Home : Blogs : Susan Goulding; Central Valley Realtor Tracy & Mountain House CA Real Estate : Susan's Super-Duper Blog (Tracy, California)

Countrywide REVAMPS short sale division - Seller need to live in their HOMES!

I finally got through to Maureen, a very nice person at Countrywide. Here's the result:

Countrywide is revamping their entire Loss Mitigation Department and Short Sales will have it's own division with it's own loss mitigators/home retention specialists. This is a good thing.

Nothing will happen until at least Friday, as the new system is not operational YET. Maureen said, "don't even bother to call prior to Monday."

On a personal note I have a new loss mitigator assigned to me -- yippee.

Homes will be disqualified for a short sale if they are not owner occupied. If it is a second home, an investment property etc, Countrywide will kick it back. So, if your homeowners have moved out - they need to move back in until their short sale is approved.

that's if for now.

Tracy & Mountain House, CA

RSS Feed

Follow me on Twitter

Find me on Facebook

Link with me on Linked IN

209-914-5573 Susan@SusanGoulding.com

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 04/10/2008 02:18 AM

Comments (23)

countywide upate

Post is included in group: Almost Anything Goes
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: Tracy California Info and Community
Post is included in group: The Ninety-ninth Percentile

23 Comments on Countrywide REVAMPS short sale division - Seller need to live in their HOMES!

APR

2008

Susan: I think this makes sense. Part of the idea of a short sale is that the current owners/sellers have made all possible attempts at keeping their payments current. The thought on Countrywide's part very well could be that if the sellers have the funds to live somewhere else... perhaps Countrywide is "being played" or being taken advantage of. This may or may not be... but I could easily see how that thought could occur to them. Susan... thanks for sharing.

short sales are so vague. nobody really knows what the heck is going on. Thanks for the information I am actually processing one now.

This is very interesting. Two weeks ago, four negotiators later, we were told by Countrywide that they were dismantling their short sale department and there would be a yet another new negotiator assigned. We were told they would NEVER call us again, that we should try and begin calling in about 7 days - but not to be surprised if we did not get anyone for 10-14 days. At that time we were not told about this new plan not to deal with properties where people were not living in their home - but then they are not overly forthcoming with information about anything it seems. So this is quite interesting. We appreciate you sharing this and posting it.

I think this makes sense as well. Everytime you think you understand the rules they change. Oh, well. Thanks for the heads up.

It would be nice to see the entire short sale process change. I refuse to show a short sale. The banks are just too dificult to deal with and want us to cut commission on top of it all.

Hey Tracy....

Great information on the Short Sale part of our industry. Every lender has their own rules and its nice to get such up to date information about how Countywide plans to do business. I hope you get your deal wrapped up soon.

Does anyone ever get through the process of short sale? Has an agent ever sold a house and recieve a decision from county wide on a short sale? I'm concerned because I playing the waiting game as a buyer. Should I build instead?

APR

2008

Sounds like another iteration of the same thing. Maybe they will get it right this time.

APR

2008

Short sales are so difficult to put together.... time is better spent selling or listing REO Properties if you can handle all the details.

APR

2008

Susan, I've heard about this new set up from CTW as well. If an owner was living in their house and had to moved out b/c they don't want to wait until the last minute, why would they want to move back into the house? Technically, they were living there and had to move out so that the property is easier to show which would result in a quicker sale. Some of these guidelines just don't make sense sometimes. Good post!

APR

2008

I am presently in the 6th week of a short sale offer for cash, no contingency, quick close (ha) and a property that is truly upside down. The owner has moved from the property and the initial trustee sale was scheduled in Aug 07 to occur in Nov 07.....Countrywide just rescheduled after postponing the foreclosure sale again for mid May 08. Meanwhile my cash accumulates interest, and Countrywide loss mitigators have not lessened the loss but accelerated it. I still have hopes that eventually they will approve the offer and all will win. I have invested in real estate successfully for 40 years and "short sales" are anything but short on a timely basis. I can readily understand that IF THE LENDER HAD SPENT 1/10 THE TIME EVALUATING THE BORROWER WHO IS NOW UPSIDE DOWN at the time they purchased the home......Countrywide and other lenders would not have the overwhelming sea of foreclosures, impending foreclosures, workouts, and short sales.

APR

2008

We are working with a couple of short sales currently and we are looking forward to this new countrywide department.

APR

2008

Hello : Can I have the new package for a short sale emailed to: homes-one@sbcglobal.net

Thanks

Liliana

APR

2008

A few of Counrywide's larger investors (Notably Counrywide Bank) did indeed put the kibosh on shorts to non-owner occupied homes in early April. That decision was reversed exactly 7 days later, on April 8th. So, they are doing non-owner occupieds again. Just FYI.

Allen

Thanks for the update....we were just about to list an investment property short sale with a CW 1st ....guess we'll pass!

i live in florida and we have a lot of properties which are not owner occupied. this will certainly help to clarify their status.

APR

2008

Thanks to everyone who has contributed so far - I'm sorry I haven't kept up with this post and replied individually to you.

MAY

2008

I made an offer on a short sale 3 months ago and still have not heard anything from the lender, Countrywide. When I made the offer the current owner was already 90 days past due. What are they waiting for? We have been passed around so many times within Countrywide, it seems like they don't know what they are doing. Almost as if they'd rather foreclose on the house than accept our offer.

It's not surprising that they are having financial difficulties. Has anyone had any luck with Countrywide and actually completing a short sale?

Another weird stipulation from a lender. Does it really matter if the owner is in the home or not?

SEP

2008

I am a first time homebuyer. Back on 8/11/08 I wrote an offer on a house that is currently fincanced by Country Wide. The homeowner accepted the offer and now we're waiting for CW to approve a short sale. 2-3 weeks ago my Realtor called me to tell me that CW is reviewing the contract, but haven't heard anything since. It's now been over a month. What's going on? Are they waiting for someone else to make a higher offer? How much longer do I have to wait for an answer? Is there anyone I can contact at CW regarding my offer or should I just keep waiting? I know it's not my place to contact CW, but I want to know what's going on, should I contact them or just stay out of it? Will they even talk to me? I wish I could get some answers on their decision.

I just got an approval on one of my short sales 9/19/08 with Countrywide. It is a vacant property and I was never denied due to it being vacant. I have about 5 other short sales w/ Countrywide and have not had any issues with those short sales yet either. Just wanted to let everyone know :)

Jennifer Horton

Trin Hong Real Estate

www.BeautifulHomesofMarin.com

SEP

2008

Christa,

I'm in the same boat. We made an offer on 8/17. Apparently, we were assigned a "negotiator" week before last but I still don't have a clue what's going on....if anything. From everything I'm hearing lately, we'll both need a LOT of luck to get this resolved like we want!

JUL

Countrywide aka BOAC or a subsidary thereof hasnt been able to make a decision on my ss property in Atlanta,Ga since 10/08 with two offers lostSince then ive watched the value plummet another20%(what bubble) although they won't tell me what it appraised @.W/O income they wont modify.Mazillo makes Madoff look small patatoes.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?