I normally don't list our successes-- we've had the fortune of getting approvals on most of our short sales, but this one bears mentioning!
Our clients approached Countrywide requesting a loan modification about 18 months ago. They were denied. We put the house up for a short sale and shortly after had an offer to present Countrywide. It was a decent offer. They sat on that offer for five months and then closed the file for lack of response from the mortgage insurer.
A few months after that file was closed we had a new ($25,000 less) purchase agreement and after four(!!) additional months we finally have full approval.
Because we have worked steadily and aggressively on this file the seller (and Countrywide) avoided a sheriff sale. Now if only we could motivate that banks to act upon these promptly--- Countrywide could have saved a TON of money (not just the $25k that this purchase agreement netted them-- but also lost interest revenue, time spent with negotiators, tax expenses and more).
Don't get me wrong---- I am thrilled to get the approval!
Monday, June 22, 2009
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2 comments:
18 months!?I feel much better.I live NW of Atlanta Georgia and have been going back and forth with countrywwide.Two realators and 3 contracts(?) later we are still waiting for a nego.I lost my job last july and havn't worked but am still looking.Being selfemployed hurts as they wont work with me om modification and my wife is disabled.HOPE is in Jesus
i have a question regarding CW Short Sales. Particularly this one.
http://www.zimbio.com/countrywide+short+sale+information/articles/wQZpW5zZ4FS/Success+Countrywide+Short+Sale+APPROVED
During this time, were you making payments? and what percentage of your income was your mortgage/property taxes?
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