new countrywide short sale policy

For those of you doing short sales, I was told by a Countrywide mitigator that investment homes and second homes will not be getting short sales approved. As with Ocwen, I am wondering what the investors that own these loans are going to do. I'm sure the lenders are ticked off by the number of investment short sales after the debtor has taken all the money out of it, but a short sale is still better than the alternative. Anyone getting the same story?

On a positive note I also heard Countrywide is creating an entire department and adding staffing just for short sales. It's supposed to be up and running by May 1st.

Wayne

 
Posted by Wayne Garab on 04/19/2008 03:52 PM   Comments (5)   , , , ,  
Post is included in group: florida realestate
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5 Comments on new countrywide short sale policy

Wayne,

 

I have only seen owner-occupied short sales until this week.  The owner is negotiating with the lender as I type this comment.  It is a four family property in RI.  Maybe it is just beginning to hit the investment properties now! 

Also, other banks have also opened up a new department for short sales.  The laid off mortgage employees can come back to this depressing department!

Thanks for the blog!

Ann Sabbagh Seacoast Mortgage Pawtucket, RI 508-243-1190

04/19/2008 04:17 PM by Ann Sabbagh (Seacoast Mortgage Corporation)

I know Wells Fargo added a bunch of new people, I have actually had email and phone contact now with my negotiator.  So miracles still do happen.

Thank you,

Ralph Schnelle
RE/Max-Valley Properties
Green Valley, AZ. 85614
520-940-0614- cell
520-300-5445- fax
www.my-Real-Estate-of-Arizona.com

04/19/2008 04:44 PM by Ralph Schnelle, Serving Sahuarita~Green Valley AZ (REMAX Valley Properties)

Wayne,

If the investor had PMI on the loan, the Lender would rather foreclose and let PMI pay the differance.

04/19/2008 07:18 PM by Michael Zollo-Certified Residential Appraiser, South Florida (A-Z Appraisals, Inc.)

Great post. Thanks for the information. 

04/24/2008 06:44 AM by ERA Heavener Realty Co.

I'm confused.... if the loan has pmi, then it's really a long shot that Countrywide will do a short sale?

06/10/2008 06:55 AM by Cathleen O'Hannigan, Cary NC Realtor (Fonville Morisey)

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Real Estate Trainer: Wayne Garab (River City Home Solutions, Inc.)
Wayne Garab
Jacksonville, FL
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