Here are the basic steps to use, in order to complete a SUCCESSFUL Short-Sale with Countrywide. We have gone through a lot of trial & error to learn the same information that's being provided to you below. This can help take your short sale approval time from months, down to 30-60 days.
PREFACE:
a) MAKE SURE that you send a complete package the FIRST TIME! The package the Countrywide requires is the same as any other bank and the good thing is, they don't require and special forms.
For those of you unfamiliar, the package should include:
- Purchase Contract (this includes copy of earnest deposit, buyers loan approval and proof of funds to close)
- Comps
- Estimated HUD
- Listing Agreement
- Authorization Letter
- Financial Worksheet
- Hardship Letter
- 2 Years Tax Returns with W2's
- 2 Months Bank Statements
- 1 Month of Paystubs
And make sure to include this for EVERY PERSON on the loan.
b) MAKE SURE THAT EVERY PAGE THAT YOU FAX TO COUNTRYWIDE HAS THE LOAN NUMBER, ADDRESS, AND PAGE NUMBER.
A simplified explanation of Countrywide's process is:
- First, Countrywide gathers the financial data and offer price verbally.
- If it passes, it is referred to the loss mitigation department of a short sale
- If it passes the minimum offer, an appraisal is ordered.
- After the appraisal is returned, a negotiator is THEN assigned and you can negotiate. The biggest slowdown lately has been getting the negotiator to look at the file.
STEPS:
1. Fax Authorization to Release to 805-520-5019
2. Call the HOPE team at 800-669-6650, OR 877-744-7691, OR 800-669-6607. Tell them you faxed in authorization, have a short sale package to submit and you're calling to give them the financial information they need to process the short sale. (If you don't complete this process and only fax in the package, it can sit there for weeks without anyone looking at it or it being assigned. )
3. They will input the financial info into the system AND the offer price. At that point, they will tell you whether it has been approved by the system for a short sale or not. If it has, they will then instruct you to fax in the complete short sale package.
4. Once it has been "approved for a short sale", Fax in the COMPLETE short sale package (an authorization again) to the Short Sale Department at 800-658-0395.
5. In about 2-5 days (time varies,) call the short sale department @ 866-880-1232 and confirm it has been received. They will use their computer to verify all documents required are on file and that the OFFER AMOUNT IS WITHIN THEIR COMPUTER SYSTEM'S GUIDELINES TO ORDER A BPO. If they have received everything needed, the BPO should be ordered. If it hasn't been ordered, call back daily until it is, each time asking to have it ordered.
6. If you had to send something additional in, call back and repeat step 5 in 24-48 hours
7. Call back 48 hours AFTER the appraisal is completed. Call the SHORT SALE DEPARTMENT DIRECTLY: 866-880-1232. I can take up to 5-7 business days for the appraisal to make it back to Countrywide depending on how quickly the appraiser completed the report & sent it back.
8. Ask them about the status of BPO/Appraisal and if it has been assigned to a negotiator. If not, push them to assign it and try to get the BPO amount out of them if you can (80% of the time they will say they can't give it to you. Sometimes slip and give it. Also know that once they give you a counter-offer, their policy is that they CAN give you what the BPO came in at.)
9. From the time the appraisal is received by Countrywide, they have 7-10 business days for it to be assigned. If it goes past this time frame, ask them to email a "team supervisor" about and "escalation" of the file.
10. If it HAS been assigned to a negotiator, ASK THEM WHO THE NEGOTIATOR IS AND GET THE NEGOTIATOR'S FULL NAME INCLUDING MIDDLE NAME/INITIAL.
11. Email the negotiator using the name you just got from the SS department, in EVERY Format listed below:
If the name is John Anderson Doe
John_Anderson_Doe@Countrywide.Com
John.Anderson.Doe@Countrywide.com
John_A_Doe@Countrywide.com
John.A.Doe@Countrywide.com
John_Doe@Countrywide.com
John.Doe@Countrywide.com
In the email, include the loan number and some sort of urgency in the title. In the body, include all the homeowner information to help the negotiator know you mean business. Ask them to look at the file, that the BPO was already completed AND received by Countrywide, that all you are waiting on is the counter-offer or acceptance letter, and that the buyers are ready and able to close by the end of the month. Include your contact information.
12. Check your email and find out which emails bounced back as undeliverable. Document which one(s) didn't bounce, those are probably the good ones. Use those to follow-up until you speak to the negotiator.
13. Call back the SS Department 866-880-1232 and find out the status of the file. Ask if the negotiator has any notes on file.
14. Follow-up, follow-up, follow-up. "Be the squeaky wheel" until you speak to the negotiator.
15. Ask the negotiator what the best method AND TIME to contact them is, and use that method from that point on.
16. Negotiate the sales price.
17. Once the negotiator receives all documentation and the price/terms are agreed upon, the file will then go to the investor for approval. Depending on the investor, this can take anywhere from a couple of days to a couple of weeks. The only way to know the investor is by asking.
18. While the file is with the investor, follow up every couple of days with the negotiator and/or with the short sale department to check status.
19. Once the investor signs off on the file, the negotiator will contact you and the approval letter will be issued.
20. Get SS acceptance letter
21. Close
*TIP: The department that the SS Department calls to order appraisals is called the "MultiQueue Dept." They are the people between the Appraiser and the SS Department. They're good to contact if an appraisal was completed but not on file for a long time or if you need to find out who the appraiser is: 800-222-9944
Hopefully this helps some of you help more homeowners and saves you a LOT OF TIME AND MONEY trying to do deals with Countrywide.
San Diego Short Sale Experts - www.SDShortSaleExperts.com
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
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