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Countrywide Short Sale Help needed

If anyone can help or offer advise on how to get Countrysde off their proverbial behinds I'd love to know. Perhaps it just my illustrious Loss Mitigator that has an issue.

Offer in January --- 1031 Cash deal for $20K more than comps. Short sale/hardship approved per Countrywide in January. Appraisal ordered and completed in February.

I call daily -- or close to it -- have not gotten a single return phone call despite help from supervisor -- NOTHING -- I can't get any information.

WOW _- I know short sales are tough -- but I've got 12 and NONE of them are like this. Chase and EMC acutally call and email ME!

HELP

Tracy & Mountain House, CA

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Tracy or Mountain House, CA home buyers or sellers call us for help.
I have a team ready to handle all your Real Estate needs - REO, Short Sale, Investing, First Time Home Buying.... call me I'm ready to help you accomplish your goals. Keller Williams Tracy/Mountain House

Posted by Susan Goulding; Central Valley Realtor Tracy & Mountain House CA Real Estate on 04/09/2008 12:48 AM

Comments (15)

countrywide help

Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales Specialists
Post is included in group: Dedicated Bloggers
Post is included in group: The Ninety-ninth Percentile

15 Comments on Countrywide Short Sale Help needed

APR

2008

Susan- The loss mitigation dept at CW is currently restructuring and the negotiators are not calling back for 20 days. Our attorney has 250+ files with CW and he just received a written notice that LM is basically shut down for 20, they did the same thing to their REO dept last month. So this may mean that they are streamlining the process and getting more help! Experienced help!

Well dang -- that is not good news for the people waiting to hear about thier offers. Heck, I'd just like them to tell us that. Thanks for the info. I've heard that CW is committed to increasing thier short sale approvals and reducing thier foreclosures.... hmmmm I guess time will tell. Thanks for the information.

APR

2008

Countrywide is the most inept group of loss mitigation buffoons in the industry right now. I have 6 short sales I'm working on with them, and they bungled each of them--BADLY.

Couple of tips:

When you call the loss mitigation department, call this number: (866) 880-1232. This will actually get you to a live person with no recorded message foolishness.

When you talk to one of the peons in loss mit, ask them who your negotiations have been assigned to. Ask them to spell this person's name clearly. If they tell you your negotiator's name is John Smith, you now know that John Smith's direct email address is john[underscore]smith@countrywide.com. Email him directly with the loan number only as the subject line.

If he doesn't get back with you in a timely fashion, call loss mit again. This time, explain to the peon that you've been waiting for Mr. Smith to call you for weeks. Ask them who Mr. Smith's direct supervisor is. Ask them to spell the name clearly. Yup, you got it, repeat above.

Send more information through email. I regularly send them new comparables demonstrating clearly that the longer they take, the more money they are losing. Get the HOA bills and send them over. Get the lein that the HOA has filed and send it over. Write a nice letter stating that the buyers have threatened to walk on the deal if they don't hear something definitive within 3 business days. That kinda stuff.

Unfortunately, you have to make yourself a ROYAL PAIN IN THE ASS to Countrywide, or ABSOLUTELY NOTHING GETS DONE. They are completely inept. You must use a cattle prod on them daily.

Allen

MAY

2008

I placed a bid on a short sale in early February and had no action go on for quite a while. When the offer expired, I started looking at other homes for sale then my agent received a call from the selling agent about a month ago.

Someone told the seller's agent to get my finance guy (aka buyer's lender) to call CW and explain that I qualified and was ready to go. The seller gave CW a document allowing my lender to talk to CW about the situation 3 weeks ago. My lender contacted CW, kept everything very positive, explained we qualified with his group and explained that the offer was within 10% of the appraisal. Needless to say documents have been signed except from one CW department (how many sign, I have no clue) and was told this last group should be signing it off within the next few days.

I don't know if that helps anybody else out there but thought it worthwhile mentioning.

MAY

2008

I am experiencing the same issue. These people are the most inept I have ever had the misfortune to be stuck with. We have an offer on a house, have for 10 weeks now, and still they have not accepted my offer. I have a loss mitigator assigned, and my last update was they were waiting to get some signed paperwork back from the owner.

Have any of you actually closed on your properties yet? What kind of timeframes were you stuck with while working for this pathetic excuse of a company?

As I am not a realtor, just a buyer, is there anything I can do to speed up the process?

JUN

2008

Great information you all. Anyone just give the listing back when it's Countrywide and PMI you are dealing with? I'm on the verge...

AUG

2008

I trained my agents some techniques to get prompt answers and the latest has been 2 days to respond from CW and WAMU a 1 day. I've seen them get letter of approvals over night after employing my tactics. I don't show it to anyone other than my agents, because i don't want everyone to use use my system which may cause the bank to change the way they deal with things and may affect that leverage we have. Sorry! but yes there's a way to get a faster respond, you just have to find like i did. Good luck!

joser153@yahoo.com

I have filed with the better business bureau complaints on CE, Wells, and WAMU and have received results in 7days or less make sure to reference the loan number and please make sure the seller signed an authorization to release information and fax that to the lender. Good luck!!!!

Countrywide is one of 3 lenders on the "Don't touch that short sale list". The others are EMC and First Franklin. Stay away from them, they don't want your offers!

SEP

2008

OH what a mess! Thanks for the tips. I will try them with countrywide.

NOV

2008

Countrywide and Indymac have been my worst experiences for short sales. EMC has actually been the fastest and the easiest to work with for me. We closed one with EMC in 3 weeks!

JAN

Beware when the sellers agent says its an "Approved Short Sale"

I put a bid out on house listed as that and a month went by with no reply. Finally my agent found out that the bank requested and appraisal order. It turns out that the bank had approved that they can sell it short but never decided how much. Basically meaning that my bid sat in some dusty file cabnet for over a month and was never even thought about. Another month later my offer was rejected and teh price of the house was jacked up from 245,000 to 278,000. So basically I wasted over two month of my life on a house I thought had been approved at around (or at least close to) 245. Oddly enough that house has been sitting on the market ever since. If your going to bid on a short make damn sure that the seller\sellers agent has done all their paper work.

MAR

I have 3 short sales I am working on with Countrywide and it has been 2 months since the appraisal has been in and they assigned a negotiator on 2 of them and then 3 days later they we taken away from the negotiators because they have to much on their desks!!!!!!!! Now the 2 short sales are still waiting to be reassigned. Countrywide is not ready for the amount of short sales coming their way.

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