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Momma don’t let your Countrywide Houses go vacant

Sorry Willy This is a follow up to yesterday’s story.

According to my source at Countrywide,

Countrywide is indeed NOT negotiating short sales on Vacant Homes.

She said…

“No Investment Property, No Rentals, No Vacant Homes“

If your short sale was already approved - you may have a case to continue on.

If the homeowners have moved out (it shows better when empty or staged doesn't it?) they may need to move back in just to close the short sale.

Considering the vast amount of homes CFC has on the books, there’s a lot of potential issues coming up.

Have you made an offer on a Countrywide Short Sale home and just waiting for approval?

Is it currently vacant?

Ouch!

Add this recent development to Ocwen and it's getting tougher to buy a Short Sale these days - not easier as it should be.

(Sorry Willy)

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Posted by Mike Mueller on 04/10/2008 07:49 AM

Comments (10)

loss mitigation, lenders to avoid, short sale negotiation

Originally posted at: Mike Mueller, Social Media.ist: Momma don’t let your Countrywide Houses go vacant

This post has been included in California Information Contra Costa County, CA Information
Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
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10 Comments on Momma don’t let your Countrywide Houses go vacant

APR

2008

These lenders do not want to own these homes. They can say and start paying the HOA dues. I for one think it is time for the banks to get serious.

Hi Mike - and the news just continues to get worse on this subject, doesn't it?

I agree with Gary - banks have got to get with the program and get serious about getting rid of their REO inventories. If they get offers from bonafide buyers, they need to respond in a FAR MORE TIMELY manner than they have been. I'm sure some of the delay is just too much inventory and not enough staff to deal with everything. They need systems in place to get this stuff processed and sold.

And now we hear that there's no more negotiating on a lot of short sales - good grief!! Someone needs to sit down with these banks and explain the way of the world to them. Negotiate and get it off the books! Respond more timely and get it off the books!!

Ann

Gary - Agreed. They are serious now. Are they serious enough to do something about it?

Ann - I forgot one more. GMAC, add them to the list of short sided, short sale decision makers. (pun intended)

** Thank you both for not mentioning anything about my less than adequate photochop of Willy! It was a rush job.

Can anyone tell us their reasoning?

Mike, I guess CW is going to be owning a lot of property in Poinciana Fl. Everybody has a CW loan. And the bulk of these were bought as flips. Now they sit. Vacant. Paid $275,000 in 2005 with a 95% CW loan. Worth $165,000 today....if they are lucky. No hope showing. The ones that have been foreclosed on are selling in the $120s.

Mike: This is distressing news for many people. I am in the midst of helping a couple that were given an acceleration of foreclosure notice. Being that they are both on disability, they were trying to minimize their stress by moving on their schedule. They have relcoated and the house is vacant. If Countrywide doesn't want to accept a short sale contract on the property, they can have it. It may be the reason the Deed in Lieu of foreclosure is being delayed since November. Either way, they are about to get the home back. Banks are so short sighted.

APR

2008

I guess that is why some banks are going under and others are being crushed by debt.

APR

2008

Unbelievable idiots! They are loosing money hand over fist with no end in site. Their stupidity is actually painful!

Don't stress on it too much everybody. This is merely a ploy to get people to hand over the properties with deed in lieus' and squeeze every last penny out of the 2nd homeowners. Ocwen and countrywide will fall on their faces over this and lose even more money than before when they find out that people actually do have financial problems and everyone facing foreclosure is not hiding a box of $100 dollar bills under their beds.

This is only the first of many more desperate acts to come. Keep a sharp eye on your short sale deals and make sure you are up to date on what is happening with them.

APR

2008

It's not only short sales, CW is having problems with, its their forclosures also. They are up to their ears in work and it's showing a strain. Also, when I am working as a buyer rep, I can hardly go around asking who the bank is for the short sale, but I think I am going to start. Although, I can see short sales coming to a complete halt in the near future.

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Momma don’t let your Countrywide Houses go vacant

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