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Is Countrywide using SALT to make Lemonaide?

When the loans were rolling out like there was no tomorrow - Countrywide was the Industry leader for serving "lemonaide" to the borrowers and homeowners ~ or so they called it. Now that same Industry leader is backing out of helping the mess they lead the industry in creating. Something is really wrong with this picture.

First let me define the difference between Lemons and lemonaide:

These are Lemons - If you pick these and eat them as is, they will be bitter and you will not have lemonaide. You will be simply eating a lemon. Not to say lemons are bad because I personally like to eat lemons (especially when I have a cold). In this post, lemons equates to Not Helping out or REJECTING short sales. Or putting SALT on the wounded.

This is lemonaide: It is usually served in a glass and it has "sugar" added or sweetners if you don't use sugar. This is a refreshing treat - especially when it is hot. So lemonaide equates to helping out borrowers and homeowners. In this post, it is an approved short sale request.

SO what is left that Countrywide will or might approve as a short sale? I think the answer is not much!

So far this is the list that Countrywide will reject - so far. If you know of other reasons to reject that Countrywide uses, please add on.

REJECT	Second homes	REJECTS = Lemons and salt
REJECT	Investment properties
REJECT	Vacant properties (no matter what the reason or timing)
REJECT	Offers that come in below market value
REJECT	Offers that come in at market value
REJECT	Offers sent in too late (according to their timeframe - not the pre-foreclosure timeframe)
REJECT	Request for loan modification
REJECT	Offers where the buyers are pre-approved by either Countrywide of Bank of America
REJECT	Requests that they have been "negotiating" for months!
REJECT	Non owner occupied properties

To add salt to the wounded, they have a "select" list of agents that they work with to do BPOs and those agent know that they will need to continue to "opinion" the Countrywide properties higher rather than "at" or "lower" than market value ~~~ no matter the condition of the property. But I don't think that the agents are ready to admit that this is going on yet.

Countrywide is confused!!! Its not salt we need for lemonaide..... its sugar (its help).

So my question is: What is left that Countrywide will approve? My answer: Not much!

And are there other lenders following the Industry Leader as they did when this mess began?

Summary: So if you are looking for a nice glass of lemonaide to refresh you during these "hot times of foreclosures gone out of control" and you have Countrywide as a lender.... you might not get the lemonaide - just the lemons and salt. And....Don't be surprised if others don't start to follow the leader.

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Posted by Rosemary Brooks -Mother & Daughter (866)-543-0461 on 04/20/2008 07:54 AM

Comments (17)

reo, foreclosure, stockton, san joaquin, family realty group, rosemary brooks

Originally posted at: Mother & Daughter Blog: Is Countrywide using SALT to make Lemonaide?

This post has been included in California Information San Joaquin County, CA Information
Post is included in group: REO
Post is included in group: Foreclosure Talk
Post is included in group: California Short Sales, REO's, and Foreclosures
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Posts to Localism

17 Comments on Is Countrywide using SALT to make Lemonaide?

APR

2008

The unfortunate part of all this is that Countrywide gave consumers what they asked for, not what was best for them. Loan officers forced low interest ARMS on people knowing that when the rates adjusted these people couldn't afford to stay in those homes. Yes, I agree that these companies who encouraged this problem now need to do something about it to keep this countries economy from going down the tubes, but remember greed is often the root of evil and greed has created this problem. Just my opinion from observance.

I have noticed lately that Countrywide still likes to talk the talk....sounds like that is all it is.

June ~ you hit it on the head. Thank you for putting it those words. I think they should be held accountable for their part and not be able to just REJECT reasonable short sale requests.

Gary ~ so true. I even see commercials from last year (early last year), so you know they are not in touch and the picture is all wrong.

Thanks for this great breakdown on Countrywide. I had tried dealing with them a year ago, and of course you can guess how that went! At the time though, I thought that maybe the lender wasn't expecting the foreclosures to skyrocket like they did, and were just playing hardball. Well, now I know that it was just their MO. I'm going to bookmark this. Thanks!

Im not doing anything with CW at this time. I want lemonaide.

Interesting observations! I heard of a major short sale agent in my area rejecting listings that have anything to do with countrywide!

Hi Rosemary, I hope Countrywide is not changing their tune, but I have had success with approvals on investment, non-owner occupied and vacant properties with them! I have another investment property pending with them now. I heard a recent rumor that they were no longer accepting investment properties, and I called to question them about it. I was told they still were.... Wendy

APR

2008

Tiffany ~ the bad thing is they don't tell us agents. It would really help to know what we are up against. Its not like our time is not valuable. And it is totally unfair to the homeowners and buyers. It would save time and stress to know.

Laura ~ I am with you. I love lemonaide. I am being careful, stepping light with any listings that are CW lenders (1st, 2nd or both). My time is valuable.

Renee ~ I have heard other agents say they don't like dealing with CW for Short Sales or anything much.

Wendy ~ I wish you the best, please keep us posted. lol

APR

2008

Rosemary, excellent post. I do feel Countrywide should get some slack, they are one of many. I think they are overwhelmed with files, don't have enough staff, and have poor communication between departments. The underlying cause of a lot of lemon loans that were written may be attributed to the greed of the wall street investors that wanted to purchase the highly profitable b & c paper.

Billie ~ this is partly true, but lets move forward and at least try to help get it cleared up and I don't think Countrywide is really trying that hard. If they need staff they should be able to use some of those loan officers that are not as busy these days. Help these people that are in the middle of the finger pointing. And with Countrywide being the "Industry Leaders" they should take a better stand to help. my 2 cents.

APR

2008

I do alot of BPO work for Countrywide and give them true values, they have NEVER asked me to modify them. The rest of your points I completely agree with.

Christina ~ I appreciate your comment. I would think that they would not "ask" but there are some agents that will automatically go higher on their BPOs to accommodate the lender. I've seen it happen. I am so glad to know you are not one of those agents.

MAY

2008

i have a countrywide short sale with a buyer who has a pre-approval from countrywide. I've been told the absolute opposite, that that will speed the process a long faster???? tks.

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