hope department: 2ND MORTGAGEE POSITION IN A SHORT SALE
- 02/26/08 07:02 AM
With short sales becoming commonplace while the real estate market "digests" the poor investments and the slower economy I am wondering if the 2nd mortgage holder ever holds, "the cards" in the negotiation over price. In other words, maybe in a short sale the 2nd mortgage holder will not walk away empty handed... Let's say that a 2nd mortgage is a 5 year note, interest only, balloon payment only due at the end of the 5 years...and right now there are about 3 years left. They surely know that things don't look good if they are watching the news...and perhaps even worse … (2 comments)
hope department: The Countrywide Department of "Red Tape"
- 11/30/07 06:34 AM
I have had the pleasure of guiding a client through the infinite hoops and hurtles of The Countrywide Mortgage "Hope Department". And what an eye-opening experience it is. First of all I tried to help with getting their sub-prime mortgage rate lowered. With appraisals on the property coming in lower than the balance due this was not an option. It took 30 calls, countless conversations with their call center in India...re-routed calls to at least 10 different "800" numbers, disconnected calls, and basically the best in run arounds that money can buy. Meanwhile the best advice I could give this person who had … (8 comments)
With short sales becoming commonplace while the real estate market "digests" the poor investments and the slower economy I am wondering if the 2nd mortgage holder ever holds, "the cards" in the negotiation over price. In other words, maybe in a short sale the 2nd mortgage holder will not walk away empty handed...
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