Wake County Foreclosure homes: "Buyer must be Preapproved by Seller" What's up with that?

Amanda;

 The problem has nothing to do with Countrywide. The problem appears to be a result of your irregular income. Because you work for a temp, regardless of how long you have worked for them, unless you are actually a full time employee of say, Kelly Services, working at a Kelly Services site, then your assignmnet can end at any time without reason. This is why employers use temp services. Once you are a permanent employee, even say at the assignement you are presently at, then you should be able to qualify, as long as everything else meets guidelines.

BTW; this is a Fannie Mae guideline and is not unique to CW.

Amanda;

Regardless of whether or not Indiana is an "At Will" or "Right to Work" State, countrywide, like most conventional lenders are going to follow FannieMae's guidance which is the "Bible" if you will for conventional lending. FannieMae sets the rules, we abide by them...if we want them to insure the loan in the secondary market.

Unless you have been in a vegetative state for most of 2007, you may have heard that we are in the midst of a "mortgage crisis" with more than 210 of the nations mortgage companies, including countrywide either imploding, being sold or dramatically altering their business model in order to keep their doors open. see the following link for a compendium of those companies, at the top is...you guessed it, Countrywide who was sold to Bank of America just last week! http://ml-implode.com/i

Anything that is falling outside of Fannie Mae or Freddie Mac guidelines has no market viability on Wall Street. Therefore, unless you can find a lender willing to lend to you on terms you find palatable, then no, this may not be the right time for you.

For the record, I broker to many lenders and banks, I dont know of anyone who would accept income from a temporary assignment as regular and likely to continue income. I would however reccomend you call me, let me discuss your situation personally and see if there are alternative loan products that you qualify for that would help you to accomplish your goal of owning this house. you can contact me through my website directly at www.ricardocobos.com or by phone 1t 919-559-3384.

One last thing, the seller; COuntrywide in this case, can not require you to use their bank or lender as a condition of the sale. Heck at this point, they are looking pretty unreliable as there has been plenty of legitimate speculation they will be bankrupt before the sale is approved by the regulators!

I find this offensive as a taxpayer. Wells Fargo and these other lenders made a fortune making lousey loans, when they go bad they use the tax payers to bail out the loans, THEN they earn fees servicing the REOs, THEN require us to use their mortgage agents to get preapproved to force the busienss back to them. I believe this is a restraint of trade. I also think it is an issue tha Congress can get behind. I have a buyer ready to write an offer as I write this and I cannot because I called the Wells Fargo rep on their direct line, cell phone, and all 3 members of their team, and no one has called back in an hour. Listing agent says he will not submit the offer to the seller (Wells Fargo) unless it is preapproved by a particular Wells Fargo agent, no exceptions. I am giving them untiil the end of the day and then I will recommend to my buyer that we submit with a cover letter informing him of his obligation to submit the offer with a Chase preapproval (the last lender required) and tell them if I do not get this offer accepted (at 2% over asking) that I will file a complaint with the Banking regulators and a letter to my congressman and continue to post negative articles on this subject. I cannot believe they get away with this!

Wells Fargo and Countrywide and BofA and WAMU all are double-dipping on this and taking advantage of the situation.