All Forum Posts by: Sissy Treat

I kept thinking it was the insurance company...from reading your posts I see it is the fault of the mortgage company.
It seems like they would want to cooperate with a long time customer who makes every payment on time and returns year after year to do business with the same mortgage company.
Thank you for your answers! You have been very helpful and I am going to pass this information on to my friend.

I have a friend who owns a few houses he rents out. 2 Weeks ago the renters young 17 year old girl left the iron on the bed..the iron caught the bedroom on fire. Firemen put the fire out and gave a value on the loss.
The fire insurance came out and assesed the damage and sent my friend a check for $23,000 BUT it also has the mortgage companys name on the check along side my friends name.
He cannot cash the check because it has to go to the mortgage company . The mortgage company will only issue my friend $150 at a time to make repairs.
He is needing to get some workers in there to make repairs and get a renter back in to make the mortgage payments which by the way were always paid on time. What can you do with only $150 at a time? HE told them that check was useless and he will have to make repairs out of his own pocket.

IS this common for the fire insurance to send the check with the mortgage company name also on the check and they have all control over the money? IF this is not common I think my friend needs to change insurance company after all these years.

Sully you are always my hero! LOL! I will look for your PM.

She did have her own realtor to communicate with the Countrywide realtor assigned to the property.

She kept getting the "runaround" from her own realtor so she went directly to the Countrywide listing agent.

He is the one who will not submit her offer.

She is going to continue looking around for another house but told them when it sits on their books for another few months to expect to see her again making a low offer.

As for the extensive repairs...she has many friends who are going to help her get the house in shape. She will buy the materials and they have volunteered the work.

Maybe she will find another house as great as this house.

Yes..if she will place 10 offers she will eventually get one out of ten.

Thanks guys!

I am looking for someone who may have an inside number and contact person for Countrywide's foreclosure department.

The reason is I have a friend who is trying to place an offer on a foreclosure and the realtor assigned to the propery by Countrywide refuses to place her offer.

The property is listed for $152K. She wants to offer $70K because of extensive repairs needed. HAs sat on the market since last November of 2008.

So she tells him the property has several thousands of repairs that are needed and she needs the current appraisal- BPO appraisal. She offered around $70K...comps at $160K.

The realtor is simply refusing because he said Countrywide will not accept an offer lower than $152 since my friend qualifys for a $160K loan from the bank. WHAT!!!! He told her Countrywide won't come off that price since she qualifys for $160K.

The realtor says.."Well I am sure Countrywide has a current appraisal somewhere but I don't have it"

So she tells the realtor "You are trying to sell me a place without even some kind of an appraisal I can look at?" "How did you come to the listed price if there is not a current appraisal????"

My friend needs to go around the assigned realtor since he will not make her offer to Countrywide.

She has recently adopted 4 little kids and needs a larger home for all 6 kids.