Special offer

Yet Another Countrywide Short Sale Fiasco...You'll Laugh, You'll Cry!

By
Education & Training with HD Realty BK662006

I know, I really shouldn't let it get to me, but this one just takes the cake! I'm running out of room for notes for all the times I've called them on this one... These are NOT all of the notes, but it will give you a rough idea... my favorites are the ones in the last 2 weeks.

Now, before you read on, please realize how I take notes... I write the info down in my log with a date, person's name, and details of their comments, THEN I repeat back to them my notes like this: "so if I understand correctly, you said that..." and double check my notes, dates, and comments. Enjoy!

12/2/08: submitted FULL financial package and offer to Countrywide. (BPO's were ordered on 12/2, 12/9, and 2/9 that I know of...)

12/30/08: Mary Fleming assigned as negotiator, could be another 30 days for answer...

3/6/09: Still no answer on short sale (yes, we're over 90 days). Buyer walks. However "Angel" assures me that as soon as I have a new buyer it won't go ALL the way to the beginning... just back to the phase one.

3/11/09: Got new offer, $20,000 HIGHER, submitted all docs for new offer. I am told that a negotiator will be assigned within 5 days.

3/24/09: 2 appraisals came back.

4/17/09: (yes, that's over 35 days later!) assigned to Mary Fleming. (YAYYY! She was so speedy the last time!) Here's where it REALLY gets fun:

5/4/09: "Catherine" tells me that Mary Fleming is a 3rd level negotiator and we should have an answer by Friday the 8th, suggests I call EVERY day for status update, payoff demand has already been ordered, she tells me. Yayy!, of course, I update the buyer's agent.

5/8/09: (oops, forgot to write her name down!) no updates in computer, she'll request an "escalation", meaning Mary Fleming will only have 5-7 business days to respond.

5/11/09: "Anthony" tells me that Mary Fleming is reviewing the file with management. But Mary is NOT a phase 3 negotiator, don't know why someone would have told you that, she's a phase 2 negotiator. Should have an answer within 5 biz days.

5/18/09: (too mad to ask her name...) Don't know why they would have told you that... Mary is a phase 1 negotiator, and there's no such thing as "escalation"

Today (5/20/09): Had to do it. As I was sitting here typing this, I figured I'd call again, just for laughs (guess I'm a glutton for punishment). Ready for this? she said phase 1 should have only been 15 days! And we absolutely should have escalated it. She read some of the past comments in her computer and SHE said she wonders what planet they're on! She's escalating it, she's sending an email to Mary Fleming, she also gave me Mary's direct number AND Mary's manager's name AND direct phone number.

Holy Camoly! Why do we do this again? someone please remind me...

p.s. wanna hear the kicker? This same seller has another property, also with Countrywide, same exact floorplan, same exact subdivision. Lost my buyer on that one around the same time as this one. Got a new buyer the same day as this one. Also over $20,000 higher the 2nd time. Submitted the full file to Countrywide the exact same day. Know What? That one I got approval on last week. This one? still stuck in phase 1! Happy Day!

Gotta Go! Have to send an email to Mary and her boss!

(Want to get Andy's e-zine weekly?  Come on, you know you do!  Just go to www.AndyTolbert.com and subscribe!)

Gail Szeluga
Weichert Realtors-Marlboro, Manalapan - Manalapan, NJ
Manalapan, Marlboro & Monmouth County

Andy,  I have the same exact experience with them. I just got a new contract yesterday and started all over again. It is so frustrating!!! This time I warned the buyer that it will take MONTHS to even get an answer!

May 20, 2009 09:40 AM
Irena (Esphir) Popilevsky
RealEstateSINY.com - Staten Island, NY
NYS Licensed Broker/Owner . Short Sale Specialist

Hi Andy,

Oh my god! I know exactly what you are talking about. Had one with them a kong time ago. exactly the way you had described it. They are terible. As a matter of fact the worst there is out there. Hope you'll get an approval and close the deal. Good Luck.

May 20, 2009 09:42 AM
Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)

Andy - We have had a file working with Countrywide since November and we MIGHT be able to close in June, but I will believe it when I see it.

May 20, 2009 10:18 AM
Chanda Barrick
Keller Williams Indy Metro Northeast - Indianapolis, IN
in referral

What's the deal with Countrywide/Bank of America?  I've read a few posts this week alone regarding all the back and forth, waiting waiting waiting, and rude people.  I haven't had a short sale yet, but geez if I do get one I sure hope it isn't with them!

Chanda panda

May 20, 2009 12:11 PM
John Secor
EXIT Real Estate Results - Winter Springs, FL

Here's a suggestion, when the seller says they have a mortgage with countrywide just say NO to the listing.  Figure it out people.  You're working on a file for 6 months for 2 or 3 percent, is it worth the time and aggrevation?  At the end of the day you're working for minimum wage folks.  Dump countrywide- every agent everywhere, DON"T ACCEPT A LISTING IF COUNTRYWIDE IS THE LENDER.

Its that simple.

May 20, 2009 01:53 PM
BLR Guy
BLRGUY(Beach & Luxury Realty Inc) - Saint Pete Beach, FL

I have a board in my office for lenders that suck...Countrywide has been #1 for 6 years now...they will never change....my realtors have long known...never mention the "C" word to me!

May 21, 2009 11:11 PM
Andrea "Andy" Tolbert
HD Realty - Sanford, FL
Broker, Safety Expert, Instructor

John: I am so far ahead of you and decided MONTHS ago that I would not take another listing with C'wide as the lender... that is now one of the first pre-screening questions I ask a potential seller!

I have 3 listings for this seller, 2 of them are C'wide, and I'm stubborn and have to see them through at this point just to prove a point (to whom, I'm not sure!)

But I'M not taking any more from them!

May 22, 2009 01:41 PM
Richard Worcester
78Homes.com - Vista, CA

Hi Andy,

Thanks for telling your story. Let's all remember 1 thing - and shout it from the mountaintops:

There is no Countrywide anymore. Bank of America owns and or services these loans. Bank of America employees are the ones doing wrong (and right) to us. Bank of America has to be walking on eggshells hoping nobody will notice that a non existent entity is taking the rap for their awful performance!

The King is Dead - Long Live the King! Spread the word - Bank of America is the New Number 1!

May 29, 2009 03:34 PM
Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

Andy,

I have two open with Countrywide and I thought I made some progress last week but after reading your post I'm not holding my breath.

May 30, 2009 01:13 PM
Anonymous
DC

I just wanted to say that if you are having problems with Countrywide here is the email for the Short Sale Supervisor USE IT!

adam.herson@bankofamerica.com

Jul 29, 2009 06:07 AM
#10
Anonymous
Sonda Hilario

I FEEL YOUR PAIN!!! I have 5 deals with Countrywide/BofA where I'm either the Buyer's Agent or Listing Agent. I've become numb to their process. Just got an approval last week only to have the Buyer walk! Frustrated isn't the word! It just so happens I have a friend that worked for Countrywide/Bank of America and did a little venting to her. She actually worked in the Short Sale Dept. She no longer works there but told me that she actually had suggestions that would speed up their short sale process but was told by management that they had  looked into other methods and this was the best process. While she was working there in 2007 she said they were so overwhelmed that it would take 30 days before they would even look at a file. She said one thing I should also realize is that Countrywide serviced/owned the majority of homes in the US. They were (and apparently, still) not prepared to handle the sheer volume of defaulted loans which is why the process is as it is. Still no excuse! I also found out that although Countrywide was acquired by Bof A all their short sale negotiations are being conducted under the Countrywide format (gee, thanks) not B of A. I had hoped things would get better under B of A (not!) All I can say is hang in there and I hope you close it. Persistence does work with them and you absolutely can escalate. Also, I'm just starting to notice that Countrywide/BofA is no longer paying for any HOA fees or repairs, they will only pay the 2nd lienholder (if there is one) on at least  3 shortsales I have, has anyone else been having this experience? Just another issue to adapt too!

Aug 03, 2009 01:32 AM
#11