on Nov 20th, 2007Stop foreclosure - Countrywide situation
In the wonderful blog I’ve been reading countrywide-foreclosures, comes a great post on the Countrywide foreclosure situation there that is bad news for people looking to stop foreclosure with Countrywide mortgages:
13,946 Homes Offered For Sale on Countrywide Financial’s Website
Total REO Asking Price: $2,932,654,429
(As of November 15, 2007)
Source: http://www.countrywide.com/purchase/f_reo.asp
The graph isn’t pretty. It means you will have trouble getting in touch with a loss mitigation representative at Countrywide. It means you will run into people who are overwhelmed with hundreds of files they cannot handle. It means you have to be very savvy about presenting your situation if you want them to lower your mortgage payments without getting a new loan, or if you want to do a short sale to get out from under.
You can still do this. You can sell your house and walk away in many cases with decent credit, through a short sale process. But you must be prepared and you must have all your short sale paperwork done properly so that once your file gets attention, it won’t get lost in the huge mess.
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