Mr. Wright,
Once Countrywide Home Loans accepts the short sale, your negotiator will send or fax your agent a letter which serves as Countrywide Home Loans's demand for payment and advises you that Countrywide Home Loans Home Loans and its investors and/or insurers have agreed to accept a short payoff regarding your property. They will give you conditions of the short sale like when the closing date is going to be 30 days from the approval, in my case my buyers lender requested additional 15 days due to the holiday. They specified the buyer's name only and no substitution of any buyer unless the ones
CW approved of. They specify the amt of the sales price and how much the proceeds to
CW is going to be.
CW pays your agent's commission and will only pay 5% commission and how much the exact amount of the agents commission would be. There is no costs to the seller and depending on the buyer's agreement with
CW,
CW pays also the buyer commission. In my case the sale price is $290k, the buyer offered $298k with the condition that the $8k will go to the buyer's closing costs. The property is being sold as AS IS condition, they will not order a termite inspection and no repair. My house is 2.5 years old and has $74k upgrades, the buyer didn't want to pay for any home inspection.
CW has about 17 conditions in their letters, but the most important one is when they put in writing in item 12
CW or its investors will not pursue a deficiency judgment if the shortsale closes on the referenced loan. If the shortsale does not close, then the referenced loan secured by the Note and Security instrument shall remain in force and effect and
CW will pursue all remedies under the Note and Security Instrument. They also have a wiring instructions where and when to wire the money to their bank of their choice, which is Bank of America.
I think you should email all the ones Cat has given you and I tell you why. I did the same thing that you did, mail the authorization letter and short sale package in 0ctober of 2007 without having a buyer first and
CW denied our request for short sale. Duing the last two months of my first listing I decided to cancel the listing I have with my first agent because of no buyer coming into my house but he threatened to sue me because of exclusive rights. I talk to him and we asked him to bring buyers, by the time he was bringing 6 buyers they all backed out citing long process with
CW.
I did not want
CW foreclose on my house, so I hired another agent and this one is an expert with Short Sale and in 1 week he brought 3 offers, $280k, $298k, $290, the fourth one is $240 which we have rejected. My agent faxed everything to
CW but no actions, no phone nothing. I thanked God for this site, Cat, Moe, Andrew and Professor Shays shared their endless time and effort, their knowledge and expertise how to deal with
CW. They taught us how to email, fax, call the one who is the loudest, gets attention. I have emailed Lisa Riordan and other executives and employees from the list that Cat gave you. The next day, I have received an email from Lisa Riordan, she's one of the investors and Executive of
CW and told me that someone will call me the next day. True to her word, Kacie Miller of
CW called and assigned me a Negotiator. This Negotiator called me and asked for my agent's phone # and name but he was not calling or not telling us what is the next step. I have followed Cat and Moe's Andrew and Professor Shays advice to keep emailing
CW officials, Everytime I need to ask my negotiator something I sent copy to the
CW officials and my negotiator responded and call my agent and email me, until he ordered an appraisal. Just keep begging
CW, knocking on their hearts, requesting, telling them that it's to their advantage to accept the short sale instead of foreclose, I told them if they foreclose they will lose a lot of money and they can't have a buyer to offer like the ones I have had. My first buyer backed out, but my agent kept showing my house to all the agents he knew and kept bringing buyers. I thanked God I have 2nd and 3rd buyer left waiting and here you go the short sale was approved, thanked God for that and just waiting for escrow to close on July 10, 2008.
If you foreclose, Fannie Mae and other lenders will make it hard for you and those who foreclose their homes to buy another house until 5 years maybe more. Your credit score will take a hit, 300 points or more, says your credit score is 800 less 300 that will be 500.
If your short sale is approved, closed, you only have to wait 2 years before you can buy another house and the damage to your credit score is only 150-200 down in points, if your credit score is 800 less 150 that will be 650 and it will be easy for you to bring it up again.
I hope what Cat and the rest of us here is making sense to you. We are here to help because help was given to us first, through God's mercy and grace He leads us all to this site and gave us wonderful, dedicated, professional people I don't ever encountered and have not seen their faces, but the sound of their names are beautiful to me, Cat, Moe, Andrew, Professor Shays, someday we will face God and I will hear God telling all of them, "Well done, good and my faithful servant." To God be the glory.
God loves you and God bless you.
Sincerely,
Faith
