Had lunch with a buddy of mine yesterday. He went through a messy divorce last year, ended up filing Chapter 13 bankruptcy, so he could keep the house (he got it, she ran off with another guy).
His mortgage is with Countrywide. To this date - 12 months later - Countrywide STILL has not filed the paperwork to begin receiving payments from the trustee (FULL value mortgage payments, not partials). Countrywide’s behind about $20K by their own doing, doesn’t affect my buddy at all since he’s on top of his bankruptcy payments...
Maybe Countrywide’s problems are not just the market? I wonder how many other people out there have money just sitting for them to claim...
Thanx for sharing this.
While fear is a very powerful tool for the drive-by media, "subprime crisis" is pure smoke and mirrors as the maximum subprime foreclosures would be 1/2 of 1% of all mortgages cooked up in the last several years.
Those "subprime" loans were secured with property.
It may be that Countryside sold the mortgage so that it is not legally entitled to the payments. I hope that your friend’s attorney gave notice of filing of bankruptcy to the right entity.