{"id":2893,"date":"2008-04-04T20:28:04","date_gmt":"2008-04-05T03:28:04","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2893"},"modified":"2008-04-04T20:28:04","modified_gmt":"2008-04-05T03:28:04","slug":"countrywide-loss-mitigation-a-lesson-in-ineptitude","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2893\/countrywide-loss-mitigation-a-lesson-in-ineptitude\/","title":{"rendered":"Countrywide Loss Mitigation–A Lesson In Ineptitude."},"content":{"rendered":"

I have written in the past about the hassles and pitfalls of dealing with lenders for possible short sale workouts. While I must admit that the whole process, regardless of the lender, can be “painful,” Countrywide is the epitome of ineptitude. I am here today to inform you, and warn you, my fellow agents, that if you are involved in the process of a short sale, and Countrywide is involved, please, PLEASE, run in the other direction. Let them have the property back through foreclosure. They’ll loose LOTS of money this way, and in my professional, experienced, and reasonable opinion, they deserve it.<\/p>\n

I could vent my spleen for the next several paragraphs concerning the bumbling incompetence of this institution, and really just scratch the surface.<\/p>\n

However, I do actually have some good news for those of you who happen to be in the unfortunate position of having to deal with Countrywide. I believe I have found the chink in their collective armour. Stick with me for a moment, as I recount the typical timeline for loss mitigation with Countrywide.<\/p>\n

1. Get authorized to speak with them concerning your client’s situation. (48 hrs for acknowledgement).<\/p>\n

2. Fax in a short sale package (72 hrs for acknowledgement).<\/p>\n

3. A loss mitigator will be assigned to the case (within 7-10 days)<\/p>\n

4. A loss mitigator is assigned ( and will review your case for 30-45 days)<\/p>\n

Now, unless my math is wrong, this is\u00a0A VERY LONG TIME!<\/p>\n

SO, I have a few tips and tricks that will help those of you in this very difficult position to possibly expedite the process.<\/p>\n

1.) Use a very thorough short sale package. Many agents simply send in a contract, (and a net sheet it they feel like it).\u00a0 Later on, when the lender finds out they don’t have everything needed to complete the package, the inexperienced agent will then scramble to find the requested documents and forward them a little at a time. My short sale package is just over 100 pages long, and includes everthing the negotiator could possibly need, and a few things they don’t need, but creates the burning desire to get Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I have written in the past about the hassles and pitfalls of dealing with lenders for possible short sale workouts. While I must admit that the whole process, regardless of the lender, can be “painful,” Countrywide is the epitome of ineptitude. I am here today to inform you, and warn you, my fellow agents, that […]<\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-2893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-real-estate","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1810,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1810\/the-countrywide-federal-bailout-act-of-2008\/","url_meta":{"origin":2893,"position":0},"title":"The Countrywide Federal Bailout Act of 2008","author":"Brian Brady","date":"August 15, 2007","format":false,"excerpt":"Have you ever felt your stomach drop? I received an e-mail, from reader Robert Kerr today, asking if I had seen Merrill Lynch's downgrade of Countrywide Financial. Merrill Lynch believes that Countrywide might face bankruptcy. Make no mistake about it, a collapse of Countrywide Financial will give everybody in the\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2550,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2550\/helocs-frozen-preserving-american-homeownership\/","url_meta":{"origin":2893,"position":1},"title":"HELOCs Frozen: Preserving American Homeownership","author":"Brian Brady","date":"January 29, 2008","format":false,"excerpt":"Preserving the American Dream is a position paper authored by John Dugan, Comptroller of the Currency. \"Preserving American Home Ownership\" is the \"initiative\" rumored to be pondered by Countrywide Home Loans, IndyMac Bank, and Washington Mutual. N.B.: The following is rumor; something that was \"heard on the street\". Jeffrey Smith\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1855,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1855\/the-new-york-times-goes-on-a-countrywide-manhunt\/","url_meta":{"origin":2893,"position":2},"title":"The New York Times goes on a Countrywide manhunt","author":"Greg Swann","date":"August 25, 2007","format":false,"excerpt":"The New York Times on the Countrywide mess and how the company got there:ON its way to becoming the nation\u2019s largest mortgage lender, the Countrywide Financial Corporation encouraged its sales force to court customers over the telephone with a seductive pitch that seldom varied. \u201cI want to be sure you\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2272,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2272\/countrywide-bankruptcy-likely-not-while-the-feds-are-bailing-them-out\/","url_meta":{"origin":2893,"position":3},"title":"Countrywide Bankruptcy Likely? Not While the Feds Are Bailing Them Out","author":"Brian Brady","date":"November 27, 2007","format":false,"excerpt":"I'm a Countrywide watcher. It's size and reach in mortgage loan origination is worthy of any mortgage originator's respect and admiration. I had a lot of confidence in Countrywide as it marched to becoming America's largest originator of home loans. I liked 'em so much that I had a piece\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16038,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16038\/but-weve-got-to-have-some-regulation-how-else-are-insiders-going-to-get-their-mitts-onto-sweetheart-mortgage-deals\/","url_meta":{"origin":2893,"position":4},"title":"“But we’ve got to have some regulation!” How else are insiders going to get their mitts onto sweetheart mortgage deals?","author":"Greg Swann","date":"July 5, 2012","format":false,"excerpt":"Regulation is rent-seeking, Rotarian Socialist graft, and that's all it ever is. Who sold out the housing market? The regulators, of course. AP: Countrywide won influence with discounts. HousingWire: Investigation reveals Countrywide VIP program scope and influence. Bloomberg: Countrywide Used Loans For Favor With Fannie Mae, Report Says. I love\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2494,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2494\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-15\/","url_meta":{"origin":2893,"position":5},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"January 13, 2008","format":false,"excerpt":"A total of 17 entries on the short list this week, out of a long list of 75 posts. Vote for the People's Choice Award here. You can use the voting interface to see each nominated post, so comparison is easy. Ahem: Please don't spam all your friends to come\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2893"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2893\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}