topic Re: Countrywide Short Sale ? in Mortgage Loans

Countrywide Short Sale ?

Anonymous — Thu, 09 Apr 2009 01:41:22 GMT

For 6 months I attempted to negotiate a short sale purchase with Countrywide. After writing letters to investor relations of their parent company Bank of America I finally got a contract 2 months later which demands that I close by April 27. My loan has been approved and I am ready to close April 13. Now CW said they need 72 hours to review the closing documents but the CW negotiator handling this case is going on vacation for a week. Judging from my experience with CW it appears they are at the last minute throwing up road blocks in order not to go thru with this contract. I know that as long as they don't close short sales they carry the property as an asset but when they sale they have to write down the loss.

Has anyone else had this sort of problem with CW and is their any recourse ?

Re: Countrywide Short Sale ?

DallasLoanGuy — Thu, 09 Apr 2009 04:28:48 GMT

typically, when the bank isnt ready to close..... they will extend no problem.

remember, they have a buyer clear to close.... they dont want to go thru all of this again

Re: Countrywide Short Sale ?

Anonymous — Thu, 09 Apr 2009 10:37:00 GMT

Thanks for the advice. CW really didn't want to do this deal at all since they're losing 50 cents on the dollar which is why I'm concerned about last minute hesitation. They have also been very difficult to deal with. Maybe I'm concerned over nothing and I'll be pleasantly surprised. If so I'll let folks know !

Re: Countrywide Short Sale ?

DallasLoanGuy — Thu, 09 Apr 2009 13:27:41 GMT

Regardless of whether they WANT to sell.... they are under contract.

Re: Countrywide Short Sale ?

Anonymous — Fri, 10 Apr 2009 14:54:43 GMT

You can't take what CW does personally. They are not making emotional decisions. If this is a short sale, then CW does not have an "asset" on thier books, but a non-performing loan. They DO NOT want it and they want to take the property back even less! If they've agreed on your deal, then they've already made thier decision. They've agreed because, on a going forward basis, they believe it is their best option right now. If you can close by April 13th, what's the problem? Just close it. If you feel that a particular negotiator going on vacation might cause your deal to slip through the crack, just ask him/her who will be working this file while he/she is out. My main point: They want to get this deal off thier books at least as badly as you want it to close. Play by their rules and be persistent (but nice), don't try to read emotional issues into it, close on your deal, and enjoy the equity you just gained!!!