Beware of CCO Mortgage 2nd Liens

For those that have not done a 2nd lien release with CCO mortgage...BEWARE! 

First off, there protocal is to not even start the review until they receive the 1st lien approval letter in hand.  From there, they continue to lag in their processing.  If your package is complete, they will make up discrepenices to stall...why you ask?  so it goes to collections, that's why.  10% to clear in collections.  This all happened to me.  My BOA 1st lein approval was done in 3 weeks however, it took over 40 days to get CCO on board and BOA was not going to grant another extension because of CCO's guidelines.  I did close on this file but i will not work with CCO mortgage as a 2nd again.  Short sales have come a long way since i did my first short sale 5 years ago but CCO proved that they have no interest in loss mitigation.

 

DD

 

       

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Replies to This Discussion

Permalink Reply by Cynthia Leggitt on February 7, 2012 at 8:50am

In another SS post on this site but on another page, a member gave this information:    

CCO has a PRIORITY RESPONSE DEPARTMENT and their # is 401-456-7000.    

I am also working a SS w/CCO as the 2nd lien holder...haven't used this # yet but will if no response by the end of the week.

Permalink Reply by Kristopher on April 16, 2012 at 11:35am

Can some one help me? my 2nd lien is with CCO. I finally have bank of americas approval on the first and CCO is now saying they do not accept cooperative short sales and declined offer og $2,000.

Does any one have a senior mgmt contact i can speak with?

I am at risk going to foreclosure if this does not work?

Help!!!

 

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