Sadly Obama passed a bill and Litton is no longer paying $1500 for short sale participation.
Good News for Short Sales in 2009 with Litton Loans and Countrywide
Litton Loans Services and Countrywide are now participating in "Home Base Notes" and "Home Saver Systems". This means that you can now call and get updates from anyone who answers the phone. It used to be just the loss mitigation person assigned to a particular file.
Their goal is to decrease REO by 50% in 2009 and increase in short sale by 50% in 2009. Mortgage servicers do not want to file foreclosure and this is good news. I think we will see more of this in the future.
Litton Loan Services is also offering a $1500 success fee to the seller for participating in a short sale instead of foreclosure (kind of like HUD). Countrywide is not offering the $1500 incentive.
Litton Loan Services: 1800-999-8501 ph 1-972-653-6389 fax
Countrywide Home Loans: 1866-880-1232 ph 1888-491-4947 fax
Key Concepts- serving the Colorado short sale market
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