CW Short Sale Buyer SUCCESS!!

[MikeTheApeman]

Hello folks. I found this site this morning while trying to find out some information about Countrywide, and after almost 4 hours of reading, decided to register and share my tale thus far.

I am a first-time home buyer, and found a darn near perfect house that was "subject to bank approval". I did not know at the time that it was Countrywide, and after doing some research on short sales and realizing the potential long wait, I decided to take the plunge and put my offer in on 1/21. The seller agreed to the offer and signed it next day, I was also informed that the Short Sale package was in the hands of Loss Mitigation on 1/25. (Seller's supposedly knew someone that works for CW and had paperwork sent intracompany rather than USPS.)

It has now been 5 weeks. We still can not get confirmation that the case has been assigned to a negotiator. I won't get into specific amounts, but my offer is 93.9% of what is owed on the current mortgage. My credit is excellent. I have a rate lock at 5.625% with another mortgage company that will expire on 3/25.

The listing agent, the sellers, even the seller's attorney have tried to get in touch with CW to find out where we stand, but in 5 weeks none of them have gotten a callback. This is out of control. I am at the point where I can not wait any longer to take action, as I do not want this rate lock to expire.

My question to helpful folks here is as the BUYER, is there anything that I can do to get this case moving? Is there someone that I can call or write in order to get the case moving, or do I need to provide information to the listing agent and seller (through my agent) and have them take the lead? As an FYI, I have zero confidence in the listing agent, so if there is something that I can do as the buyer, I would rather take my destiny in my own hands.

Thanks is advance for advice,
MtA

[Moe Bedard]

Welcome Mike! Yes, there is a lot of info here and a lot of stories. Sometimes it's best to cut to the chase and share your Countrywide tell and I thank you for that!

OK, here is some super duper insider info for you. I am sure the seller wants their home sold because they do not want to be foreclosed on and you want it also. What you need to do is get the sellers to write a Qualified Written Request via section 6 of RESPA. With this, the seller can outline their servicing complaints with CW and this will FORCE Countrywide to take a look at the file and give it some grease.

Also, if the seller writes this, it will give them a 60 day window to work things out where their credit will be protected for 60 days.

You can't lose with that advice Mike. Now go get everyone educated and show them how to do a short sale.

[Moe Bedard]

Oh, here is some info on the QWR from HUD's website;

Loan servicing complaints

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

A borrower may bring a private law suit, or a group of borrowers may bring a class action suit, within three years, against a servicer who fails to comply with Section 6's provisions. Borrowers may obtain actual damages, as well as additional damages if there is a pattern of noncompliance.

The following is a sample qualified written request from you, the borrower, to a lender. Use this format to address complaints under the Real Estate Settlement Procedures Act (RESPA). Be sure to read more about RESPA, and your rights under this Act, elsewhere on the RESPA site.

Attention Customer Service:
Subject: [Your loan number]
[Names on loan documents]
[Property and/or mailing address]

This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).
I am writing because:

• Describe the issue or the question you have and/or what action you believe the lender should take.
• Attach copies of any related written materials.
• Describe any conversations with customer service regarding the issue and to whom you spoke.
• Describe any previous steps you have taken or attempts to resolve the issue.
• List a day time telephone number in case a customer service representative wishes to contact you.

I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days.
Sincerely,
[Your name]
REMEMBER: This letter SHOULD NOT be included with your mortgage payment, but should be sent separately to the customer service address.
You SHOULD continue to make the required mortgage and escrow payment until the request is resolved.

You may bring a private right of action under Section 6, if you suffer damages due to the lender's servicing of the loan. See the RESPA statute and regulations.

[Moe Bedard]

12 usc section 2605 servicing of mortgage loans and administration of escrow accounts
Source HUD

(e) Duty of loan servicer to respond to borrower inquiries
(1) Notice of receipt of inquiry
(A) In general
If any servicer of a federally related mortgage loan
receives a qualified written request from the borrower (or an
agent of the borrower) for information relating to the servicing
of such loan, the servicer shall provide a written response
acknowledging receipt of the correspondence within 20 days
(excluding legal public holidays, Saturdays, and Sundays) unless
the action requested is taken within such period.

(B) Qualified written request
For purposes of this subsection, a qualified written request
shall be a written correspondence, other than notice on a
payment coupon or other payment medium supplied by the servicer,
that--

(i) includes, or otherwise enables the servicer to
identify, the name and account of the borrower; and
(ii) includes a statement of the reasons for the belief
of the borrower, to the extent applicable, that the account
is in error or provides sufficient detail to the servicer
regarding other information sought by the borrower.
(2) Action with respect to inquiry

Not later than 60 days (excluding legal public holidays,
Saturdays, and Sundays) after the receipt from any borrower of any
qualified written request under paragraph (1) and, if applicable,
before taking any action with respect to the inquiry of the
borrower, the servicer shall--

(A) make appropriate corrections in the account of the
borrower, including the crediting of any late charges or
penalties, and transmit to the borrower a written notification
of such correction (which shall include the name and telephone
number of a representative of the servicer who can provide
assistance to the borrower);

(B) after conducting an investigation, provide the borrower
with a written explanation or clarification that includes--
(i) to the extent applicable, a statement of the reasons
for which the servicer believes the account of the borrower
is correct as determined by the servicer; and
(ii) the name and telephone number of an individual
employed by, or the office or department of, the servicer
who can provide assistance to the borrower; or
(C) after conducting an investigation, provide the borrower
with a written explanation or clarification that includes--
(i) information requested by the borrower or an
explanation of why the information requested is unavailable
or cannot be obtained by the servicer; and
(ii) the name and telephone number of an individual
employed by, or the office or department of, the servicer
who can provide assistance to the borrower.

(3) Protection of credit rating
During the 60-day period beginning on the date of the servicer's
receipt from any borrower of a qualified written request relating to
a dispute regarding the borrower's payments, a servicer may not
provide information regarding any overdue payment, owed by such
borrower and relating to such period or qualified written request,
to any consumer reporting agency (as such term is defined under
section 1681a of title 15).

[MikeTheApeman]

Moe,

Thank you for this advice. I have passed this on to my realtor and asked her to find out if the seller's have done this yet. If not, then they need to do this ASAP. I guess there really isn't anything I can do as a buyer as far as 'turning screws' other than call my realtor. (She has the patience of a saint, thank god, or she'd have hurt me by now.)

It is my understanding that the seller "did a lot of the upfront work" to get the short sale approved ahead of time, but I have not been given any specifics as to what they had done. I have been told that yes, the seller wants this deal closed quickly (Guess that's a not-so-big secret ), and I even found out that the house has been on the market for almost a year at higher listing costs with no offers. That supposedly was submitted with the Short Sale Package as proof that they tried to get more than what was owed, but the market turned at the wrong time for them.

[Moe Bedard]

No problem Mike.

Getting a short sale started is easy with a lender. They say sure, go for it. Now, getting them to work with you on a shot sale is like pulling teeth. So, I assume the sellers called and just got an OK to place it on the market and that's about it.

Maybe you can find out who the investor is? If a notice of default has been filed, you may be able to pull up the NOD and see who the investor is and try and make direct contact. I have not done this myself, but I am hearing of some savvy people doing this and getting results.

Just make sure the seller do the QWR and my guess is that your Realtor, their Realtor and they, do not know what is. So, my guess is that it needs to be done pronto.

Your the brown shoes and I am the shoe horn...hahaha

Country Wide Short Sales are very slow and tedious.....very slow and tedious, like if they were any slower you would be going backwards...have they gotten to the point where you have been told that you must be qualified and approved as a borrower through Country Wide? If not that is one of the criteria, the other problem is that they are reviewing the seller's financial data to determine if Short Sale is legitimate, i.e. that the Seller is truly unable to afford the house. That means full financial package and full review. They need to then appraise the house with one of their approved appraisers to determine that the offer is within the market and acceptable for the market. Next they have to get their investor, i.e. the owner of the loan to approve the whole thing......

That is the problem, the whole process has been known to take up to 3-4 months, and as many as they are processing, it may get worse in the near future. There are a lot of things that have to be considered and the biggest one is that you and the Seller are in a queue that is not moving very rapidly. This is not a decision that they can make over night. My suggestion is that the agent take the same stance that I take with borrowers/homeowners here on the forum....call, call, call and fax, fax, fax....that seems to get attention and help force the situation. The QWR as Moe suggested also assists and sometimes dramatically to cut the time in the queue down.

[MikeTheApeman]

Originally Posted by Poppy

have they gotten to the point where you have been told that you must be qualified and approved as a borrower through Country Wide?

We actually had that little 'review' a week after the seller accepted the offer. I outright told the Mortgage Rep that I spoke to that I had no issue going with CW (at the time, but now forget it!), but they had to match the rates and fees that I had gotten from other lenders, which they couldn't do.

If not that is one of the criteria, the other problem is that they are reviewing the seller's financial data to determine if Short Sale is legitimate, i.e. that the Seller is truly unable to afford the house. That means full financial package and full review.

Supposedly this was the part that was done already, but again - I'm getting this info 2nd hand through my realtor. I guess it's actually 3rd hand because she's getting it from the listing agent.

They need to then appraise the house with one of their approved appraisers to determine that the offer is within the market and acceptable for the market. Next they have to get their investor, i.e. the owner of the loan to approve the whole thing......

This is where we are at now: waiting for the appraisal which, to my understanding, is a key component in the decision to approve the sale. Supposedly they (CW) hold the loan and have ordered an appraisal as of last week, but haven't heard anything since. This is also where I believe I have a firm ground as far as fair market value. The seller's have had the house on the market for quite a while at various price points and got nothing. Now they have a firm offer that is fair ($5k less than list, 90% of what is owed) and the seller is trying to get this moving quickly. Looking at similar houses in the area and what recent sales in the surrounding blocks were at, we are actually more than fair market value.

This is where things get a little hairy / interesting. I just found out Friday that the seller has PMI on his refi...which is VERY odd from where I sit. At any event, the PMI company is now involved and has ordered their own survey using CW's approved appraisal company in the area. They obviously don't want this to go to foreclosure because they'd have to pay out, so they are now turning the screws at CW to get this deal done. The scary part here is that if the PMI company is involved, I fear this house is closer to foreclosure than I was lead to believe, but I am hoping that having them join the fight to make this happen is a positive and will help get things moving fast.

OK you have had the Country Fried introduction to OUR version of a Short Sale and we can do it 'cause we are who we are. HAH, they are delusional.

Per RESPA you may use any lender you care to use....that is a RESPA regulation that went into place eons ago and you can not be forced to use a lender by the lender who is in essence the driving force behind the sale or any other party for that matter, lender choice is the borrower's choice. So recite RESPA to Country Fried and get your loan where ever the heck you want to.....

The financial issues with the seller are most likely reviewed and OK by Country Fried so that would at this point be the last worry you should have.

Worry not about the appraisal issues, they will generally solve themselves if the information that you are reflecting is accurate...market drives the price and given that it is a reasonable offer we are seeing them accepted and agreed to.

Now to the PMI issue, this is not something that you should necessarily worry about. PMI insured the original loan with the seller and if there is a loss they must participate in that loss in a percentage basis. So if PMI insured for 30% coverage now they have to determine just how much they are exposed, and what percentage of the short fall they have to cover in the Short Sale, i.e. the percentage is weighted and determined by ratio and percentages of the loss so that it can be born by all parties equally.

PMI should not throw a wrench in this deal, they are getting out of this for less than the 30% coverage they they have extended (30, 25, 20...whatever). So paying less is always preferable than paying more in these circumstances for the MI company. PMI just has to justify the loss and valuation as well on the Short Side, they are very experienced in these matters and will have no problems working through the process. The relationship that the MI companies have with the lender is contractual in nature and the mandate to the Lender is to minimize losses...as they are all exposed, vulnerable and at risk.

You are correct in the assumption that PMI will join to make the loss more palatable to them, so they are a reasonable ally in the goal to get the short sale done. They do not want to bear the exposure and loss on the full 30% coverage or whatever coverage they are exposed to. They however, have to be involved to make sure from the insuring side that the offer is bonifide, reasonable and within their tolerances of value and terms.

[MikeTheApeman]

Originally Posted by Poppy

Per RESPA you may use any lender you care to use....that is a RESPA regulation that went into place eons ago and you can not be forced to use a lender by the lender who is in essence the driving force behind the sale or any other party for that matter, lender choice is the borrower's choice. So recite RESPA to Country Fried and get your loan where ever the heck you want to.....

Oh, that's one that I knew going in even before I spoke to CW. The only benefit I saw to using them if they gave me a good enough rate was since they hold the current mortgage, it'd all be internal when closing. Less complicated when we reached that step. But based off this experience, I think even the mortgage rep I spoke to knows there's no way they'll get my business at this point.

And thanks for that viewpoint on the PMI situation. That makes perfect sense now, and puts my mind at rest for the most part. Like I said, the part that concerned me was no so much that they were getting involved, but I guess I correlated the fact that they are now involved to the possibility that the house might get foreclosed on before my offer is approved. Since I already have an offer on the table and agreed to, attorney review completed...this is probably a dumb question too, but can CW foreclose on the property at this point (assuming that the seller's don't get the QWR done soon) and kill the deal from under me?

With the short sale pending and in the works...with a qualified borrower/buyer they should be able to postpone the foreclosure sale with the Project Hope issues that are in effect.....have the agent get that one in their ears, make sure that all parties are informed of the postponement, the left hand does not know what the right hand does there. Often the Attorney's office handling the F/C action does not know that it was postponed at the Lender/Servicer - Country Fried side....and visa versa....so make sure that a fax is sent to all if it is postponed to confirm that they are all informed....fax 3 times, property address, loan number, borrower name and last four of borrower SS# on every page to make sure that it is confirmed, recognized and filed to the proper property and borrower...never leave anything to risk with these folks....

[MikeTheApeman]

Well, just heard from my realtor. The PMI Company has the appraisal ordered, and they have Countrywide on board with this one, as Countrywide has agreed to use the results of that appraisal as opposed to ordering their own, so that will save some time for sure. All the paperwork needed is in place, and PMI told the seller's attorney that they are making sure this doesn't go to foreclosure. I'm still being told that we're looking at 6-7 weeks to close, but at least things are moving forward now. This is going to be a long 6 weeks.

I knew that PMI would come in the side of RIGHT, they have a lot at stake too, and do not want this as a loss in their system....they are all taking it in the shorts, MI Companies and Lenders....

Way to go PMI !!!!!!! (I have contract underwritten for them...so I am glad that they came through for you).

[MikeTheApeman]

It's been almost a month, so I figured I would stop in and give an update.
PMI's appraisal was done, CW went and ordered their own appraisal also and that was done. This was 2 weeks ago. We are now waiting to hear back on the approval of the sale. The current owners have moved out as of last week, and are no longer living in the house. I passed several of the numbers listed here to my agent to give to the listing agent and the seller's attorney, hopefully they get the approval soon. Problem here is I am at the point where my extended rate lock will expire in 3 weeks, and have made it clear that if that expires, there's a 50/50 chance I will withdraw the offer so time is very much of the essence now...especially since I also found out the owner is now 2 months in default. (Maybe I'm looking at this wrong, but if I pull out now there is no way they will find a buyer before the month is up, and this house will go to foreclosure.)

[MikeTheApeman]

One more quick update for you guys.

Tuesday night I used some contact information from another thread and sent an e-mail to just about everyone I could at Countrywide, plus some media outlets. Wednesday around 1PM I got a voicemail from Raquel Robinson...you probably recognize that name, right? Well, I got her voicemail a few times, figured I would hear back today.

Last night I got a phone call from my realtor. CW FINALLY signed off on the sale! We are now just waiting for the PMI Company to sign off, which should happen today or tomorrow, and we are back on track to close by April 24th.

I do feel kind of bad telling the story from a buyer's perspective, especially since there are so many people here that are going through this process trying to save their homes. I did want to say that I strongly believe that this site is a tremendous resource, and reading the threads here about people saving their homes is proof of that. The information here is invaluable, and I hope that people that are trying to save their homes utilize this site to its fullest extent. You guys are doing a great thing here, and I can not thank you enough for compiling all this info on your site!

[Moe Bedard]

Great news Mike and thanks for taking the time to give us updates. That is paying it forward. Hey, you buying this home, actually saved someone going through foreclosure. So, this works out great for everyone.

I wish you the best and if you ever find someone in need, let them know about Loan Safe.

[MikeTheApeman]

Well, here's another update. Countryfried has virtually screwed me here.

They have been giving me information that the approval package was mailed, was faxed, etc. for the last two weeks. Now, three days before we are trying to close, I find out that the owner never signed the paperwork agreeing to the sale, so for two weeks we've been chasing CW when we should have been chasing the owner. I am so disgusted with the situation that it is not even funny at this point. I am actually taking this afternoon off to go to the listing agent's office myself to make sure this form gets signed and sent to CW, along with a letter authorizing release of information to my attorney in hopes of keeping the closing as scheduled.

When asked why I was told on two different occasions that the approval letter was sent, all CW could say was "That was a mistake in our systems." Seriously, livid is barely describing how I feel about this situation right now. This owner apparently doesn't care that he'll likely get foreclosed on if he doesn't act today, and the chances of buying this house have gotten very slim.

Honestly, I wish it was someone on here selling this house. At least the people here care about their credit and their lives after the fact. This guy doesn't seem to care about either.

You have identified a key problem with short sales and why many of them simply don't succeed. The seller is generally viewed as a nominal party and it may, from a practical standpoint, not be in their favor to cooperate. It is sort of the "what's in it for me" syndrome. Because of lender restrictions where they want to be sure that the seller receives no "behind the scenes" hidden benefit from the transaction, these deals are generally challenging to close.

Good luck,

Daniel

[MikeTheApeman]

I was just informed that Countrywide has asked the seller to sign a Promissory Note in the amount of $10k as a part of the sale approval....and he is refusing to sign. Things just went from bad to worse.

[MikeTheApeman]

And to further complicate things, I just found out that it's not CW asking for the note, it's the PMI Company!

Yep. Hence the proposal I outlined in my posting on the site today, see:
http://www.loansafe.org/forum/you-go...alk-aways.html

If Congress and the Countrywide's of the world would read it carefully and work towards implementing it, the result would be an orderly adjustment of the real estate market. After all, why should your seller do a damn thing other than live in the property, rent free, for as long as possible?

Daniel

[compman723]

I myself am in the same kind of situation as a buyer of a property that has been up for short sale since 2-11 with countrywide. I was wondering APEMAN when you emailed who did you email and also what did you say in your letter. I want to make sure I don't mess things up because I think they are looking at our offer now but we haven't heard back.

Thanks again

[MikeTheApeman]

Compman - see below. Just be smart and don't copy it word for word! This letter was written using a lot of items that would be specific to my deal and to me, so use it as a guideline only.

Here's a question before I get to the info Compman was asking for: Can anyone give me a legal reason why the seller would not sign a promissory note? I understand him not wanting to leave this with a $10k debt, but my attorney mentioned something to the effect of 'he might not want to sign it because he's hiding something'. This is the part I'm confused about. If he signs a promissory note, does that give the PMI Company the authority to go after him for additional capital, if he was by chance hiding funds somewhere? Sure, the guy is losing his home and doesn't want to incur more debt at the same time, but wouldn't a promissory note look a lot better on a credit record than a foreclosure?

Now, Mods if pasting this here violates any rules, I will gladly delete the info below. I don't think it does, but just want to be clear that I'm not trying to break rules.

As for the actual body of the letter, with my name and property address replaced:

To Whom It May Concern:


My name is MikeTheApeman, and I am writing to you today to express concern regarding present dealings with your company, and the attempt to purchase a property that Countrywide currently holds the mortgage on.

On January 21st of this year, I submitted a purchase offer on a property located at (address) in City, New Jersey. I was told at the time of submission that this property was what you call a “short sale”, and that approval by your company would be required before sale. Understanding that this would take additional time, I was fine with this issue, and to the best of my knowledge the short sale package was sent to the appropriate contacts within your company on January 25th. At the time of submission, the mortgage representative at Countrywide (who called to verify my financial status as a buyer) I spoke to told me that the short sale approval process would take approximately two weeks.

By the time this letter is in your hands, I will be going on TEN weeks since the short sale package was submitted. I understand that the department that handles these approvals is likely very busy. The problem that I have with this whole situation is the lack of communication by your company. I have not been able to obtain a timeframe on when a decision will be reached, nor have I even been able to find out if the package has even been looked at. It is my understanding that the listing real estate agent has called Countrywide several times a week and has not gotten a single call back in over two month’s time. The sellers of the property at address have called almost daily, as they obviously are trying to avoid a foreclosure on their property, and they have not gotten a single call back in almost a THREE MONTHS. The seller’s attorney has gotten involved, and he has not been able to get a call back in the few weeks that he has ‘joined the fight’. Even the mortgage representative that I spoke to has tried to get information for us, and she has not been able to get a call back. Someone in your own company can not even get information out of another department in an effort to help a potential customer. This is disappointing to say the least, and this is why I am taking the time to write to you today. To add to this, I have been informed that the seller’s PMI Company have gotten involved. They ordered their own appraisal of the property, to which your company responded with ordering of their own appraisal. Both appraisals were completed, and were in Countrywide’s hands 13 BUSINESS days ago. I was told that once your company had the appraisal done, it would take TEN business days, so yet again your company has failed to meet the timeline we were told, but no one is being held accountable.

When I was eighteen years old, I was working for a small corporation as a manager, and was personally responsible for a million dollar inventory. I have worked for deleted for almost ten years now. Despite my relatively young age, I have almost sixteen years managerial and business experience. I understand how a business works, and how a corporation needs to treat its customers to survive in this economy. From my experience in dealing with Countrywide to date, your company has not demonstrated any qualities that represent good business practices at this time. If an employee where I work did not return my phone calls or could not provide a timeframe on when a project would complete, they would not last long as an employee at all. If a department refused to even communicate with other departments when they are looking for status on something, then someone higher up on the corporate ladder would get involved. I am hoping that this will be the case here, not just for my sake, but for the many people waiting to hear from Countrywide in regards to short sales.

I am anxiously waiting to hear from your company, regarding my potential purchase of the property at (address) in (city), New Jersey. Please understand that I am trying to be patient with your processes, but when those processes are not defined, my patience grows very thin. At this point, my patience has run out. I hope you read this letter and realize that your process is broken and you take the time to look into this problem and correct it. At the very least, I hope this letter will spark some movement on our case and a decision will be made quickly. I know that a simple web search brings up many, many stories where people have had long waits while waiting for a decision on a short sale, and Countrywide’s name is being dragged through the mud in many of those cases. Another business lesson I have learned in my many years: It is better to act sooner to keep a small problem from becoming a big one than the wait and be forced to do damage control later on.

Here are the relevant facts as I know them:

- The appraisal has been completed by your appraisal agent and handed off to someone at Countrywide at least 13 business days ago, but we still do not have a decision either way on this sale.
- I am already approved for my mortgage, and have been patiently waiting on your approval of the sale.
- The current owners have moved out and will be 100% out of the home by April 15th. The seller’s are waiting on this approval to avoid foreclosure, and have stopped making payments
- If we do not get the approval soon, as in the next few days, I will have to seriously consider pulling my offer, as the increasing mortgage rates will put the payments out of my comfort zone.

I am fairly confident that if you do not make an approval within the next few days, the seller’s will not be able to find another buyer and this property WILL go into foreclosure. The seller’s attorney has been trying to get your company to make this approval happen, but he is getting nowhere. He is not getting any information about when an approval will happen, no one at Countrywide is returning his phone calls, and my patience is now gone. I am taking a chance by writing you directly, but I am exercising every available option that I can at this point. I am sure that you do not want this property to go to foreclosure, just as much as I want to get this deal done. I have invested 3 months in this waiting game, with no responses from your company. Hopefully this e-mail will not go unnoticed or unanswered. If someone can either help this deal get reviewed quickly, or contact me to get in touch with the listing agent or seller’s attorney for more information, it would be greatly appreciated.

Sincerely,

MikeTheApeman
Address
phone numbers

You can see that I didn't use any harsh tones, no swear, no threats. The day after I sent this, I got a call from Raquel Robinson that the sale was approved. Now, Raquel is great, but understand she is not in the workout department. She gets all her info 2nd hand, so if that info is incorrect or inaccurate, she's going to be relaying bad info to you. I think that was the case in our situation. My advice would be to use this letter as a template for the seller's realtor or attorney to try and get information, since they are the ones who should be talking to Countrywide anyway. Technically, as the buyer, we're not supposed to make any contact with them. (I have been given the names of the loss mitigator and their supervisor assigned to this short sale through other channels, but I can not call them direct because I am not even supposed to have that info.)

Moe mentioned "pay it forward" in a response to one of my posts. This e-mail helped me get the ball rolling, so hopefully using this as a draft will help someone else get the ball rolling as well.

[MikeTheApeman]

Thanks, ***. Took about 3 or 4 drafts to get it to the wording I was comfortable with, but it seemed to work.

Oh, and as an update, the seller's attorney got the PMI to reduce the note to $3750, so hopefully the seller agrees today to sign it.

[Moe Bedard]

I hope so too Mike............

You will actually be a Success too...........from another perspective......you will have saved a home from foreclosure........so this is also a good success story.......

That amount he should go for...........one would hope.......
Let us know how it goes......