countrywide: Countrywide: Existing Home Equity Lines Slashed
- 02/15/08 01:42 AM
Countrywide has been sending letters to their existing home equity line borrowers in my market on the Emerald Coast of Florida. They are decreasing home equity line values. The letters read: "Countywide Home Loans is reviewing and analyzing home equity lines of credit in its servicing portfolio. As you know, home values in many areas of the country have declined. We believe that the decline in the value of your property, from the original appraised value at the time your loan was made, is significant. In accordance with the terms of your Home Equity Credit Line Agreement... we have elected to suspend further … (5 comments)
countrywide: Per Diem Penalty- Forget About It!
- 02/01/08 01:32 AM
Short Sale lenders don't always enforce the per diem penalty should the buyer not close on time. I just had a Countrywide negotiator in a panic when I told him the buyers were walking, tired of waiting so long. He emailed me back and offered up "We'll drop the per diem and give them two more weeks to close". I had not even mentioned what the objections were. Good information to use next time you have a buyer who balks at paying the fee and threatens to back out. It's Wendy! Wendy Rulnick, Broker Rulnick Realty Inc. Short Sale Solutions. Foreclosure Workouts. Serving the Emerald Coast of Florida: Destin, … (11 comments)
countrywide: Warning: Countrywide and PMI Short Sales
- 01/24/08 01:37 AM
Watch out if you are working a Countrywide short sale with PMI! There is some funny stuff going on... I've been working a Countrywide short since October 2007, with a Countrywide second on it. There have been the usual delays, appraisals, counteroffers, request for seller's medical receipts, then a denial in early December. About a week later, the buyer re-wrote his offer to the terms Countrywide wanted. Yesterday, after more delays with "re-opening the file", ordering new appraisals, etc. I was informed by the negotiator that the second mortgage had been "released" to the AIG United Guaranty, the PMI company. She … (21 comments)
countrywide: Another "Short" Day
- 01/22/08 12:30 AM
My goal today is to get an approval, any approval. I have 7 short sale sides pending, the oldest was submitted on November 13. I have two buyers threatening to walk. One is on a Countrywide- that closing has been extended 30 days and the selling agent said the buyers are going to start looking for another home if they don't close by Friday. The Countrywide negotiator told me on December 19 that he would have FINAL approval the next week. Well, guess what? I called him the next week, and he was on vacation! Now he has not returned two … (6 comments)
Countrywide has been sending letters to their existing home equity line borrowers in my market on the Emerald Coast of Florida. They are decreasing home equity line values. The letters read: 
;)
;)
;)
