Lisa and Jim's Northern Nevada Real Estate Blog: Hey Harry Reid ... Here's What's Really Happening in Nevada! Look What Counrtywide Did today! Another One Bites the Dust!

Hey Harry Reid ... Here's What's Really Happening in Nevada! Look What Counrtywide Did today! Another One Bites the Dust!

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!

Comment balloon 8 commentsLisa Wetzel • February 10 2009 10:16PM

Comments

I hate Countrywide.  They have killed two of my deals before.  Each deal was a higher sales price than what they received as a foreclosure.

Posted by Angelia Garcia (Pure Realtors) almost 10 years ago

Lisa -

THIS SUCKS!

But it is so true!

I am surprised the buyer even hung around so long here. 

And, indeed, the current short sale system is antiquated, takes too long, and requires you to trash your credit FIRST before the bank will even talk with you.  I know it's true - many of our Team's clients have been in the same boat, and have lost their homes, their credit standing . . . and their dignity!

And here is what is even more disconcerting - lenders still advise you to contact them BEFORE you get into trouble.  What happens if you do?  Your file is added to the "Watch List," your conversation recorded, and your mailbox begins to fill with dunning notices almost immediately!

"Trust me!" has little credence with lenders these days, even in today's challenging RE Market.

And it's a real shame!

From Chicago . . . our prayers to your client!

DEAN & DEAN'S TEAM CHICAGO

Posted by Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL) almost 10 years ago

That is horrible, I almost wish that the government had let Countrywide go into bankruptcy, maybe a restructuring should have taken place!

Posted by Tony & Darcy Cannon, The C Team (Aubrey and Associates Realty) almost 10 years ago

Angelia - we discussed Countrywide at lenght at our staff meeting this mrning.  Everyone, bar none, agreed that they are the worst!  No cooperation, no communication, NO Hope!  What's up with that?

Dean - Amen!  And thanks for your thoughts and support!  "Home Retention" is a JOKE!  There's no hope and no help with many of these lenders.  Maybe we need to start a "GOOD" List and  a "BAD" List? 

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 10 years ago

Oh my, what a heart rending story. I hope that he had someone to turn to for help. This is just awful.

Posted by Vickie Nagy, Vickie Jean the Palm Springs Condo Queen (Coldwell Banker Residential Real Estate) almost 10 years ago

Lisa, that stinks! I really don't care for Countrywide either and am sorry you lost a deal. It stinks when you work so hard to genuinely help people who need the assistance and the bank just turns a blind eye to the situation. Countrywide is definitely on the stinky list and I would question working with a buyer who wanted to work with Countrywide because they always seem go to south. Steve and I lost a deal this week with a buyer. I won't get into the specifics but guess what: Countrywide was the lender!

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) over 9 years ago

I can certainly understand the sentiment expressed by Lisa and all on this comment log; however, not all Countrywide deals go south. My husband has worked for Countrywide for 8 years and has built a stellar reputation in our area. Bank of America is truely investing in housing retension. It's a fact, retension is a huge savings (both to mortgagor/mortgagee) compared to the high cost of forclosure. Lisa's story is very sad, and I know my husband works very hard for his realtors and their clients to create the best outcome possible.

http://www.therealestatebloggers.com/2009/01/16/bank-of-america-to-modify-630000-loans-in-2009-to-avoid-foreclosures/

http://newsroom.bankofamerica.com/index.php?s=press_releases&item=7956

It's a good life!

~Raine

 

Posted by Raine Nordby over 9 years ago

Raine - Your husband must be a Countrywide Rep.  They are all nice!  I'm sure he's a great guy!

I called Countrywide today for another update!  I've been waiting 9 days since we submitted out counter counter offer and guess what?  No one has even acted on this file.  I asked again to have the negotiator look at it and respond to us!

This just isn't good business!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) over 9 years ago

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