Home > Blogs > Catherine Myers > Hot CoCo - Contra Costa Real Estate and Relocation

Got Denial? Countrywide sends out 19,000 short sale denial letters "in error"

By Catherine Myers

Real Estate Agent with Windermere Bay Area Properties

March 03, 2009 02:37 AM

Yup, they did. 19,000 denial letters in error.

I thought it was strange when one client got a denial letter a MONTH AFTER we closed escrow! Of course I got worried they used some fine print and denied it after close, refused funds and refused to reconvey. But then, another client got the letter dated the same date, and then another... so what's up?

Countrywide admits over 19,000 denial letters were sent out in error.

How does such a thing happen? Is there a single "button" one pushes to deny over 19,000 customers the help they are desperate to receive. Heck, now they've got some emotional distress. Think of all those customers frantically calling realtors this week, and frantically calling Countrywide this week.

And they say "ooops." Well I guess that's par for the course huh?

Comments(7)

Comment

Show All Comments Sort:

Rob Arnold

Sand Dollar Realty Group, Inc. - Altamonte Springs, FL

Metro Orlando Full Service - Investor Friendly & F

And they wonder why they are struggling financially? How much did that error cost them?

Mar 03, 2009 02:48 AM

Sidney Jimenez

Keller Williams - Miramar, FL

CDPE, Short Sale Expert, 954-665-9449,

The sad story will be those that just give up and let it go.

Bob & Carolin Benjamin

Benjamin Realty LLC - Gold Canyon, AZ

East Phoenix Arizona Homes

That is pretty sad - we had a short sale with them when they said they were sending out a fax and the fax never came and never came and never came-- and we would continually call up and ask for it . About three weeks later the faxes began to come, dozens of them , all day long and in the middle of the night -- their system obviously needs some help and attention.

Mar 03, 2009 03:11 AM

Elizabeth Bolton

RE/MAX Destiny Real Estate Cambridge, MA - Cambridge, MA

Cambridge MA Realtor

Hi Catherine ~ Chaos reigns it seems. My lender sent out newly designed bills with the wrong website address prominently featured at the top - it connected to some kind of roofing company or something. Is anybody paying attention? You have to wonder.

Liz

Mar 03, 2009 10:54 AM

Ronnie Margolis

KW Kauai - Kapaa, HI

Kauai Realtor - CDPE, ABR, RA - On Top of the Aloh

Maybe the letter was sent by the former Countrywide execs who are now buying Countrywide's "bad paper" and startin g a new business. LOL

Aloha from Kauai...

Mar 05, 2009 07:34 AM

Debra Kukulski, Broker Associate

RE/MAX Suburban - Cary, IL

SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL

Catherine, now that is one HUGE mistake by Countrywide. Who knows how much additional stress they caused for these people trying to get help. It is very sad to think of what happened to the people facing a possible foreclosure that did not question the letter.

Apr 04, 2009 02:32 AM

Got Denial? Countrywide sends out 19,000 short sale denial letters "in error"

Comments(7)

Catherine Myers

Real Estate Resources

Recent Posts

Additional Information