Foreclosure Sale Postponement - Countrywide Short Sale

Hi Everyone,

I have submitted a short sale package for a property that Countrywide Mortgage has a mortgage on.

The property I have a proposal on goes to foreclosure court sale on November 7, 2006. The negotiator asked for two months of mortgage payments and the court assigned postponement fees to postpone the foreclosure.

The court fees are not my concern, but the mortgage company asking for two months payment and she also stated that it was non-refundable. She assured me though the payment would be credited to the purchase price of the home if countrywide decided to sell.

This sounds weird that they would want so much money up front before negotiations.

Please let me know your experience with this situation.


Careful, Countrywide can be tough and very firm on the amount they are willing to take. With the not-so-huge chance of success that a short sale can have, especially Countrywide, I don’t know if it would be ethical to recommend that the seller pay such a fee.

I would play hardball and see if you can get the fee eliminated if not reduced substantially. Try to get it reduced to one payment or even less. The bank is just trying to recoup money. Are you low-balling the short sale? If they owe $100k but you are offering $80k and have a pre-approval it might be more incentive for them to delay than your offer being $50k.

I offered $109,350

at the time $135,520 was owed on the loan.
I will try to reduce it with 1 payment. She seemed to waiver when she mentioned the offer. Also I have called several times before and no one as ever mentioned 2 payments for postponement.

Look, this is a suckers bet. You want to get a guarantee in writing if you pay, they will accept your offer. See, the problem is this. There are so many foreclosures which the lenders don’t care about taking back, and there are so many newbies making ss offers that you get this kind of response from the lenders.

They are just playin you for a fool. And then you come back here and ask us what to do. Use your head. What do you want us to tell you. The lenders are not motivated! Get it? They take them all back. They don’t care. They are making so much money and fcs are less that 4% of all outsatanding loans. They have no incentive to authorize a sale below market price considering all conditions.


They take them all back, they don’t care. They make too much money so they aren’t motived to cut losses.

I guess we should close down this forum. :-\

Complex said nothing about what market value is or there hasn’t even been a BPO done. You have no idea if market value is the $135k owed or the $109k or whatever it is he’s offering.

What he wanted was quite simple, and explained in English in the original post “Please let me know your experience with this situation.”

Thanks for sharing yours, sounds like you had a deal rejected recently haha.

Thanks RDR.

The appraisal came in at about 199K.

I couldn’t believe equityhunter went off on something totally opposite of what this forum is about. Oh well I got a lot of good responses from people who tried to help and things are working out okay so far. I will keep you updated on what happens RDR.


Whoa whoa whoa. If there is that much equity already, why not try and sell it outright without shorting? Most likely they won’t be taking a hit if there is that kind of equity.

If there is $60k equity without even shorting, that changes things, definitely pay the month or twos worth of payments to get it postponed so you can wholesale it to another buyer or something to that affect.


sorry Chase to piece this deal together for you but the entire loan amount is 175K.

1st position: 140K countrywide mortgage

2nd position: 35K HSBC

I thought I was cutting it close between 175K to 199K. I am prepared to offer full payment for the 140K if I have to. I just thought I wasn’t losing anything by starting a short sale with them.
Any thoughts I’ll appreciate it.


Ah hah. Makes much more sense. In the past HSBC has wanted the seller to sign an unsecured note for some of the forgiven balance. Just thought I’d give you the heads up.


Please don’t misinterpret reality for negativity. The whole semantics you just went thru with logic brings up another big problem with posts. The initial post only mentions a few juicy numbers and then asks a question. Why? Why not leave out the juicy numbers which don’t begin to tell the whole story and just ask the question? Usually the juicy numbers have nothing to do with the question being asked.

Another on this site just did the same thing. A few juicy numbers that sound great all by themselves. And then asked about an exit strategy question totally unrelated to the great numbers first postulated at the beginning of the post. Why?

Is this done to impress? To get more interest in the question thereby more answers? Or, is it something else?

I’m working on a ss … then ask the question. Skip the numbers folks unless you want to them all out at the same time after you’ve done a title search of course. Just my 2 cents.


Ok that makes sense. I would leave countrywide alone and negotiate with them to hold off on the foreclosure. Maybe they can add the two month payments on the back? Anyway, them foreclosing puts pressure on HSBC. Once you negotiate the short sale, you can assume the countrywide loan, without their permission if you have to.

Concentrate on HSBC, offer no more than $3,500 for thier short sale. I doubt Countrywide will accept your SS offer because they will recoup their losses at the auction.

Good luck


thanks satarnag I didn’t think about asking for an assumable after negotiating.

Just know if they call the loan, due to the “Due on sale clause”, you’ll have 30 days to refinance or offload the property.


okay I’ll make sure I keep that in mind.



Hows that deal going with Countrywide?


Hey Chase its funny you should ask I just put another posting in lending section. HSBC took the short for 2,500 and countrywide would not move so I took it and this is where I am. Let me know your perspective.

Hi Everyone,

I have a foreclosure that I am working that the bank has just approved a short sale for. The challenge in this deal is that the foreclosure sale is Tuesday November 7. The bank has asked for 2 months mortgage and postponement fees to stop the sale on Tuesday and allow for closing on November 30. Can either of you direct me to a lender that would cover postponement fees and acquisiton of a foreclosure home. Or if anyone is able to do a short term loan for the deal please contact me. As always if you have any other suggestions on this deal shoot them to me. The stats on the property are below.

location: Atlanta, Georgia
appraisal: $199K
flipped to a buyer to close Nov 30:$192K
purchase price: $142K
posponement fee: $3K
sqft: 2346
stlye: colonial
lot: 3/4 acre
bed: 4 beds
bath: 2.5 bath

Thanks in advance,

Jamal Brown

Yeah, it would make no sense for Country wide to accept anything less. However, I missed the HSBC short sale by a grand. With 47k in equity, you’re cutting it close to finding financing via hard money lenders because they normally loan up to 70% and you’re at 75%. Anyway, it shouldn’t be hard to find and after paying 3-5 points for the loan, you should have a huge chunk of cash available as profit.


Sounds Great. Send me your contact information and we can review everything.


Just thought I would add my two cents.

I thought it was funny that equityhunter was being so mean in the beginning and then when he/she found out he might make some money cause they were in atlanta he was suddenly more than willing to be nice and help.

Just thought that was hilarious.

And by the way when people do ask questions on here without numbers they get replies saying “there is not enough information for me to reply, i need numbers”
then when someone does list number its " leave out all the juicy stuff and just ask a question"

Can anyone win on this forum???