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Friday, December 5th, 2008 at 12:04 PM

Changes in the Works

We heard today that Countrywide is now out-sourcing the majority of their short sales to independent third-party negotiators, in an effort to help streamline the process.  Many other big lenders are considering the same.

It probably means that the selling of their REOs could get out-sourced too, as we’ve been hearing on the street.  Hopefully it’ll mean that the months and months of free rent are numbered, and we can get on with selling! 

It sounded like Countrywide is putting their attention on the loan modifications for the next couple of months, and are mailing invitations to 400,000 of their customers to modify their loan.

 

Posted on Friday, December 5th, 2008 at 12:04 PM in Uncategorized | 7 Comments » | Print Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Reader Comments: 7 Responses

  1. I know someone who is living in their house some 20 months after making their last payment. April 2007.

    Of course, they know they are defaulting, and have no intention of paying for a house they are deeply underwater on, especially after having a sub500 FICO from it.

    They simply cannot afford it, but it behooves noone if they move out of the house; they’ve already told the bank they can have the keys when it’s foreclosed and they’ll maintain it until then. Interestingly, the bank has been highly unmotivated (with the 2nd) to foreclose. This from a 4000sq ft luxury home in Laguna Niguel.

    The world is a strange place. I wish I could have 2 years of no rent. And, to live in a mansion for free… wow.

    Chuck

    Chuck Ponzi | December 5th, 2008 at 1:22 pm

  2. Chuck,

    If I was the “owners” I would move into a small apartment and rent out the mansion month to month.

    That way I could still live for free but I’d also be making $$$.

    And I agree with you 100%. Lately the world has become a very strange place.

    shadash | December 5th, 2008 at 2:10 pm

  3. Exactly, the real benefit of home ownership has been revealed. If you rent and lose your job, your landlord will evict you. But if you “own” and lose your job, free rent for 1-2 years! That’s $25,000 for a modest SD condo, $40,000 for a modest SD home.

    Bottom line, if you’re defaulting put your income into the bank and not your house and watch it build.

    BDiego | December 5th, 2008 at 4:11 pm

  4. The ‘housing ATM’ that pays you the rent!

    Jim the Realtor | December 5th, 2008 at 4:14 pm

  5. It will be interesting to see if Country does move their REOs to a contract company. I’ve been watching for them to put on the market a place they foreclosed on in mid-October (the bought-it-back-at-the-courthouse date)–and still no sign yet.

    shoppingaround | December 6th, 2008 at 12:22 am

  6. “cutting corners to get the job done as quick as possible.”

    Its not as easy as you might think. Some evictions can drag out for 6 months or longer.

    keith l | December 6th, 2008 at 7:25 am

  7. sorry, I meant to highlight this “If you rent and lose your job, your landlord will evict you.”

    keith l | December 6th, 2008 at 7:26 am

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