Countrywide Mortgage, like most lenders and banks, used to require borrowers to miss at least one mortgage payment prior to trying to negotiate a short-sale. This didn't leave much time nor opportunity to negotiate a short-sale because the foreclosure process typically starts after a borrower has missed two payments.
But that may be changing. According to a few people we've spoken with within Countrywide, they are starting to allow borrowers to try and negotiate a short-sale before they've missed their first payment. It seems that the cost of a foreclosure being higher than that of a negotiated short-sale has finally begun to make sense to Countrywide.
Between the new bill that Congress just passed and Countrywide's new stance on short-sales, financially distressed borrowers can now look at a short-sale as a much easier and less expensive method of trying to get out of their hardship than ever before.
Good to hear that Countrywide is getting more pro-active in the short sale area. Hopefully we will see an improvement in the way short sales are handled. - Ashley
Posted by: Albuquerque NM Real Estate | December 25, 2007 at 05:59 PM
I have read the article that states that CountryWide Home Mortgage is more lax and willing to work with home owners that wish to pursue the Short Sale. I firmly believe this to be totally WRONG! I have been trying to pursue a short sale through my Realtor and I have not made a payment on my house since AUGUST 2007. It is now APRIL 2008 (9 months has elapsed). CountryWide has kept pushing me from one representative in my case to another...over 8-10 people have worked on my case of a Short Sale. We still to this day have not been served a NOTICE OF DEFAULT on the property, nor have they contacted us to accept TWO offers which are very close to the $'s owed on the property. This is very interesting to see a mortgage company loose money in the long run. It may hurt my credit, but I will eventually file for bankruptcy to wipe the rest of the fees and monies that are trying to be collected. You would think that a mortgage company would act fast...on a good offer...so as not to loose more $ and work in its best interest. A foreclosure is going to cost them alot of money. I have no money, as I am totally disabiled and only draw Social Security....Anyone that has some advice..please let me know...should I just turn over the DEED? and then file my bankruptcy? Thanks....
Posted by: Stephen Pope | April 14, 2008 at 05:17 PM
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Posted by: mark | September 23, 2010 at 03:24 AM
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Posted by: mark | September 30, 2010 at 09:36 PM