Short Sale SellersShort Sale Process for Countrywide
Initiating a Countrywide Short Sale Process
Customers should call the Workout/HOPE call center at 1-800-669-0102 to discuss their workout options after becoming delinquent on your loan. If other workout options do not apply to your loan, then a Short Sale Process is then discussed. Countrywide will discuss short sale transactions with customers or their authorized agent. The short sale team can be reached at 1-866-880-1232. A discussion is held regarding the short sale process and the documents need to be faxed to CHL to begin the process.
Property Appraisals
After you’ve received a copy of the signed purchase contract:
- Within 2 days of receiving the faxed documents, the customer or agent will receive confirmation of the received purchase contract. If the offer is viable, an interior appraisal is ordered.
- Within 3 days an appraiser will be assigned and they will contract the customer or agent to schedule an appointment to conduct the appraisal.
- About 7 to 10 days after the appraisal is ordered, the results of the appraisal will be received by the CHL. This is dependent on obtaining access to the property in a timely manner.
- CHL will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
Additional negotiations or information by be requested:
- Purchase price
- Changes to the HUD1 Statement
- Funds and/or promissory note
- Information about the buyer
- Short Sale Letter signed by the borrower
- Explanation of the hardship
- Most recent month’s income verification
- Most recent year’s tax return
Finalizing the request:
Once all the parities, have agreed to the negotiations, including the lien holders, Countrywide and/or its investors/insurers will render a decision within approximately 5 business days. The decision to accept or decline the short sale will be communicated to the customer and/or their agent within approximately 48 hours of the decision.