Countrywide Loss Mit
I’m Currently Working On My First SS With Countrywide, But Can Not Seem To Get Through To The Person Reviewing My SS Package, The Only Answer I Get Is Someone Is Reviewing Your Offer And They Will Contact You If It Is Accepted. I’m On My Second Offer But Can’t Seem To Discuses Anything With Anyone.
Question 1: What Key Words Need To Be Said To Get In Contact With That Person Reviewing The Case.
Question 2: Once They Say Your Offer Is Declined, Is That It, Is The Only Thing You Can Do Is Resubmit
It Seems Like I’m Heading Down A Dead End Road, Please Help
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I Can't really help you after the fact... but Countrywide services loans for many different Investors. "Investors" for this post are individuals or institutions that invest in mortgages... mortgages serviced by others. Countrywide probably services this particular loan for someone else... that someone else may be calling the shots.
Unless you have access to inside information, or can decipher their internal codes, you have no idea who owns the mortgage, or what set of criteria must be followed when considering a short sale proposal; consequently you may have a hard time locating the clerk responsible to handling a particular Proposal.
All I can say is ask as many questions about the loan as possible during your initial conversation with the servicer.
"Negotiation" is a process that includes the transfer of information. For every tidbit of info you provide, get some in return. Try to learn about the process for that particular loan... and you may avoid the problems you are now experiencing.
Ah, the learning curve.
[addsig]
I agree with SSP, that may be the one thing that I am doing right, asking lots and lots and lots of questions, and trying to get the person on the other end of the phone to feel your emotions (but remember REI doesn't work well when we are emotional!)
I came to this site looking for help to buy a high end home for my family, and many of SSP's as well as other moderators advice has been phenomenal !! I hope you learn as much as I have!!
I did my first short deal with countrywide it took 4 months the ladies name was rose. If you have loss mitgation fax its better to fax them and they will call you when they need something. However they are laid back and obviously due things slow to ensure the banks get there due. Things may have change but I got them to accept 76,000 for 96,000 dollar loan and that includes closing and everything.
From my experience with countrywide, the name of the manager of loss-mit is John in California. Countrywide is more willing to talk with you if the lis pendens has been filed and an attorney has the case. I was succesful speaking with them when the house was about to go to the courthouse.
Went to the attorney, who told me to contact them myself. I have noticed that countrywide would rather lose a loan than short and collect from fnma. Don't know why, but I've seen more countrywide loans go up for sale by fnma realtors lately. Re-submit your hud-1 again and againuntil it doesn't make any more sense to you financially.