don’t recall any from countrywide being assignable.