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I'm Mad As Heck………………………

This morning I was on the phone with Countrywide’s short sale department.  I was so angry when I got off  the phone, that I sent the following email to Senators Reid and Ensign and Representative Titus.

“I am a real estate agent, licensed in Nevada for the past five years. I just got off the phone with the short sale department of Countrywide with whom I have been negotiating a short sale since November 25, 2008. The buyer’s agent and I have worked diligently, he to keep his client loyal to the property, and me in working with Countrywide to work towards a successful close of this transaction. The property has appraised for the sales price and the buyer is ready, willing and able to purchase. Nevertheless, after over three months of negotiation, the negotiator closed the file, ostensibly for lack of documentation, although Countrywide’s own records indicate they have received them. I am advised by Countrywide that the file must now be reopened with a new negotiator. Based upon past experience, it will take another four months to get a final answer, if the file is not arbitrarily closed again.

Only 10 percent of short sales are successfully closed precisely because of examples such as this one. Over three months of work has been lost by myself, the buyer’s agent, the buyer and the seller. The disrespect and disregard which are displayed by Countrywide in particular and other lenders in general is truly appalling. It also has the effect of slowing down any recovery. If short sales could actually be negotiated, you would see a distinct difference in the state of our real estate market.

As I know you are aware, the Making Housing Affordable plan passed this week really does not provide much assistance to homeowners in our area. Making short sale negotiations easier would. It would stop the downward pressure on housing prices, move inventory and slow foreclosures.”

2 thoughts on “I'm Mad As Heck………………………

  1. I have had, in the recent past, similar difficulties with dealing with “short sales”. My partner and I have made numerous phone calls to Wells Fargo representatives attempting to find out who is insuring a particular mortgage —– all we get is someone “passing the buck” !! It goes in a circle and there appears to be absolutly no initiative to assist anyone in trying to get a property sold. Countrywide (now owned by Bank of America) and Wells Fargo seem to be the WORST to deal with……. the operaters seemingly have the responsibility but no authority….to provide any answers and seemingly have a “don’t care attitude” about their outstanding mortgages…. They do not want to clean any homes, and leave a number sitting vacant to freeze in cold weather!! It is a shame the way these lenders are handling the current dilema. Ron Bolin Coldwell Banker Vision Elk River, MN

  2. I agree. I read in the paper that Country Wide’s former president and team are back in the market, buying homes at a low price and reselling at a higher price. Why is this allowed to continue. The middle class is drowning. We cannot continue to pay (through taxes) for the lower income people who are on welfare; subsidize the bankers (who are retiring with millions); illegal aliens who do not pay into social security and organizations like Country Wide who are holding up short sale applications to buy the property themselves.
    I am with you Lisa; I am mad as hell and I am not going to take it anymore.
    Please forward this to our legislators. I am 66 years old, and still working 4 jobs to make ends meet. I should be retired with no worries. Oh sure.
    President OBama ran on a ticket to help the middle class. So start helping already before there is no more middle class to pay into taxes.
    Sallie Chaffin Henderson Nevada

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