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Warning: Countrywide and PMI Short Sales
Watch out if you are working a Countrywide short sale with PMI!  There is some funny stuff going on...  I've been working a Countrywide short since October 2007, with a Countrywide second on it.  There have been the usual delays, appraisals, counteroffers, request for seller's medical receipts, then a denial in early December. About a week later, the buyer re-wrote his offer to the terms Countrywide wanted.  Yesterday, after more delays with "re-opening the file", ordering new appraisals, etc. I was informed by the negotiator that the second mortgage had been "released" to the AIG United Guaranty, the PMI company.  She said Countrywide would not give an approval until they knew what the PMI company wanted, as their policy has changed and they no longer negotiate with PMI companies.  She said that was now my job, and gave me the contact information, with a warning that PMI would be very difficult to get good terms from.  I asked her when the loan was sold.  She "fumbled" through papers and said she could not tell.
I called AIG and they were right on top of it.  They said the loan was bought on NOVEMBER 5- a few weeks after the short sale offer was ... more

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