Posted by Leslie_Mo on 1/9/08 3:03pm
Msg #229850

Countrywide Modifications or HELOCS

Something another notary passed on to me. I thought I would share.

"I had a closing scheduled today for a CW modification and received a call this morning from Stewart that it was cancelled. The borrower then called me because I didn't show so I informed him and he was surprised. He called CW and they informed him that they closed down the department yesterday and cancelled all mods due to close. They are freezing the modifications and HELOCS. Not good news!"

Reply by Glenn Strickler on 1/9/08 3:48pm
Msg #229863

Something is going on as I had the same thing happen Monday ...

Reply by Nancy M. Misenar on 1/9/08 4:04pm
Msg #229866

Countrywide is stating that they are not going bankrupted but I can read between the lines.
I wonder how this will effect what is left of our business.........

Reply by Everette/VA on 1/9/08 4:28pm
Msg #229872

" Will the last person who leaves the office please turn off the lights."

Reply by Sandra Clark on 1/9/08 5:38pm
Msg #229879

Don't know about the Mods. but I have closed 3 regular CW this week - most recently this afternoon. Makes you go hmmmmmmmmmm

Reply by Allison_MI on 1/9/08 5:39pm
Msg #229880

Re: countrywide

I have two scheduled one for Friday & One for Saturday. These are regular CW - NOT modifications though! We'll see.

Reply by CF on 1/9/08 7:42pm
Msg #229885

Re: countrywide

I have one tomorrow- hope that I get paid!!!!!

Reply by MikeC/NY on 1/9/08 8:59pm
Msg #229893

This doesn't make a heck of a lot of sense to me. I'm not suggesting that you're wrong, but I can't figure out why they would do this. The mods I've seen lately seem to be intended to save defaulting mortgages, so this sounds like CW is deciding to play hardball and foreclose rather than negotiate. Why would they choose to carry the property as inventory instead of working out a deal with the homeowner in order to get the loan repaid?

Reply by DebbieT on 1/9/08 9:10pm
Msg #229894

Re: I am still getting them

I have one tomorrow and one on Friday. Both got scheduled today.

Reply by jba/fl on 1/9/08 9:43pm
Msg #229900

From what I heard today, they are streamlining their office staffs, some from 40 people to 2. I would guess that would cause some kinks in the hose.

Reply by Lisa Prestegard on 1/10/08 10:30am
Msg #229964

I have it on good authority...

that CW is still doing Mods and HELOCS, but that CW/FSL is gone, and they will be moving the majority of their lending operations (A-paper only) to their bank branches at a rapid clip.