I lost a short sale today ... Good Ol' COUNTRYWIDE! 90 days to negotiate and ... in a rapidly falling market! The unemployed seller is 72 year's old, has worked hard all his life. He has no vehicle, lost his company truck, and is doing his level best to hold on to what little he has left.
His credit is shot, he'll never buy another house, his best hope is to have enough money to rent for the rest of his life!
He did the honorable thing ... ask for a modification, no soap! He doesn't qualify for a modification. So we requested a short sale, (he had to be 60 days in arrears for them to talk to us ... but that's another story!), obtained an offer and began the painful journey into the "short sale" world.
CW, in their infinite wisdom and greed, want this poor guy who is living hand to mouth to pay $7,500.00 over the next 6 years. He'll be 78 years old before he's clear. No negotiation, no conversation, no interaction! Simply ... here's our terms, you have 72 hours to respond or we proceed with the sale!
Can you believe it?
Here's the real world Harry Reid! A hard working Nevadan caught between a rock and a hard spot while Countrywide gets billions of bailouts and the upper echelon walks away with huge executive perks! Wake up and smell the sagebrush!