A few of my short sales I am negotiating at this time require Countrywide's approval. From previous experience, they usually expect the Agent to call and check status. They don't call me. One the phone numbers that seem to be the most helpful is
HOME RETENTION DEPARTMENT
800-262-4218
SHORT SALE DEPARTMENT
Hope this helps some with your negotiations.
How has the negtion been going between your client and countrywide. Have they been writing a lot of the monies owed off or they tacking it on as another loan for them to pay off?
To be fair, Countryiwde is not the decision maker for most of these short sale deals. The decision maker is the actual investor, not the service, which is Countrywide.
I am sure there were some delays, and I am not saying that Countrywide runs every file smoothly, but I have dealt with them on many occasions and had no issues. Yes, they are not fast. But they also have quite a large set of files being received right now for short sales. And again, Countrywide has to submit the file to the investor for final approval (Fan, Fred, Gin).
Just thought I'd share.
As a buyer, is there any way to get in touch with someone that makes these desisions? We're in a similar situation to the folks above. We've got a bid in on a SS property that listed $380... but today would probably appraise a little less than that. Our bid was $375...
We'de realy like this house, but can't wait forever. The property will never sell for more than we're offering at auction, and its beyond frustrating that the bank won't just sell the property to people that are more than willing to buy... right now... today!
Adam - Slow but ok. They are trying their best to work with me, but they are slow in responding but trying.
John - Countrywide has been ok to work with, much better than others. I was simply pointing out a number that I have had very good customer service from.
Frustrated buyer - Hang in there, but don't stop looking at other homes. They will probably make it all happen for you but some take about 4 months to complete and some close within 30 days.
If someone come across an issue and is pending an answer, I'd be happy to find out the 'true' status. I know many members of the management team here in Texas. Even if your file is in California, I should be able to get an update for you.
Nothing in it for me, just trying to help out.
Best of luck to all of you and let me know if I can be of assistance.
John Cannata - Reliant Mortgage
Great job with the phone # Stella!
I have subscribed to your blog, and will always be checking in.
Two quick suggestions...and I am sorry not trying to be picky.
1. I would STAY AWAY from Bankrupcty, and not even BLOG ON IT! It is changing quickly, and EVEN IF you work in an office that handles that , or partnerd with someone who does, let THEM DO YOUR BLOG for you!!
2. I would refer ANYONE regarding a SHORT SALE to the Countrywide Website. They have all the reqs, timeframes..etc...right on the site.
IN MANY cases, and in the last 3 I have been trying to FINANCE for buyers, when CW was involved, the REALTOR for the seller, didn't know what they were doing with the Short Sale. In addition, their management team didn't either. ALSO< and pathetically, they thought that all they had to do was call in once a week to check on it!! ARGHHH..
I am also SICK of these SO CALLED companies, commenting on your blog, and trying to take part of your commission, and stating that they have "contacts"" , they do this everyday, etc..etc..etc...and then LIE, and state that there is nothing in it for them, or they are not soliciting your business! WOW, there SHOULD be legislation against THIS, as well as how much an attorney can CHARGE for Foreclosure action!
Your help with CW is totally appreciated, and I will pass on to my sphere of influence!
Thank you greatly!
Darin/Wisconsin
found the quoted info while trying to become educated on CHL short sale - updated website with "new" 2009 short sale process, We are on day 25 days post offer with not even a word that they received the documents let alone having the appraiser assigned - seller's agent calls daily and is just told someone will get back to him. Our offer is for fair market value and the write off for CW with all all cost would probably be around 20K. All paperwork is in order - we have a mortgage commt pending appraisal - inspection completed and have been told that the competed package sent. We are willing to wait out the process IF we knew it was moving through but not hearing anything from CW at all has us eagerly awaiting our "OUT" date 30 more days so we can move on with our lives.... I can see now why it is the investors who mostly close the short sale deals out there rather then the buyer who just "wants a home to call their own". Frustrating....
https://business.countrywide.com/ShortSaleInformation.aspx
"Once we have received a copy of the signed purchase contract:
Thanks Darin for your comment. I do blog about bankruptcy because in some cases it is the best option. i am a Paralegal/bankruptcy assistant and have gotten people in homes after 2 years has gone by after bankruptcy and their credit improves faster when no more debt is owed.
Stella,
I'm trying to reach Countrywide as I type...thanks to you I have a number to try.
Hey guys. I'm a Realtor in Dallas. Since countrywide was purchased by BoA all their contact info changed.. except for on the internet (which is about par). It's like they're TRYING to ditch us!! :)
I actually went into a BoA branch and waited to speak with a loan rep.. he waited on hold for about an hour himself to get a hold of someone who knew what was going on.
The # I got eventually was 1 800 699 0102 which should be the loan mod. dept for countrywide loans.
I also think it's helpful to know that they'll ask you for anything your seller can produce which will show that he's unable to make his payments. GOOD LUCK GUYS!!
This is crazy! I made my offer on January and I am still waiting. The Realtor handling the short-sales calls the bank every single day and every time get a different answer. After telling us two months ago that my offer was in the Fannie's hands, now they say the bank wants to do a loan modification. Well...the homeowners is a investor with another 23 houses and has not been paying this one for almost a year. After the listing agent toll them about the homeowner been an investor and he should NOT qualify for a loan modification they said "we don't have an answer for you, keep calling us until we do have something to say". This will not change unless the government do something about the messy business that contrywide has.
Hi Stella,
I am doing my first shortsale with countrywide, They are nice on the customer servidce department, but ondce we get to the "negotiators" it is another world. They do not call bacl, do not communicate and do not make any kind of decisions. I have a listing with a foreclosure sale date of September 1st 2009. they already have the file, the negotiatior's e mail is Esther.mugo@bankofamerica.com, she does not answer her phone or emails. her phone number is 972 526 6230 and her manager is joann.michalowski@bankofamerica.com 972 526 6391.
What can I do?
Gilbert Estrada
We made an offer on a CW short sale home a month ago and haven't heard one word. What is the best way to find out where we're at in the process and how long it will take? Does anyone have a phone number for checking up on offers? The numbers listed above seem to be for individuals that have a loan through Country Wide.
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