Mortgage Forum

Mike

My husband is in the military and has recently received orders to report to his new duty station on the east coast July 1. Unfortunately, we will be unable to financially support the home we purchased three years ago and rent on the other side.

Therefore, we put our home on the market back in February as a 'short-sale' listing as per advice from our so-called 'experienced' Realtor. Luckily, we had two offers (for about 75K less than our purchase price in 2005) by March which were immediately submitted to Countrywide. We went through the tedious process of compiling all of our financial documents and composing a detailed hardship letter-outlining our budget and sent it off. We tried to explain that while we were not incapable of paying our mortgage currently we would not be able to maintain payments once we move.

Unfortunately, Countrywide's Home Retention Department is run by people who are incompetent-I'm convinced. They seem to have a difficult time recognizing that our situation is dire and that time is of the essence. By the end of March we had been assigned a negotiator who closed our file because according to them we did not show verifiable financial hardship. We were shocked to learn this and because Countrywide refuses to disclose the criteria for qualifying for a short-sale- we were stymied as to why. We called again to verify that they were using the current numbers- which of course they weren't.

Again we went over our finances and reiterated the urgency behind our situation. We told them that come July we would be unable to make mortgage payments and we would be forced to foreclose. They re-opened our file and yet another offer came in on April 8th-a better one at that. However, on April 15th the computer flagged our account as again not qualifying for short-sale. Because they have yet to assign us to a negotiator- oh yes, the old negotiator was removed once our file was closed back in March we are waiting in limbo as our move date draws nearer. The other day they told us that technically they have until May8th to assign us to a negotiator.

At that point, and only at that point will they let us know if we qualify for short-sale and can proceed. One buyer has already withdrawn their offer and the other two are on the fence at this point. We are at our wits end. We don't know what to do- does anyone have any suggestions? Any military families out there who are in a similar situation? Apparently, government orders are not sufficient when trying to qualify for short-sale. Shame on Countrywide!!