HAS ANYONE HAD ANY SUCCESS WITH THE COUNTRYWIDE LOSS MITIGATIO REPS?
I’m trying to help my sister with a loan modification. Her hours were cut back, and she needs a little breathing room with her mortgage payment. Most of the reps are not helpful and I was wondering if there is an specific extension number to get a GOOD and HELPFUL
representative.
People that do this for a living are not going to give you that info. If you want to get it done you might want to post for someone to help you get it done and let them make some money. People don’t mind giving info but not a contact. If some one has a contact that gets stuff done that is their business edge. They are not going to post that info on the internet. Just a suggestion.
The first major problem with Countrywide is that it has been acquisitioned into Bank of America. They claim this has caused huge department confusion problems. Whether that is true, or just BS to get you off the phone, I’m not certain.
From what I’ve discovered from working with them, they want 80%-85% of the BPO. To get that approved, there are at least 4 committees you have to cycle thru to get it done. This is the order (note, not official Countrywide names used - just guesses):
frontline short-sale (phone) support → preliminary approval committee → final approval committee → investor
For anything to get to the next committee, it must pass the previous committee. The only committee that you can directly contact is the frontline short-sale phone support. From the multiple dozens of frontline phone support people I have dealt with, they don’t even know which preliminary approval committee it gets handed off to. There appears to be three preliminary approval committees in (possibly) Texas, California, and Colorado. None of the frontline phone support have phone access to these three departments. All communication is done thru an email type system. As long as you submit the typical short-sale package paperwork, the frontline support will open your case and make a request - not actually assign - just make make a request that you have a negotiator assigned. Once all your paperwork is faxed in, and nothing is missing, it will get sent to the preliminary approval committee negotiator. If you fail to include everything required in the short-sale package, you prepare and fax in another one. That will take another 3-7 business days to be entered into the system.
It takes 3-7 business days for EVERY fax attempt to be processed. Once its processed, it takes another 7-10 business days for a preliminary negotiator to be assigned. The preliminary negotiator has 15-30 days allowed for them to review the package. Once that preliminary negotiator reviews the package you sent in, it will take them about 5 seconds to scan down a pre-defined offer acceptance spreadsheet to see if you offer matches with that 80%-85% of the BPO. Yes, I said about 5 seconds. If your offer does not match, they click No on their computer and close your file while they move onto the next file (that they will most likely click No on).
Now, I don’t have actual visual confirmation that that’s what the preliminary negotiator does, but it sure seems that way! :eyecrazy
If that preliminary negotiator clicks No, then you have to send in another offer, wait 7-10 business days for that fax to be processed, wait 7-10 more days for another negotiator to be assigned, and another 5 seconds for… right, I don’t have that confirmed. ;D
And that’s as far as I have gotten. From what I’ve been told, if the preliminary negotiator approves the offer, then it takes another 30-60 days for the secondary negotiator to review with the investor about whether to accept the offer or not. As far as I know, there is no way to directly contact even the preliminary negotiation committee, much less the later two. Not even the frontline phone support has direct contact with those departments. Its likely that the preliminary negotiators don’t have direct contact with the final negotiators - they just forward on the “email”.
Here’s another tidbit from what I’ve gathered working with these two initial committees. I get the impression that Countrywide believes they ALWAYS hold the 1st mortgage. Even when they are only 2nd mortgage holders. Thus, they will try and get 80%-85% of a $200,000 BPO, even if they only hold a 2nd mortgage for $20,000. Thus, if you try to submit a payoff of 2nd mortgage for, say, $10,000 (yes, 50% of the 2nd), they will see on their spreadsheet that $10,000 isn’t even close to 80% of $200,000 and they will immediately click No on their computers. That’s the impression I have gotten from working with them. When that happens, you get to wait another 7-10 business days to submit a higher offer. If you do this too many times, the BPO will expire after 60 days and your short-sale package will expire after 90 days. Then you get to start all over from the very beginning. :banghead2 Keep a watch on that auction date!
Anyways, this is all from actual experience within the past 6 months. Has anybody had recent experience with Countrywide where they have gotten an offer approved? How about on a 2nd mortgage? Anybody have any success with getting in direct contact with anybody other than the frontline phone support? Has anybody had direct contact with a negotiator in order to negotiate? Let’s hear some suggestions.
Dean
Be careful about what you are told by Countrywide NKA Bank of America. The first mistake is them making you think they have committees to review the short sale or loan modification proposal. No longer the case. This is a servicing lender and it will be either the secondary market investor (SMI) or MI carrier, or both who will approve or reject. The servicing lender only has the rights granted to them by contract with the SMI for that loan product specifics. Seldom do those rights actually include making judgments to approve or reject unless they have been granted threshold analysis approval.
Countrywide is still one of the most disorganized financial entities in existence, however, that is beginning to change. Bank of America, since the takeover, has been making sweeping changes in structure and management.
However, their inability to receive faxed documents and get them imaged has not approved. It is common to have to re-fax documents several times, even after they confirm they were received.