Short sale nightmare

Jared here in So Cal. Made offer on home and got within a couple days of closing and it’s revealed that the seller is behind in payments 2 months and going on 3. Short sale comes up but have’nt heard and can’t get any info out of the seller. He’s an agent representing himself. Meanwhile the escrow on my home is going to close and I’ll be out in the cold. I can’t get any info out of the seller or his mortgage co. (Countrywide) to find out if I should be looking for another home. the accepted number on the home was $1000 less than it was listed for and Countrywide would be eating $7000 if they allowed the short sale. Can anybody help with some advise or a contact number for the “Workout” department of Countrywide?

have you tried the title company who is facilitating the escrow for short sale information.

Also try; look up the agent on their site and find out who his broker is… (file a complaint with the broker that the agent has hidden a material fact about the current financial situation the property you are in contract to buy is in until after the fact) Short sales can take time to facilitate depending what type of loan he/she has on the property currently. (ie) FHA won’t consider a shortsale until the owner has missed 3 payments.

check on (they handle CW foreclosures maybe they can give you a phone number… Usually if you ask for the servicing dept you will find a lead to who handles the workouts (remember there is a financial privacy act at won’t allow most on the info you are looking for…) but i bet his broker would be more than happy to help you b/c his license is on the line too.

Good Luck

Workout Dept
PH: (877) 744-7691
FAX: (661) 951-2575

Loss Mitigation Dept

FHA : (800) 222-0044
CONV: (800) 669-0102

Good Luck!