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Holy crap, I am freaking out...

nospleen

nospleen

macrumors 68030
Original poster
Dec 8, 2002
2,731
1,607
Texas
I sold my house about two months ago. The buyer wanted to close asap, so I bought a new place. Well, his financing fell through and the house is back on the market. So, I have two mortgages now. I was thinking, well, a big deal, but I will get through it. I am a loan officer at World Savings and I am doing pretty well. But, I just go over to CNN Money and see this!! http://money.cnn.com/2006/05/07/news/companies/goldenwest_reut/index.htm

I emailed my Boss and he just found out too.

I am a Loan Officer in Retention. Soooo, I am wondering if I will even have a job now!! CRAP!!!!:eek: :(
 
Best of luck. I know what it's like to have that particular sword (the job, not the houses) dangling over your head. Hopefully, your job is safe, and, regardless, I hope you re-sell your house soon.
 
jsw said:
Best of luck. I know what it's like to have that particular sword (the job, not the houses) dangling over your head. Hopefully, your job is safe, and, regardless, I hope you re-sell your house soon.
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Thanks for the kind words! I never saw this coming...
 
I don't know the logistics of this, but I, of course, hope you make it through this hard time.

Best of wishes. :)
 
CanadaRAM said:
If your housing market is anything like here, you should be able to resell in a few days for $10 - 20K higher than last time...
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I wish, I am from San Antonio, Texas. The market is better than it has been, but that does not say much.
 
amateurmacfreak said:
I don't know the logistics of this, but I, of course, hope you make it through this hard time.

Best of wishes. :)
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Agreed, everything will work out fine. Just stay calm and "git er don".
 
iGary said:
Rob is a branch operations manager for Countrywide - PM me - maybe he can find something in Texas.
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Thanks! I certainly will. I am headed to work in a few minutes and should learn more at that time.
 
Hopefully the will keep you on even if the merger goes through. A lot of the time it's easier just to take over and leave everything running as-is than it is to try to restructure. And if they are planning to restructure, it's also possible that they will wait until they have a better idea about how things are running before they decide what specific changes to make.

/crosses fingers for you
 
baby duck monge said:
Hopefully the will keep you on even if the merger goes through. A lot of the time it's easier just to take over and leave everything running as-is than it is to try to restructure. And if they are planning to restructure, it's also possible that they will wait until they have a better idea about how things are running before they decide what specific changes to make.

/crosses fingers for you
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I hope this is the case. World Savings was huge on retention. The average percentage of people who use the same lender twice in a row is about 5%. But, with World, it was around 35%. I just hope that Wachovia is as big on retention. One good thing is that I have funded the second highest number of loans year to date for Retention. We have around 50 Loan Officers in our department. So, hopefully I can at least keep a job based on my past success.
 
nospleen said:
I hope this is the case. World Savings was huge on retention. The average percentage of people who use the same lender twice in a row is about 5%. But, with World, it was around 35%. I just hope that Wachovia is as big on retention. One good thing is that I have funded the second highest number of loans year to date for Retention. We have around 50 Loan Officers in our department. So, hopefully I can at least keep a job based on my past success.
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It sounds like you're a stand-out employee in a company with a strong record. Things are looking better and better that they will keep things the same (or, failing that, at least keep you)!
 
baby duck monge said:
It sounds like you're a stand-out employee in a company with a strong record. Things are looking better and better that they will keep things the same (or, failing that, at least keep you)!
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That is what I am hoping for. Time to hang the Top Funder, Top Producer, and Employee of the Month awards in the office. :p Cross your fingers, off to hear the spin...
 
nospleen said:
That is what I am hoping for. Time to hang the Top Funder, Top Producer, and Employee of the Month awards in the office. :p Cross your fingers, off to hear the spin...
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Well good luck, and keep us posted both on that and how the house-selling goes! I would have been pretty bummed about that falling through (and having to pay on 2 mortgages) even without this whole thing with your job. Hopefully you will find a new buyer (at a higher price) and you will still have your same job (or maybe they'll promote you ;) ), though!
 
nospleen said:
I hope this is the case. World Savings was huge on retention. The average percentage of people who use the same lender twice in a row is about 5%. But, with World, it was around 35%. I just hope that Wachovia is as big on retention. One good thing is that I have funded the second highest number of loans year to date for Retention. We have around 50 Loan Officers in our department. So, hopefully I can at least keep a job based on my past success.
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Sorry to hear about your situation nospleen. :(

But based on your track record, it sounds like everything should work out okay for you. :)
 
I know the market in San Antonio isn't exactly like it is here in D.C., but I suppose you do have the summer market buyers working in your favor. It's probably a good thing the housing thing happened when the buying season is at a peak so hopefully it won't take too long to sell.

I'm surprised they didn't give you any advance warning about the takeover.... :(
 
Well, with no spleen I would be freaking out too.
(Sorry, I've been resisting the urge to say that for a long time.)
Sorry to hear, I hope everything turns out ok. Your situation is definitely "Holy Crap!!™"-worthy.
 
jadekitty24 said:
Well, with no spleen I would be freaking out too.
(Sorry, I've been resisting the urge to say that for a long time.)
Sorry to hear, I hope everything turns out ok. Your situation is definitely "Holy Crap!!™"-worthy.
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LOL! :D
 
floriflee said:
I know the market in San Antonio isn't exactly like it is here in D.C., but I suppose you do have the summer market buyers working in your favor. It's probably a good thing the housing thing happened when the buying season is at a peak so hopefully it won't take too long to sell.

I'm surprised they didn't give you any advance warning about the takeover.... :(
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Not even a peep...
 
baby duck monge said:
Well good luck, and keep us posted both on that and how the house-selling goes! I would have been pretty bummed about that falling through (and having to pay on 2 mortgages) even without this whole thing with your job. Hopefully you will find a new buyer (at a higher price) and you will still have your same job (or maybe they'll promote you ;) ), though!
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I like the way you think. Well I am in the office now. Things are very quiet right now, never a good sign. :confused:
 
Well you could always walk into work with an automatice rifle and lots of ammo...that works for some people. :D :p

Seriously though, take it one day at a time and try not t worry too much about things you may not be able to control. Been in your position before. Good luck.
 
Thanks for the kind words iGary. I am not terribly, terribly worried. But, I am definately a little anxious. My wife stays at home with our two children, 2 and 3. I would hate for her to have to go back to work.
 
nospleen said:
Thanks for the kind words iGary. I am not terribly, terribly worried. But, I am definately a little anxious. My wife stays at home with our two children, 2 and 3. I would hate for her to have to go back to work.
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Just keep the Faith there guy. I know from first hand experience that when things look bad, they will get better. Just look at my posts from last year. :)
 
I went through the corporate buyout thing as well. Worked for a $20M family owned business and got bought out by a $6B corporation. It got dumped on everyone at the same time - totally surprised most of us. Scared the heck out of me and I thought for sure I'd lose my job. But I adapted to my new environment and here it is three years later and I'm still working in the same office - new job though! Making more money and with *much* better benefits, BTW. Just keep the faith and do what you can to keep yourself valuable to the new management. Everything should work out fine :)
 
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