The Countrywide Department of "Red Tape"

By
Real Estate Sales Representative with Castles Unlimited®

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 a choice of going bankrupt, being foreclosed on, or just see their credit rating drop to 200 was to hang-in there...help is on the way...unfortunately with all of their claims to be interested in seeing that people not lose their homes..."The Hope Department" would be better called the "Hopeless Department".

Now we are just trying to get a "short sale" approved...best of luck you say...and you would be right...what a mess we will be in for awhile. 

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Ambassador
896,590
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production
This has been my experience from CW.  a lot of run around.  Talk about over promising and underdelivering.
Nov 30, 2007 06:36 AM #1
Rainmaker
571,918
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
James,  heard a Countrywide presentation some time ago.  This is really not what they outlined to us.  May I forward your post tho them ?
Nov 30, 2007 06:37 AM #2
Rainmaker
113,573
Jane Wallace
HomeSmart Cherry Creek - Denver, CO
CRS | SRES, Denver Real Estate
Did they use Countrywides Program "Fast & Sleezy" to get thier original loan?
Nov 30, 2007 06:38 AM #3
Rainmaker
386,844
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

James, read my blog from yesterday. The fun has just began.

Are You being Played With?

Nov 30, 2007 06:38 AM #4
Rainmaker
507,965
James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate
Bill...You sure can forward it to them...if they are in India then you will be in luck...Countrywide is now an Indian company
Nov 30, 2007 08:06 AM #5
Anonymous
Anonymous

Virtually all my business are short sales.  I have dealt with every major Mortage Company you can imagine and Countrywide (and GMAC) are asolutely the worst.  Expect it to take 6-8 weeks to get an answer from either one of them, and thats if you spends hours every week on the phone with them.  Countrywide prioritizes the files based on the foreclosure (or trutee sale) date.  It is so bad, I am now refusing short sale listings if Countrywide or GMAC are involved at all.

Dec 04, 2007 04:37 PM #6
Anonymous
MBW

I am currently going thru the same run around....requested a Work Out on my loan in October...recd a call back from the HOPE Dept in Nov stating they would submit the app for a special forebearance on the loan...HAVE not heard anything since. I received foreclosure papers from COUNTRYWIDE on Dec 10, 2007...So much for WORKOUT assistance. I have called 3 times a day for the last 3 days and have to leave message after message for the person that is assigned to my WORKOUT request..the person I have never spoken with.

 

Dec 12, 2007 04:29 AM #7
Anonymous
Tiffany

Can you share the contact you wend through and phone number to get your short sale approved with? I have just received an offer on my short sale and it is with Countrywide. My email is tiffany@tiffanysoldme.com

Feb 09, 2009 12:32 PM #8
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Rainmaker
507,965

James Lowenstern

Castles Unlimited. Newton MA Real Estate
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