Here’s Part 1 of my saga working with Countrywide for a Short Sale. We bought an investment property to use as our business office. As with most, business slowed down and we were no longer able to make the $4,000 monthly payment. We tried for over a year, but all we were doing was draining our accounts. So we moved out and notified Countrywide. We felt we were being honest and upfront with them, as well as making it easier if we moved out. But, they wouldn’t even talk to us about a deed-in-lieu or just taking it back until we were over 8 months deliquent, so $32,000 in arrears. So the property sat empty.
We then listed it as a Short Sale and got a CASH offer within 4 weeks. We sent in our required package December 16th and were told it would take 30 days to even have it assigned to a negotiator. Then January 9th we received a Short Sale Notice that they received the package and would process it and close in 30 days if the offer was accepted. WOW, we felt great that we’d only have 30 days left to deal with the 6 phone calls a day from their collections department.
So I called on January 22nd for a status update and was told that the letter they sent out didn’t apply to our loan since it was in foreclosure, we had a completely different process we had to go through. So why did we receive this letter? Well it just a standard computer generated letter that goes out to everyone. Our process could take up to 50 BUSINESS Days or another 2 1/2 MONTHS. End of Part 1
...And This Is Why We Drink™
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