BiggerPockets

I don't know Countrywide specifically...

But most lenders now are working with mortgage holders...

Communication is the key... They should simply call and ask what programs they offer for people who are behind on the payments.

Also, sometimes the lender will send them letters offing some sort of solutions.

Typically, once someone hits the 120 day past due mark, they will file a notice of default. Some lenders now are waiting even longer than that as they already have their hands full.

Originally posted by "villa"

Hello:

I have friends who work behind the scenes in the TV/entertainment industry and are suffering from the writers strike.

They have mortgages with Countrywide and are not able to make payments.

1) Has anyone dealt with Countrywide? How are they negotiating?

2) If you go beyond 90 days... do they automatically go into foreclosure.

My friends are trying to bide as much time as they can before they make payments.

Any insight into Countrywide would be appreciated.

Thanks.

Countrywide's policies are many times governed by the investors that they protect (WaMU. Deutsche Bank, JP Morgan, IMPAC, etc.). So it is really going to depend a large part on their investor.

The most important thing that the homeowners need to look out for is the Notice of Intent (NOI) or Breech letter. This is a letter that will advise them of the time frames they will be facing. Since they are in the state of California they will be facing an NOI law that states that they need only to send it out once every 18 months. Now it is important to understand that as the homeowner is always paying for the next 30 days in advance (on the first of each month) when that 3rd payment comes due or the account becomes DUE for 90 days they can be reviewed for foreclosure. Now at times per investor or other governing factors that letter may be issued every time they receive a payment.

I will let you know that as long as your clients are out of work they are going to be declined and not qualify for arrangements. Their reason for defaulting is not resolved and therefore they will be declined. Unless their issue for falling behind is resolved they are going to be stuck with out an option. They can not afford the property (as no one can without/with little income). I will let you know that I know this to be true internally for the banks procedure. Their best bet is to look to secure income via another method until they return to work. This is large problem across the industry of lending when certain markets (car industry, movie industry, etc.) begin to have production problems. We wish your clients the best of luck and if they need help once they get back on their feet we would love to take on their negotiations with their lender while they work on getting their lives back in order.

UPDATE: I just reread my post and saw that you are in Florida. If they homeowner is in Florida then they need to look out for a certified letter that is sent out to them on a monthly basis and will advise as of when foreclosure may commence (that way they do not find themselves with any surprises).

Best of luck,

Originally posted by "**********"

Welcome Jonathan-

Glad you could join us here! I look forward to having your input and experience with workouts-forbearance-SHORT SALES etc.

Thanks for the rapid response to Fred and I will speak with you on Friday.

Regards,

Look Forward to it!

Originally posted by "cruzvarian"

... Countrywide ... they are not starting foreclosure proceedings for at least 3 months after you go into default.

Ms. C,
I'm sorry and don't mean to be crude but you are incorrect. WaMu who has Countrywide(CW) service their loans, begin foreclosure as of the 61st day when an NOI has been issued and expired. Let alone that there are some types of Gov. Loans that have even stricter guidelines. I don't know where this information came from but I'm glad I could clear it up.

We don't want people to read these posts and get the wrong impression.

I'm telling you because is know this to be internally true to CW. Now I work externally to help others.

Best wishes, [/i]

Originally posted by "cruzvarian"

Sorry to correct you jkatz but I cannot be incorrect when this is what my countrywide clients are experiencing. 5 out of 5 this week alone. Maybe this is not something they do for every case but this is what I am dealing with. In addition, my conversations with Countrywide have been that they are trying to give the homeowners extra time to work things out with them. Just my experience.

Ms. C,
My experience tells me that... I worked there. And it's a little difficult for me to understand how you could tell me, how I do my job :lol: . I don't think that it is impossible that 5 out of 5 cases you've seen in whatever amount of time is the case. Sorry to break it to you but we have dealt with up to 600+ cases a month EACH. Being trained in all loan types helps. I think that you need to take a word from the wise and not from some lower ranked, $10, phone jockey, that you take their information as the bible.

If you don't listen to those who know more than you then you're going to find yourself with a bit of trouble.

Good luck. Sounds like its going to be uphill. :violin:

Best wishes,

Originally posted by Beth Martin

Hello:

I have friends who work behind the scenes in the TV/entertainment industry and are suffering from the writers strike.

The writer's strike is over. They should be able to get back to work.

They have mortgages with Countrywide and are not able to make payments.

1) Has anyone dealt with Countrywide? How are they negotiating?

2) If you go beyond 90 days... do they automatically go into foreclosure.

My friends are trying to bide as much time as they can before they make payments.

Any insight into Countrywide would be appreciated.

Thanks.

What I would tell them is make your payment every month you can. Generally it is not a choice. I understand not making your loan payment to keep lights and water on and food on the table, but not making a loan payment for luxuries like eating out is not a hardship choice, but an irresponsible one. Not saying this is what they are doing, but you get what I mean.
If they want to keep their home, then that is their only option. If they can't make payments right now, but will be able to in 6 months, than that is what it is. A person can catch up the delinquency on their loan pretty close to the foreclosure sale date. In Florida that is taking well over a year (in most cases). That's because of the back log, and the lenders not wanting to rush in and get more properties, Especially high end ones (lack of resale financing options). Each count and lender is different. A lot of my FL clients ( I work the short sale) are over a year in making a payment, one is 18 months, but sale date is set for April. She could (if it wasn't under short sale contract) catch up the delinquency, start making regular payments, and keep her home. She would have to come into a lot of money for that to happen, but for your writer friends, that would have to be just the sale of a good script. Hope that helps.

Countrywide is getting better at response times and working with customers. With any banks it is going to take consistency, and try to work with the same people when you call.

We've actually had CW call us back to close on deals we submitted months ago, so just keep very good notes and stay persistant.

Hello,

It would be great if John Katz could give me some advise on my thread: http://www.biggerpockets.com/forums/88-real-estate-deal-analysis-and-advice/topics/33726-is-this-short-sale-with-counrty-wide-dead-

I value your help!