Our clients approached Countrywide requesting a loan modification about 18 months ago. They were denied. We put the house up for a short sale and shortly after had an offer to present Countrywide. It was a decent offer. They sat on that offer for five months and then closed the file for lack of response from the mortgage insurer.
A few months after that file was closed we had a new ($25,000 less) purchase agreement and after four(!!) additional months we finally have full approval.
Because we have worked steadily and aggressively on this file the seller (and Countrywide) avoided a sheriff sale. Now if only we could motivate that banks to act upon these promptly--- Countrywide could have saved a TON of money (not just the $25k that this purchase agreement netted them-- but also lost interest revenue, time spent with negotiators, tax expenses and more).
Don't get me wrong---- I am thrilled to get the approval!
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