Zillow Advice: Pro-to-Pro - Short Sale With Countrywide

I have been dealing with ...

Sun, 20 Apr 2008 21:38:00 GMT

I have been dealing with Wells Fargo of late on two separate issues. I pulled a friend/client out of foreclosure the day OF sale. It took 23 days to get a response from Wells Fargo that they would talk to me. It took over 12 faxes to them to get the documetation they insisted we never sent. They gave me the first and last name of the fellow to talk to. My friend called and then phoned me back that he was out of town until the 11th (date of her sale date), and I had a lightbulb go off. I emailed him an attachment, hoping that by guessing his email address was his first name, with a dot in the middle, and his last name, at wellsfargo.com . It was. Since he was out of the office, I received his out of office reply with the contact people in it. I emailed them all the documentation. Then, she and I tag teamed the phone numbers we received. Literally a full week on the phone, no, I am not getting compensated, I am helping a friend save her home, and we did it!=) Now, she is dealing with the loss mitigation team to pull her out of the situation into a payment plan. We were going to try to refi her, however, no one would touch her until she went into a loss mitigation payment plan. I won't bore you with the extenuating circumstances. HOWEVER, she is currently at 8.5% on her FHA, and Wells won't streamline the loan to a lower interest rate as part of the loss mitigation. I would think this would be no brainer to make it a better loan for all parties involved?

My understand that Countrywide ...

Fri, 18 Apr 2008 06:42:00 GMT

My understand that Countrywide receives near 300 short sale packets PER DAY. It takes up to 30 days just to get the packet into their system and another 30 days to assign the case and have it reviewed. After this period, you should start to hear from them. For any Countrywide client I receive, I definately explain the whole process to them first.

We are dealing with plenty ...

Mon, 14 Apr 2008 19:59:00 GMT

We are dealing with plenty of them in and out in a couple of weeks...

Countrywide/B of A seem to ...

Mon, 14 Apr 2008 19:40:00 GMT

Countrywide/B of A seem to be the worst. With a lot of lenders you can get a response in a couple weeks. I've yet to see B of A respond in less than a month. The legal issues, tax implications, etc are there with foreclosures as well.

I love the fact that everyone ...

Mon, 14 Apr 2008 19:13:00 GMT

I love the fact that everyone just thinks you ought to have answers overnight and that should be the norm. Do you know how many calls have been coming and how many companies are involved with the process? I had heard a number some time ago that we are getting several thousand inquiries a week. There are other investors involved as I had alluded to before as alot of loans that we are thought to own, we are just the servicing lender. There are legal issues, tax implications, mortgage insurance companies involved, sometimes several investors...the list goes on.

What an interesting conversation ...

Sat, 12 Apr 2008 01:51:00 GMT

What an interesting conversation you are having here!

There are plenty of issues with every lender, every deal, every situation.

The one constant is change.

I wanted to share the fact that we have a Short Sale Support Group over on LinkedIn. It's moderated, but we allow everyone. Think of this LinkedIn Group as a nationwide Rolodex of Short Sale Professionals. Please no scammers or Investment Guru's.

Here's the direct link to the group:

http://www.linkedin.com/e/gis/76810/725700607CB9

We all believe, by working together we can accomplish so much more.

Oh, and denis - burying cans in your background? LOL!

A recent, (and repeat) client ...

Thu, 10 Apr 2008 05:08:00 GMT

A recent, (and repeat) client had me submit an offer on an investment property that has sat for two years. We offered a fair, but low price. The responce was that they were begining to do repairs to the property and would not consider an offer until after the repairs were complete.

The repairs included, re-roofing part of the home, finishing the siding and installing one window. My buyer was willing to purchase the property as-is! potentially saving the bank the construction costs.

Instead of investing in bank's I may burry my cash in coffee cans. Besides it will make the neighbors suspisions! :)

I feel bad for the seller. ...

Wed, 09 Apr 2008 20:19:00 GMT

I feel bad for the seller. The buyer (my client) is fine, but really the seller is the one who might have had a way out. The offer was $260K on a $270K list too. The Buyer bought another for $270K and would have paid full but Countrywide would not even respond with a counter. Only thing we ever heard was, "We're looking into it" or other variables. Stupid, stupid, stupid.

i've heard that tune before ...

Wed, 09 Apr 2008 13:56:00 GMT

i've heard that tune before JK. It's too bad that the share holders of the bank don't speak up about these needless losses.

April 8 2008 we finally are ...

Wed, 09 Apr 2008 11:09:00 GMT

April 8 2008 we finally are told yes to the short sale. The buyer is ecstatic and the seller is pissed. We found another home and are under contract as of April 5. Sadly for the seller we gave them until April 4 to answer. They cannot understand why we moved on and their agent has called memultiple times trying to get us back. In fariness to the seller, we did contact their agent several times immediately prior to the deadline and let them know we had found something else and reminded them of the epiration date. The buyer really liked the home but decided he did not want to play games and is just as happy with this pain free option.