Enough already! I’m sick of the lip service….
Hope for Homeowners is an embarrassment to Mr. Obama. If you live in California, you have realized that a loan modification is easier said than done….
Lenders have been instructed to help their borrowers find alternative to foreclosure and since the loan mods are out for most of us….the solution…Short Sale! Along with that, President Obama rolled out a wish list of mandates to get these lenders on board to support these Short Sales. Obama states that their needs to be a Short Sale Process, and shorten the approval time…yada…yada…yada this rolled out May 14th, 2009
Makes perfect since…So what’s the problem?
Below, a series of emails between a negotiator at Countrywide/BofA and us.
(Countrywide/BofA)
"Mimi Bishop" <Mimi_Bishop@Countrywide.Com> wrote:
Please read carefully.......
Please email & fax the documents to 888-491-4947
I am the short sale negotiator that will be working on the above
referenced file. Please make the following revisions to the HUD & return
to me no later than 2PM CST time on 04/24/2009 or the file will be canceled. Please read the disclosure at the bottom of the email for
further instructions.
PLEASE BE ADVISED THAT THE CHANGES MADE TO THE SETTLEMENT STATEMENT ARE
NOT NEGOTIABLE & IF CHARGES NEED TO BE PAID, THE SELLER (HOMEOWNER), BUYER
OR AGENTS WILL NEED TO PAY FEES.
PLEASE MAKE SURE ALL DOCUMENTS ARE BACK TO ME WITHIN TIME FRAME OR FILE
WILL BE CANCELED!
PLEASE MAKE SURE LOAN NUMBER IS ON ALL PAGES. FAX THE DOCUMENTS AT LEAST
24 HOURS PRIOR TO THE DEADLINE TO ALLOW TIME TO UPLOAD THEM INTO THE
SYSTEM.
Thank you.
Mimi Bishop
Workout Negotiator III
> LP-Short Sale R
> Mimi_Bishop@countrywide.com
(ME)
This is my 7th offer. The buyer is capped out at $XXXXXX. The buyer cannot afford the HOA costs. Can your investor please take this into consideration? Also, could you tell me the investor on these loans?
(Countrywide)
****transfer to buyer settlement cost ; all HOA fees, assessments; transfer
fee; doc fees; refundable padding; doc prep fee, sub escrow , overnight
mail /wire fee, misc recording fees, *****
(Me)
My 1st offer was submitted in November 2008. The buyer finally walked in January with no response from Countrywide.
I have had over 7 negotiators on this file and 6 months of work now everything is urgent? Can I have until Monday?
I appreciate your position, however, I am at a loss with your demands of this request and getting them achieved by tomorrow
(Me)
I just saw that these items were all to be faxed 24 hours ahead of deadline? That was an hour ago? Should I just forget about it?
(Countrywide)
NO RESPONSE
We met Countrywide’s deadline…but they took an additional 22 days to “PROCESS THEIR PROCESS” and send approval to sell. You guessed it, by…by…buyer!
****We are not alone in the Countrywide Quagmire…I’m hearing from every agent doing short sales the same thing…”90″ Day Plus response time.****
Good News….New offer $30,000 higher than the approved offer.
Bad News.…Countrywide is going to close the file because their policy wont allow them to “swap out buyers” ??? yes, that is a direct quote from the negotiator when I asked her if she could review the new offer with the investor!
President Obama….stop spending so much time, energy and money telling America how lenders Need to Find Alternatives to Foreclosure! Your the President of the United States…you can put enough pressure on these lenders to comply! STOP THE LIP SERVICE.
USE THE MEDIA TO CALL OUT “BAD LENDERS” POINT FINGERS…YOU DO IT IN YOUR CAMPAIGN’S!
