Zillow Advice: Home Buying - Countrywide Short Sale Dept...need to contact them

Sounds like countrywide doesn't ...

Mon, 28 Sep 2009 16:07:00 GMT

Sounds like countrywide doesn't even want to look at your file.

When was the 2nd loan sold to countrywide?

Because if the loan was sold a while ago you were never "approved" for your short sale. as being "approved" would mean oth the 1st & 2nd lien holders appoved the deal.

From everything I've read, countrywide is the SLOWEST of all short sale approvers, so if you don't mind staying in a hotel for the next 6 months you should be fine.

Otherwise, I think you should find another house, rent on a month to month lease, or stay with family.

Only 1/4 or so of all short sales ever close, and in general it is much harder to do when there is a 2nd lien holder that you have to negotiate with.

I concur with the advice ...

Mon, 28 Sep 2009 11:03:00 GMT

I concur with the advice already given. You have not bought a home. CW is not even looking at your file. Find another home, but think hard about buying. The reality is that home prices have not stopped falling. There is a ton of what they call shadow inventory that the banks are holding on to. They are doing this for several reasons including propping up the market for what they do sell, so the market does not fall to True Value and in conjunction with this is the fact that once they sell the home they will need to write down the loss. If they hold the property it stays on the books at full loan value since that is what they took it back at foreclosure for. Once it is sold for say 50% of that value they write off the loss. This effect their capita which in turn effect the solvency of the bank. They do not want to all be known as Zombie banks which is what they truly are. So go find a rental, you can rent a great house for cheap. Keep your money in your pocket. You will need it once the second round of foreclosures hits. You think the first meltdown was bad, there are Credit Card going south daily, commercial real estate is on meltdown status, Employment is on it's way to 15% nationwide and more than 100 Billion of loans is set to adjust starting in October. The banks are already running at true Zero (0) capital (less vault cash). Don't buy yet, you will only find yourself underwater quickly. You will be able to buy twice the house for half the money in the next few years. it will take 10m years for this mess to be over and true reasonable 3%-5% equity appreciation to stabilize.

jeff,I am a buyer. ...

Fri, 30 Jan 2009 03:45:00 GMT

jeff,
I am a buyer. I had an experince with CW short Sale. It took 3 months to have someone look at my offer, and to get back to me to say NO. CW is very busy with cases. The approval process is very complicated especially there is a 2nd loan/lender involved. I believe if your offer is not exceptional attractive (enough to cover 1st, 2nd loans and more). There is no reason for CW to approve the short sale for the Seller (foregive their defaults). I would not waste my time again with Shortsales anymore since there are so many properties out there ready to negociate.

You make want to do a month ...

Fri, 30 Jan 2009 01:18:00 GMT

You make want to do a month to month lease on an apartment ASAP and find another home. CW will need time to review your deal (if they are looking at all!). I do short sale all day, every day for major mortgage companies. I get 20 SS offers daily. We get maybe, half processed if they are decent offers. It sounds like CW isnt even looking at your deal. By the way you didnt buy anything yet. My advise, find another home and end this nightmare for your family.

Good luck.

Try this NumberHOME RETENTION ...

Fri, 19 Dec 2008 18:42:00 GMT

Try this Number

HOME RETENTION DEPARTMENT
800-262-4218
SHORT SALE DEPARTMENT

Hope this helps