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Got Denial? Countrywide sends out 19,000 short sale denial letters "in error"

Yup, they did. 19,000 denial letters in error.

I thought it was strange when one client got a denial letter a MONTH AFTER we closed escrow! Of course I got worried they used some fine print and denied it after close, refused funds and refused to reconvey. But then, another client got the letter dated the same date, and then another... so what's up?

Countrywide admits over 19,000 denial letters were sent out in error.

How does such a thing happen? Is there a single "button" one pushes to deny over 19,000 customers the help they are desperate to receive. Heck, now they've got some emotional distress. Think of all those customers frantically calling realtors this week, and frantically calling Countrywide this week.

And they say "ooops." Well I guess that's par for the course huh?

Posted by Catherine Myers, Walnut Creek, CA Real Estate on 03/03/2009 10:37 AM

Comments (8)

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8 Comments on Got Denial? Countrywide sends out 19,000 short sale denial letters "in error"

MAR

And they wonder why they are struggling financially? How much did that error cost them?

The sad story will be those that just give up and let it go.

That is pretty sad - we had a short sale with them when they said they were sending out a fax and the fax never came and never came and never came-- and we would continually call up and ask for it . About three weeks later the faxes began to come, dozens of them , all day long and in the middle of the night -- their system obviously needs some help and attention.

Hi Catherine ~ Chaos reigns it seems. My lender sent out newly designed bills with the wrong website address prominently featured at the top - it connected to some kind of roofing company or something. Is anybody paying attention? You have to wonder.

Liz

MAR

Wow, close to $8000 in postage wasted not to mention all the paper they had to use. They could have spent that money on negotiators that really know what they are doing.

MAR

Maybe the letter was sent by the former Countrywide execs who are now buying Countrywide's "bad paper" and startin g a new business. LOL

Aloha from Kauai...

Maybe the letter was sent by the former Countrywide execs who are now buying Countrywide's "bad paper" and startin g a new business. LOL

Aloha from Kauai...

APR

Catherine, now that is one HUGE mistake by Countrywide. Who knows how much additional stress they caused for these people trying to get help. It is very sad to think of what happened to the people facing a possible foreclosure that did not question the letter.

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