Countrywide is the largest mortgage company in the US…think they are dealing with a short sale problem at the moment? You betcha. (not to mention short sales of their stock! Wish I had shorted them at $40!) They have now been taking over by Bank of America Mortgage.
Countrywide’s Full Spectrum Lending division was the King of awful sub prime mortgages the past few years, and now those loans are going bad. If you have a countrywide loan and are facing foreclosure, a short sale of your home might be your best option.
I did a short sale of my home (and I had a first and second mortgage on the property) earlier this year. It can be done, but it requires patience and a plan and a little help. There are a zillion schmucks out there who will offer to “help” you when your down. Some are legit, most are not.
What I Did In My Short Sale
What I did (hiring a real estate agent with short sale experience) worked for my situation. It may not for your short sale, but I found it the best option. Working with a real estate agent you at least can get a background on the person, and if they work for a larger brokerage you know they have resources to help you. Think short sales are hard for you? They are equally as hard on the real estate agent! Getting a short sale deal done (especially right now with the overwhelmed lenders like Countrywide) takes alot of work. I do think its the best option vs. foreclosure though. You can also read my 7 steps to a successful short sale guide.
You Need An Experienced Short Sale Agent!
From my blog here I’ve developed an extensive network of real estate agents that have short sale experience. If you’d like a referral, fill out the form below and I’ll have someone available in your area to help with your short sale ASAP.
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ok< we have a huge mess on our hands.
We recived phase 3 approval o Oct 23rd. We got a closing date of nov 13th. We where told by the sellers agent that the tennants would vacate by nov 8th. we put in our 30 day notice on our current apartment and schedualed apprasials and home inspections.
On tues nov 3rd we arrived at the house for the appraisal, the tennants had no idea we where comming nor had they recived any eviction notice. The owner of the house had come by early to collect rent on monday and collected a full months rent and never informed the tennants of what was happening. now we have till the 29th to vacate our apartment and the tennants still have not recived notice. We have already had inspections and apprasial done and have paid $800 for them. We have also been told by our agent that there is a back up offer on the house from the tennants. To top it all off we locked in our intrest rate and have 30days to close or we are penelized 1.5 points on our loan.
My question is, do we have any legal recourse to get our money back for the inspection and appraisal and who is legally responsible for notifiying the tennants to move. I know the tennants have renters rights and have up to 60 days to move. What are our rights as buyers and who is legally responsible for giving us false information?
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