COUNTRYWIDE AND PROM. NOTES
ARGH!! I just finished about a 2 week long battle with Countrywide. They wanted the Seller to sign a promissory note to approve the short sale. This is of course after 3 months of getting to this point. After going back and forth with them and begging and pleading my client's case they absolutely refused to approve the sale w/out the promissory note. I argued w/the negotiator and asked to speak to her supervisor. I confronted her and asked if this was a Fannie Mae policy, a Countrywide policy or her personal policy. I asked to speak w/her supervisor. She did call me and confirmed the above. Keep in mind their loss on this was 52K which in our market is small comparatively speaking....Anyway my Seller did not want to sign a note. The note was not large and they said that they took everything into consideration with the amount as well as the term. The buyer really wanted the property and buyer's agent asked me to propose to negotiator that the buyer come up w/the amount.
So guess what folks? Are you ready for this one?...........Negotiator says that if buyer wanted to pay another "X" amount that was fine but that they WOULD STILL NEED A PROM NOTE FROM THE SELLER!! This is obviously not about the money!!! So we don't have a deal and it seems they are perfectly willing to foreclose on this house and you KNOW it will cost them more than the original loss! They want blood from the Seller!!!
Since the Supervisor tells me that this is indeed their policy and they take each case into consideration before assessing a prom note. Basically if you aren't out of a job, or don't have a medical hardship they are going to ask the Seller to sign a prom note.
So what now fellow Realtors? Do we advise all our Countrywide client Sellers to get prepared for the possibility of a prom note? If they are not willing be prepared to take the foreclosure instead? Or will it all change next week?.....
Comments please!
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