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.
Countrywide/BOA Speeding Up Short Sale Process
Having gone through a short sale of my home, I know how long and frustrating the process can be.
For homeowners with Countrywide loans, the process has been terrible.
It sounds like things are finally starting to change. I’m not sure if this has to do with the Bank of America takeover (likely), but according to two separate real estate sources I’ve talked to on the phone, Countrywide has beefed up their staffing for loss mitigation/short sales.
I’ve seen rumblings on my own posts from readers about short selling with countrywide about them finally stepping up and speeding up the approval process. Up to this point many people have been waiting sometimes 6 months to get approval from countrywide to short sell their home.
Madness, I say.
Glad to see things picking up. Short selling your home is a much better alternative for all parties involved than a foreclosure. I think people who short sell their home will have a much better time trying to buy again in the future vs. those who just walk away from the home. Obviously keeping current on payments is the hope but for many homeowners under water, a short sale is the best option.
If anyone else has news on Countrywide’s policy regarding short sales, please comment.
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.