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Short Sale - Countrywide's NEW? Policy

While I was trying to get some answers from Countrwide on a short sale I'm working. I was told about thier new policy that went into effect last Friday.

If the home is vacant Countrywide will NOT approve a Short Sale. Has anyone else been told this. My clients were approved hardship in October -- they will move back into the property if necessary.

I did pitch a slight fit to the poor girl on the phone about things being retroactive, etc. She said "Well your file has not been declined yet." AURGHHH

Read the abbreviated story here -- if you can help let me know -- PLEASE.

Tracy & Mountain House, CA

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Posted by Susan Goulding; Central Valley Realtor Tracy & Mountain House CA Real Estate on 04/09/2008 12:54 AM

Comments (15)

live in house or no short sale

Post is included in group: Realtors®
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales Specialists
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15 Comments on Short Sale - Countrywide's NEW? Policy

APR

2008

That sounds really weird. I don't know what their logic is behind that idea. I would think they would prefer a homeowner to get out and leave it vacant rather than having to send someone to the home and kick out the deliquent homeowners.

I haven't heard this, but I wouldn't put it past them. I think sometimes the banks try and figure out ways to make getting these short sales done as hard as possible. I personally have never done a short sale, and don't plan on it. Anyone for short sale referalls?

When you say the home cannot be vacant, does that mean the home owner must live there, or does it mean someone, anyone, must live there?

Good luck! I must admit I hate short sales, I mean I really hate them. Good luck again, I hope your poor sellers make it through!

The reason they want them occupied by the owner is because the won't have to use their service company to keep the grass mowed, check on it weekly for vandalism, worry about winterizing or de-winterizing it, etc. That was always one of the first questions the lender always wanted to know when requesting a short sale and it's even more important now more than ever since they lenders files are jammed full of these cases.

It actually works best for the owners too...they can keep living in the home without paying the mortgage so they can save some money to get into a rental after selling.

Banks are a pain and they dont know right from left

Susan - CFC is on my call list today. I'll ask. I don't have any that fit the profile but I have a good relationship with them.

I'll drop you an email and let everyone know what I find out here.

I have a couple short sales w/ Countrywide and I have not heard that either. I just spoke w/ them yesterday and no such word.

Jennifer Horton

Realtor

Trin Hong Real Estate Inc.

Marin County Real Estate, CA

www.BeautifulHomesofMarin.com

Susan... I have not heard about this one.... sounds interesting.. Would like to see how this one works out

Ps. I have also found that every person in these short sales deptartments each have a different story! Speak w/ someone else... You might get somewhere!

Jennifer Horton Realtor

Trin Hong Real Estate Inc.

Marin County Real Estate, CA

http://www.beautifulhomesofmarin.com/

It seems like policies change every day and from person to person. What a shame.

APR

2008

Well I am glad to read an explanation as to why my recent Countrywide encounter was less than successful. It was about a 90 day ordeal only to get a DENIAL. Countrywide and all these other lenders need to come out with what it is they will or won't do - right up front and quit changing it with each negotiator! Its not fair to anyone involved. Thanks for the update.

JUL

2008

As of this week my client spoke with CW and they informed him that he was okay with the property being vacant eventhou they had changed the locks. He wanted to do a "Deed in Lieu" on the property but they encourage him to do a "Short Sale". He is to change the lock back and have the home remain vacant. They indicated that they will not "Foreclosure" on him at all and they are more than happy to restructure his loan which he is not interested in doing. Still a crazy payment.

There is just to many cooks in the kitchen to figure out what is right versus what is so wrong. Each situation will be different.

They are trying any and everyway to shoot themselves and agents in the foot.

JUL

2008

FOLKS--There is an easy answer to all these policy changes. The truth of the matter is that many of the loans being negotiated are not owned by the particular lender. They are merely servicing the loans loans and the crazy policies and denials come from the true owners of the note. The lenders are not alwyays the authors of these crazy policies.

Everyone needs to continue their negotiations and not really change their procesures everytime they speak with a negotiator. If it becomes too crazy ask for the conversation to be recorded and request the contact information of their superior. In the event they are not receptive to that, call the regular number and ask them to listen to the recorded conversation on that date. That is a hit or miss technique but it has worked more than half the time for me.

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