Short Sales (AGAIN) (foreclose, mortgage, mortgage, banks)

[missnew2nc]

Hello good people!

I've done several short sales in the past, and I understand that each one is very different and can take months to resolve, but today's question is:

Has anyone dealt with countrywide or ocwen for a short sale?

[bentlebee]

My recent purchased short sale had a mortgage from Country Wide.

[Greatday]

Originally Posted by missnew2nc

Hello good people!

I've done several short sales in the past, and I understand that each one is very different and can take months to resolve, but today's question is:

Has anyone dealt with countrywide or ocwen for a short sale?

Daily - why?

Countrywide will have a multiple page addendum to any contract (not that uncommon).

But, their response time is fairly fast - they have set up an entire department to deal with short sales -

[missnew2nc]

That's good to know! So far my interactions with the two banks has been great and informative, but we'll see.

[bentlebee]

In my case the seller got a judgment and we got the property for our offer. Together the selling price would have been a reasonable sales price.

[palmcoasting]

I just was doing a short sale with Ocwen. They told me after doing all the work that they changed their policy 3/15 and will no longer do shorts on firsts, only on 2nds. Anything that was not already approved for a short sale before the 15th would no longer go through. What they did do though is call the customer telling them they will reduce their mortgage by over $60K which allows them to sell the house and they actually will walk with some money in their pocket. Only stip is that they pay the mortgage for 3 months then they can do what they want.
Only thing I've heard about countrywide is that they are a pain in the butt, take forever and lose files...perhaps they've changed their ways?

[missnew2nc]

Yes, I did hear that OCWEN is no longer doing short's on their first mortgage. That is VERY important to know.

Does anyone else know any NEW short sale news from any other bank?

[GregTraub]

Starting one of these with a First Franklin First and Washington Mutual Second. FF so far has been pretty responsive, WAMU hasn't even started calling the borrower yet. Anyone negotiate a second with WAMU yet? experiences?

[bentlebee]

The seller in mys hort sale case is also in contact with First Franklin and they are talking to him.....so he gets the feeling they are willing to do something, although the refused my first offer, and now months later they refused a lower offer (the market here went down even more and similar properties in the same communty have closed for a compairing price) , and are asking for my first offer again. They can come up with a judgment for the seller (which the sller doesn't mind as long he doesn't foreclose) but my offer stands. We are only $10K off from what First Franklin now wants and my offer is cash.