Experience With Countrywide Or Bank One
I'm preparing a short sale offer where Countrywide has the first mortgage and Bank One has the second mortgage. Has anyone presented offers to either of these banks? The reason I'm asking is what recourse I might have is the initial short sale is rejected. I've been told that some banks only give you one shot and others will either give you acounter offer or let you submit a second offer.
Yes, we have dealt with Countrywide. This was the second that the offer was on. They have rejected it, and said that they would not consider a second. The property went to auction, and Countrywide lost a lot more then they would have if they have dealt with us.
Do you remember what percentage of market value your offered? The reason I ask is I recently listened to Jeff Kaller's "Lose Your Job In 90 Dyas" preforeclosure course and he said Countrywide never discounts below 18%, that 82% of value is the least they would go. Do you think your offer might have been declined because you offered less than that?
It's important when dealing with any of the giant loan serviders to know they type of loan, the age of the loan, who owns the loan, and what the criteria is for that particular loan type.
In many cases, Countrywide doesn't own the loan... but is paid to service the loan for it's owners. Countrywide must adhere to the owner's instructions for short sale consideration. That's why sometimes they might seem unreasonable (they rejected my offer, and lost BIG at Sheriffs' Sale , those idiots!!!) or perfectly content to permit a short without a lot of documentation or analysis (I got my short sale done in 3 days....)
Hey SS Pro
If the owners of this property are making their payments to COuntrywide, can I assume they own the loan? Also, since I have an authorization to release on file with them, can I call them and ask them about who owns the loan? You mention the age is important. Are you suggesting that a newer loan would be one they might be more willing to bargain on because it's probably a higher imterest rate?
SSP Is K-REKT!!!
<quote><b>It's simply good to know as much as you can... before you submit an offer and essentially, step on your own foot.</b>
<b>The short sale process is</b> both <b>QUALITATIVE</b> an art (presentation and negotiation)
<b>and</b>
<b>QUANTITATIVE</b> a science (empirical data gathering and analysis).
</quote>
AFAIK, Bank One often sells its non-performing seconds to various investors. I had a case in Chicagoland where Bank One was listed as a second in the foreclosure records, but in reality it was sold to another company and they were willing to do a short sale because the value wasn't there and because they paid a lot less than the face value. So check the recorder of deeds office and see if Bank One assigned their second to a third-party or if it still owns it.
Quote:
On 2004-11-17 21:11, TVitaliano wrote:
Do you remember what percentage of market value your offered? The reason I ask is I recently listened to Jeff Kaller's "Lose Your Job In 90 Dyas" preforeclosure course and he said Countrywide never discounts below 18%, that 82% of value is the least they would go. Do you think your offer might have been declined because you offered less than that?
This was a 2nd, in the amount of $74K, and we offered 25K and were willing to go higher. Countrywide owned this loan and it was less the a year old. When the property sold they got 34k of their 74k, we would have gone higher.
Appreciate everyones input. We'll be submitting the short sale Tuesday, so I'll let you all know how it turns out.