Short Sale Update

If you have been reading my blog, you know I have spent a good deal of time and energy over the past two years helping Sacramento area homeowners avoid foreclosure by doing short sales and/or loan modifications. In the past month or so I have been ranting about how difficult it has been to deal with Countrywide (“Countrywide Sucks,” published on December 9, 2008). Well, as of this morning we have had two approvals from them in the past week. The one we got this morning is a deal we have been working on since April of last year. The buyer has long since walked, the sellers have abandoned the property, the condition has deteriorated rapidly and the prices in the neighborhood have continued to decline. The price they have agreed to accept is significantly higher than what this home will now sell for but at least it is a positive sign from this lender.

I figure the speed at which Countrywide has moved on this single short sale transaction has cost them in excess of $60,000 and will most likely increase over the next 60-days as we seek a new buyer at a much lower price. No wonder lenders need federal bailouts!

The fact that we have received two approvals from Countrywide in the past week demonstrates they have finally started to understand the cost to them and are improving their process. It may not help with the property I just used as an example but it will help with countless other homes that under the specter of foreclosure.

If you or someone you know is struggling to make their mortgage payments give me a call we may be able to help even if their lender is Countrywide!