All Forum Posts by: Dave P.

As a local elected official myself, I empathized and agreed that I hoped America would wake up and take charge.

If you don't mind me asking, what office do you hold?

Great thought, by the way.

1. Why does Countrywide take 2 months to review an offer when they are losing money every day?

2. Is it true that an agent/realtor can't submit more than one offer to the bank, for the same property?

1. I have read reports that CW initiates over 100,000 new SS files each month

2. No. It is true that a seller cannot enter into contract with two buyers at the same time, but there is nothing wrong with a realtor submitting a non-ratified offer or a back-up contract to the bank.

I reflexively don't believe whatever CNBC sponsors.

Jason,

I agree with Jon. I am not sure that you "won" anything. You may have gained more liability than asset.

Dave

The 1st mtg, which is the one I'm worried about, is at 6.5% until mid 2011. The credit line is flexible & was at 9%, but has decreased down to 4.5%. My total payments went from $1800 to $1550, so that was good. I would like to hurry up and get the cc knocked down so I can get more bang for my buck paying down the 2nd mtg while rates are low.

You are miles ahead of most Americans, just stick with it. However, I would still pressure the bank to fix your rates, you never know what will happen in the future...

We have since divorced and each took a house. I can’t afford my house by myself. So I have 2 roommates. In 2 years my interest rate will flex and my payment will increase. Even with 2 roommates I don’t anticipate being able to afford the payments once they increase.

What do the room-mates pay in rent? Seems to me that a $245,000 loan should be survivable on $40K if the room-mates are paying a fair rate.

Furthermore, you should inquire about a loan modification with your bank. I bet that you could get your rate fixed if you were really persistent. If you attempt a loan mod, I strongly suggest that you do it yourself.

Just my thoughts.

I don't get it. The approval letter is an agreement between CW and seller.

What does new buyer have to do with it? I don't that it matters if it's part of the closing instructions or not, I think it could be argued that it's now the new owners property and he/she can do as they please, regardless of CW's "wishes".

What am I missing?

edited: is this stipulation for a CW loan approval or CW short sale approval?

Dwight,

I respectfully disagree with the following statement of yours:

The whole key to the short sale is in the Hard ship letter.

I find that to be one piece of the packet that loan servicers care very little about. Furthermore, arguing whether a short sale or an REO is a better deal is a pretty broad argument to make. I have personally witness lenders give very good deals on short sales and I have seen lenders play hard ball on short sales when they should be giving the property away.

Just my two cents.

In word you should just be able to save as .pdf, as long as you have adobe.

Personally, sorry to say-I don't see a short sale approval here! From experience, I can tell you that the rules are changing fast with lenders but one remains. Unless you are actually behind on your payments and in foreclosure, most all lenders I have worked with won't even talk to you. A loan modification fits your situation better.

I have personally helped people sell short that were not delinquent. In addition, I have personally helped people sell investment property short that were not delinquent.